THE CHINA MAIL MONDAY, OCTOBER 24, 1860.
Weekly survey of American economy
A GENERAL DECREASE
London Car production HONGKONG British circles. show Electronic
gold shares gain
London, Oct. 23,
The mid-week gold rush"
its soating prices,
had
the
metal
over
the
is only
bright spot
New York, Oct. 23.
STOCK EXCHANGE
iny
Our Own Currestimilem
Business done at the Hong-
Shares
Buyers Seller
1320 13:3
Лио
New car production was the only brightong Stock Exchange this morn ng amounted approximately Nooh dublations spot in the United States économy this $1,820,000. past week. As official statistics red, the marbla transactions: vealed a sharp decline in new home construction, a decline in industrial production and a third-quarter drop In gross national product (GNP).
and that
Hande ot :a changing
290/
Automobile mokers, encour- ot Peak
aged by the good sales of new ounce 1961 models (agures for the first (US$40.80) be
into the one-third of October were the spilled stock market to electrify best since the all-time high in 1955) went into heavy overtime gold mining issues.
under scheduling of production which spurted The leaders
will push oulpitt this past week Thursday to a nine-month high of about keen buying on
This would be Jumps of around 10/- showed 102,000 units. demand hall caught dealers 12.3 per cent above the previous
und anyway.
week's 144,250 units, and 43.0 short of stock
incident since the Sharpville
per cent better than the same weck a year ago, when 112,602 most current holders are hard-
cors were built. core investors ille disposed to sell.
goods.
HK Bank..
210
100 0 1320 20 4 1325 20 6 1320 100 1325 Ex E Ani 2012/1 Lombard thi 87 Uillon Ins 124 100 404 125
Co.
246 their usual seasonal increase. Whart
21.70 Output of, consumer
Walerboat .. Wheeluck.. 7.08 7.95 12000 i 1.03 changed little,
HK Dock 10 100 100 641
21.80 21.70 constructtar. Ch. Pröv, home Now
cent from HK & 9...
Hole) dropped 17 per
Agures, which had
HK Land.. August showed a slight pickup from previous months, and was 29 per cent under year-ago 'figures The Commerce Department sald work was started in September
Yaumall units, 103,400 bousing
of. them privately Yuunisti Rights 87,800 Hinaheed. This brought the au- nual rate down to 1,077,000, lowest rate in the 21 months covered by the new statistical series on housing starts.
On
Dealers delivered 187,000 new When the gold bubble deflated cars in the first third of October. on Friday, on the U.S. state an average of 19.625 for each of ment on maintenance of the 325 the eight selling days. This price, the high-grade producers sales mark was eight per cent
the low-grade, better than year-ego figures. But Lell back.
spurt held arm. The
in gold Even hore, though, there was
These Times a cloud on the horizon. Car Financial pushed the
up to 70.8 men noted that sales totals for gold shares - index making the biggest galh record-October are expected to reach ed in any one day since 1955, 500,000, while announced sche- by manufacturers will Prices ended well above
assemble about 000,000 units. pre-baum levels.
their dules
al
Thus there will be in addition of about 100,000 vehicles to the unsold stocks (1980 models) of about 850,000 cars, or a word- some backlog of about a million unsold new cars on November 1. RAIL STRIKES
overall
HK Tam
615
02
1000 4214 2002 2004 02 100 úr 02
135 6
300
500 or 01:5
101
102
60
311% 31%
100 64 102
2003
300 | 4,7
100 03154 100 312
Ch. Light 23.00 23.70 1992 23.00 300 23.70 1000 I
23.00 2001 28
US
500
100 at 20.60
concern over
new
Japanese oil source
London, Oct. 23.
device
may solve plane crash causes
British oil circles reported "concern" last week as they waited for an officlul decisiön from Japan on the handling of crude oil expected A to flow soon from the Japanese-owned Arabian Oil Company (Arabian Sekiyu).
