#
THE CHINA MAIL MONDAY, NOVEMBER 7, 1960.
Weekly survey of American economy
CHECK ON SPENDING
Bid to correct balance of payments deficit
New York, Nov. 6.
Pressure on foreign spending to protect the dollar vis-a-vis gold and on interest rates at home charactérised the state of U.S. economy this past week.
The
The
|HONGKONG
STOCK EXCHANGE
ودا
Our Own Correspondent
Business done at the Hong
Stock Exchanga this amounted to ap-
morning
ong proximately $2,360,000 Noon quotations and the morning's
transactions:
Bbaros
American
HK Bank .. Union £19.
X.D. Bankers waterbasi toid bank's 10 Wheelock..
27
8.30
1.35
administration, worried institutions has shown a'decided about the economic as well as upturn. diplcanalle effects of its gold troubles has begin studying Association some, corrective menraizeti, One exercise "extraordinary caution" their lending operations step under consideration would in
prevent taklog them.
from until U. S troopy
with willing their dependients Another would redues the volume of purchases abroad for American boscs.
In yet another more to help right the balance of payments
.are
consumers
to buy. The warning was based on a report Indicating that in the three monthe end- ing September 30 instalment buyers showed Increasing hesitanty.
Ch. Proy,
Sales Buyers Hellers
1310 1320 30 1315
GO 125
4000 41 0.30 38.35 0.35 21000 + 0.30 1240053
1000 125 0000 + B.0 121 a 0.30
2006 107 2000 1.00
more
"
Dock & s Hotel
100
21.00
22
413% #2!4
109416
HK Lanet..
C4 0419
Yaumeti Yaumail Righ
102
103
63%
102
150 @ 103
ER Tra Ch Light
07 07 3115 31
24.30
This compounded further al- deficit, the government lins de-rendy existing fagging tenden- cles in general business activity.
elded to send two top oficiuls
to Bonn to apply now pressure
on West Germany for assistance
in aiding underdeveloped coun- trick.
STEEL INDUSTRY
As the year went into its final two months, stoelmen gave up
Actially U, S. exports in hope that their industry will September have stopped a four-make any headway still in 1900. per Steelmall output this past week rus" two month 'decline,
was cut to 1.7 per cent of cent from August and were 13 per cent above September 1959. operating capacity-the week Dui on the other hand Federal before it aloud at 54.2 per cent Reserve figures indicated py-steel scrap prices at such key ments abroad, by 'Americans in centres as Pitttsburgh broke to third quarter may ve topped the lowest point in six and o mell- from forelyn sources half years-No