The Statement noted that The Japah Mudstry of International Trade and indus- | Shell, directly and, through its try (MITI) is to deelde whether associated Japanese companies, foreign artis in Japan should Hás invested about £31 million be required to probdes did dis (US$86.8 million) in fucilities tribute the cél frá Arabian | In Jupati from the end of World Sekiya which is expected to War 11 to the end of last year. start reaching Japan late this year or early next.
his
'CONFIDENT'
on
the
Shell said it was entirely Officials of the Shot Group, which
has a reported 10 per confident that In this matter pent share of the ever-growing Japan will act with the great and scrupulous fairness that Innad oil market in Japan told United Press International, foreign investors in that country QUE so deeply appreciate and hope is that Arablah Sekipu last week no indication been
on what received, yet
will handle its crude oil dis MITI will decide.
usual bosal problem However, Shell officiis contriercial-basin,"
Both the British Government the Informed already have
oll and the US. Govenment earlier Japanese government that from the new Japanese private this month made representationa enterprise
required to the Japanese government re Standard Vacuum and Caltex, gerding Arabian Seklyu's crude, two other large operatora in (Standard Vacuum and Coltex are reported to have about 20 Jupar, have done the same.
per cent each of the Japanese market.)
not
NO CHANGE
The Shell statement made Press exclusively to United
wcek Biso International last
the in Indicated no change
current thinking Shell group's
HC Elec.
. 23.40 28.80
Hi Tele. 35% HK Tele.
Ru
19.00
300 0 352%
20
100 19.30
125 6 18.50
30 2000 og 55
DINS' WAS
on the matter.
·
that Arabian
G.1 Cement Dairy Farm
X. DW...
U.S. CAMPAIGN
statistics ceonomic were of particular importance now during the US, presidential campaign. The Administration, President Nixon with Vice aspiring to replace President Elsenhower, argues that there is
American Wateon ith recession business and that in fact it is Aled...
Democratic Party mays in excellent shape. The opposi-Textile
Antly that the economy is inA tion recession and that the Eis- Taikoo Dock hower Administration is doing nothing about it.
na
R. Trust.t.
BUOYANT Industrial stocks staged
but stores mixed performance,
under buoyant strade upside domand to set new highs on the view they are well placed to withstand any recession, Steels improved on news of more ex- the long- pansion play and
US. Government Agures for term outlook for the industry
business nation's the which has not yet really felt activity. the total output of the effects of cutbacks fn cdr
goods and services called GNP. higher. output. Mators edged
showed a third-quarter decline Helped by the motor show.
Offcial statements inferring to an annual rate of $803-billion.
for down from the record annual other Uitle change ahead.
rate
of $505-billion in April-made campaign promises which Britain's credit squeeze put
Off on home-buying. the market it more subdued May-June. In the first quarter have caused Americans to hold Sungata...
of this year the GNP stood at
promists include lower interest Inti Inv. mood on Friday atid
prices
en annual rate of $501,3-billion. cased.
(for- rates and some direct govern-K & FE' i Industrial production
ment housing loans, Over the week the Financial tory, mine and mill activity) Times industrial index lost 2.0 dropped in September for the points to end of 253 with a 1.6-scetunt month in a row, the
point fall un Saturday account- ing for much of the decline.
Gt-edged met demand, some of which dealers and was foreign account.
ಬಿಗ
Humphroz On the matter of housing Resity start drops, the Republicans promptly charged that it was Star Ferry. the fault of Sen. Kennedy, and K Gas ...
Democrats, who have
These
3000 31 2014 28.90 1000 4 2015
0.20
8,80 3.30 2000 5,00
3.83
1455 14.10 2000 og 14.00
8.10 8! 188 0.10 3.43 100 83% 2004 6315 30% 24% 24.70 1000 24.00 3002415 1.875 1.90 7000 1.00 3000 91.00 ITO 178 100 177
15 13.20 DOD 13.20
0.55
1,03
CHiman
Ir.v.
Maceo ec.
2815
Actually, nobody in politics Craw Federal Reserve Board report-freely uses the word "reces Entertain.
stun." The party power, the Vibro el The September index was
Republicans, naturally, won't 107, using the 1057 averages as index August the
say things are slow under their 100. In stood at 10B, and in July it was administration and the Demo
111, crats, sometimes criticised as Dullness
Germans, marked
110 The record high is
"gloom and doom" criers, are Chinese in the set last January. and
most careful. So the Republi- bonds
sector. Ddijat
cans say business is at "high stocks decreased.
level stability." Democrats call ended Oils see-sawed but
wenkerted but low. Coppers
"high level stagnation." selected tins weht ahead. Rub-
Greeks foreig
bers ended lower but teas were.
virtually unchanged.-UPI.
The September alump was caused in part by rail strikes, which affected output of material and business equip~~ ment, and in part by failure
to of the steel milis whow
Big increase in
U.S. investments
in Malaya
By Gordon Hung
Kuala Lumpur, Oct. 23.
American private investment in the Federation
FAVOURABLE
The odial Elsenhower Ad- ministration viely, expireased by Secretary of the Treasury Mr Anderson, ia that business has been adapting itself to the sud- dion disappearance of inflation paychology. Mr Anderson, be- ilover that the economia out- look "ig favourable, both for
years
2000 1829 4000 sr 13,10
6000 15.10 2000 & 100
3000 4.30
small device developed by British electronic engineers may, in future, provide information abdüf dit crushes causes. from otherwise inexplicable cautés
transis- It consiste of a miniature torised tape recorder, armour plated.
resist the most violent shocks, which acts as an electronic "flight observer.
to
The roburder, 13 Inches long. sit inches wide and six Inthes deep; is marketed by Sir W. G Armstrong: Whitworth Aircraft of Coventry, member of the Hawker Siddney group. It has survived numerous impacts with the thé hátú slony trolina of
Australing dissert Woometa rocket range at speeds | The work, öf the Tárry. Ró-
450
of 250 m.ph, and more.
the
Its weight armour plating accounts for 40 lb. of its total of 68 lbs offset by its com
and the amount of pactness
Information It can handle readings can be taken from literally hundreds of different points on an aircraft.
These representations have been called, by some as "pro-
At Woomera the recorder har texts." O officials here, how- ever, said the representations been blown off in fight and text to fail from but more allowed were not prótests..
In the form of Inquiries into rockets, Not only have the tapes what was actually happening, been recovered intact but a 90 The concern in Britain and per cent recovery of the transla
and re-tarised.
chcapsulated
Preservation of fish
search Station In Scotland --which funder tha Department of Scientific and Industrial, Research
on the pitcséntation of whole fish and offdi pribr to processing into meal and oil, which woi dum- marised in Fööd", faveh- tigation Technical Paper (NB, 6) th 1958; Abs Boon to - ishund and brought up to date by the inclusion of more recent
work on the nutritional valum of preserved
It reported Seklyu had approached all elsewhere is, as reported firms operating in Japan, -cently by a British newspaper, electronics circuitry (assumed
will be achieved. cluding Shell, with a request to that "It seems certain that the to be nob-recoverable) has been
material. the armbur pisto withstande take up for processing and Japanese company
Summarised, the paper acts it handling some 80 per cent of given something of a privileged
firm's crude oil position in Jepan, whereby, all fire, but in intense heat (above the Japanese which will arrive in Japan in the refiners will be expected to 180 degrees Centigrade) the re- now clear, that although share of its (Arabian dording tipes melt. For the formaldehyde or nitrite may be taice
in proportion to brief rocket test fights the re-used effectively in the storage Sekiyu's) oil
chares of the
twd mmutes for, stible high, it would not be order rund for their respective market”
the first half of 1861.
This, if the Japanese firm's desires are met, would be done in facilities Miready set up in: Japan by Shell and the others.
The proposal (from Arabian Scklyu) is stil being studied by Shell in greater detail, the statement said.
But it added, "in the mean- time, Shell's preliminary rese- tion is that Arabian Sekly as a private enterprise should seekt to dispose of its production In a normal manner."
sees
Wall Street
first decline in three weeks
New York, Oct. 23.
only crude all to
recorder
at a tape speed of 75 inches per advisable to contemplate storage In contrast to the more imminuté past the recording heads, of mixed material with these mediate problem ..of. how But fot dirtrait appllentiona a
preservatives, Valuable ësh and tissue proteins react: "with Arabian Sekiyu's crude Ship-16-running time
chemicals, and the lysine in the ments will be handled, firms would be tied.
uilter or half-inch record-protein can be shown to be which ship Japan see no. Immediate probing tapes are used entrying tour rendered partially unavailable by both chemiled and biojogleat lem arising from production by and eight data tracks. Using one the Japanese. Arm's operations track for sinchronisation etc., methods of testilig. Stortge of in the Ferslan Gulf.
this lettvey seven data tracks on
minced material would be "Ideal These firma British Petro- the larger tape which ustig
for production of sea una oil leum Co Ltd, the largest Bri- conventional fine-tultiplexing by azeotropic proodsses arid this tish all concern in the Mideast, tecniques, the cach track
L therefore disappointing." for example-feel that Arabian can be used to entry 34 Informa Meals made from whole fish and Seklyu's produelibh will not in- doli channels giving a total of large pieces of offal treated with crease rapidly enough to affect 168 channels. Further sub preservative are of high bio- coinmutation will give even logical value as only the skin their business-UPI.
more channels.
and surface proses react with tho. chenilcals.
TEXTILES REVIEW
New York, Oct. 28. Cotton grey goods markets
were mixed last week. Demand for sheeting Im- proved and prices rode 1⁄4 to 1⁄2
for print
The unit is fully transie torised budite only. dellette component used is the quartz crystal in the reference oscilla for which although operating reliably in fight, is not general- ly expected to survive impact deceleration LPS.
Direct-reading
The original paper stimulated Information with exchange of other countries, and it has been possible, to, reproduce some of their data in the new issue, One partieumrly interesting point, says the DSI is the jerkthy periods for which wille fish offal can be stored under, the ellmatic condone in New- foundland and the beneficial effects of preservation, for ever a few hours storage as in the American menhaden industry.
blood pH meter sidudaythe, with Chlortet
cycling
reduced, the bacterial count in 48 hours by 280,000 The significance of this
the near future and for many Five consecutive daily declines this pastato per oths out-
week gave the stock market its first mills found bids too low and A direct reading blood pht limes. Chlef
overall decline in three weeks.
Keyserling,
Leon Economic Advisor to former President Truman, saja that
if total output turns down, that is a recession and the GNP has gone down,.
.
redticed.
were
wert
*
meter developed by o Birth company is sold to be the first of its type over to be designed solely for the measurement of
In connection with shell · pro- duction in reduction factories
wortants considération.EPS : ·
blood pH, or lis dcidity Alarm instrument
dud. älkölinity limitua
and Singapore last year totalled US$135 nounced this part, week, alors early in the rede daha the price stdered a perious war bit con- dont was clown Xe cen't a gould refinery, it uns imp for faulty hearts
million an increase of nearly 200 per cent since 1950.
turned them down.
Twill prices were Work clothing fabrics
In amall. national product | bought The gross
du h Trading picked up a bit from the previous week's alowest dropped to an annitial role of dimtitles... Guigans pace of the year but most of the $603 billion in the July-Septem- slow, and privés were doft.
can be deber period from the record rate Prices of hishila, hemp were In line with the GNP report increased activity
in gold of $505 billion credited to a Burge
the previous stealer as the restit of betier were the numerous quarterly
Attienh demand. Brish East quarter. jesues.
was impossible for gold shares
this not reports, by corporations a
changes in blood pH presented the first slowdown in reflecting the lack of buyer in- slight
hero and in Cal which are usually of the order An instrbiñèke kui difen. economie ectivity since the 19terest both
of...+ 0.003 Bit within the r recession, hot counting the tem cutte porary steel strike slump last Demand for raw, wool was raw, range of 7.2 to 7.6 pl, by. alugin with no of any direct means. These changes are buying. Synthetic to small to be recorded by fabrics
were alow. but prices other instruments, and what wheregarded as drift could were steady,UPI.
prove to be pachante dan- gerous to the patient,
14 was 800 million more than ; be put up on a three-cere. plot a general retivat in stock prices. here were appearing all over the year, this past week rose to pickup
ing reduced earnings in the
of the precious metal here was third quarter. These quarterly bid upward. By Thunday the reports had an immediato bffect London gold price had reached upon the mock market, causing a record $40.00 and gold shares The Dow Jones industrial tape on Increased prices,
Saleg the 1967 agure, The end of 1961 of land in the centre of Kuala average fell 4.60 points, reachi- The overseas of rubl" was 12,032,430 shares, or d daily will see this figure further Lumpur.
ing 588.79,
sald to be spurred by unwork average of 2598,496 shares, from will begin this year, Work
States bon 10,000,010 shares or 2,193,322 boosted, according to the U.S.
Most pessimistic statement pn that the United Erabassy here.
and is expected to be completed
the economo was made by would boost its gold price above shares per day a
a week earlier. The Increase in American in- tu two years.
GOLD ISSUES There will also be a five oroconémlet Ellot Janeway, Fre the 335 an ounce in effect since This speculative bubble vestments in both pieces is in line with the general Irierensa six-storey building in Penangsident of, his research company, 1934.
warned that the next burst when, the US Treasury who
The "gold rush" heitled: bul of private U.S. investments indsting i tilldo.
any much move; four gold 16ice on, the most foreign countries.
Work bi buildings in olier President Republican or De-fatly denied According to a report jis blaces will begin when suitable moorat will inherit a serious The London oiled Barked down alive list out of the len eight. unounce engine
the demand for Benguet was on the top me at the rollowing
un, dolar(perally, returned to with sales of 430,200 shares, sterling notas (par e completed by the U.S. Deport-sites are secured, probably next recession which will require sharply, and
churgency meant Hold gold sbares here ment of Commerce; Amerlgan: year.
followed by Brunswick, Stand-
Asterias hates (per 21 Mem. dAyers, Vice-pro- the dowdit may tend normál. private investments abroad
Elsewhere in the market.
·Hkent', and 'director of the through 1001 and "could snow-
Siis, citalart par 110037.17 odaded the #90,600'dalition märk
Mines, General Telephone, Cam-. that the ball into tomorrow's tailspin trading was rather routine with ard Oil (New Jersey), Dome Indonesian rupiah (per 100) in. 1959.
ose to their bell, Hed. Lake, General Motors Singapore (Birails] peldes slipping Eastman Kodale has just com-
September lows.
and Homestaka Mining plote un processing plant and laboratory In Shippone and Firestuile and Goodyear had considerably, holdings in the two territories.
*
- Saveral, American Arms have
WORNDANY, Stregand decision to "put up thenUPI. buildings was in line with the company's polloy of investing St Tands loosity,
He said ths. Bullaings come prised on only one part of, the widely thried" inveshent port-
announced plans for substantial | follow of the company.a
new investment,
NEW BUILDINGS
AA conparative How- comer in the insurance fold id Malayalamedi : 950 million
TESTAURAN
The Dow-Jories averages: äl the dose Friday showed, 30, in- Most brokers believe there dustriala, os 577.54 of 1190 will be test the near future points on the week20 of there lows but they say the | 2371, 01 351;,15 ilities 92.92
thing dient to tortellon 1.21 and 05 alnce. vlection, ay niles off 6.13.
.
Exchange rates
rates
Agreed merchant
Grates
The new meter incorporatos a: Vibron
component.developed.
developed at. & Landóh Hospital, which sounds an alarm when on irreguld.. lity occurs. In the heart zation of botlanta, re- Covering from hout sábration
Mr R.T.Trotzian, of West- six years ago by the same comminater Hotelied Physics Depart- bany which enables ft toment, where the trungot war th
atletid sero; stability of +0.005 developed, says it has Baik must pil at the end of twelve hours useful in post-operativikupio AFT continuous uso. MEN
The Vibros Compollent is awularly od: all paus 2.85mique Beriainiac capacitor going doop-freeth
modulator, of extreme seng The Instruits ativity which brings is a lider portatile and regul technique in the mesuremention ongeant Rup,
of mibute Voltage changes fald operated and sa conpected le
to be, Impossible, with valves alectrodes : Which are nothi (tubes) and transistofe alone, Inserted, Curing
The large scale of the blood Lion. If, ine Vignale pH meter covers, dirittimally, the drop Below & berkitiri ratige-from- 6.5' 23-8.0, PHL; It is, Lite ahorra is triggere 18326 nored the
- Chnadiah # Maximum, selling simple to operate acts division Instrument is, UA
what only (0.01 ^ pH, thus lop test 17-37824 Minintum Buying 174 6.6 to 8.0 Hale regard place 18 hours after likely keeb relatively firm for down 19% Texas Instruite 11/83 TV 17×13/82.0/D__//
of England statement
will sway the nitrket and most let the
The Bank of
fand, sinte- ended
Octopaused by stay
the time, poing,
#hääriçák, intèrrnulónal, werin jeli poliglonilastə yetirajukk Alrutänkt Tomigater, ja alanking and died acum ól come bent (or, tho 10. Invert 1110*ülion in new pany is to build an oil reinitely onlane, ker kena falinskar förting 400 million atsispet Partite déturg Bars Tooh dod mlikson, app, miles from the Drobky Malet, Rover the next Fea
frollan 104storey building will ground le first - hepiced...
waloog of poor earnings te- Jan 10%
porty ulicial vifrumos con of the tolat 1,464 issues tride brasion that bjjklifeks slickened editids post week, 966 defined,
discourage
Unit trust
and 311 302 2lqunneed and 124 bila, unda BROKEN mik Kombifid, SHAZIA NONB1066 16 Eiverengig Fund: Suvestors % inin, kéménda ?by: 165+ intuen-ked, now Buyer. Priis.
ghs by 42,APE.
readings are possible. 40,006 arme frötnah, MVL = "Chât play figure formerly well-instrument has sled maaked by, drift op during getersi attame The mater had providon, for har betavad perfec the checking of electrodes indang Ha adfederlapor buffer solution of 9-1,pili ne tikt strest dodara, fromp
wvwn in, milhor, re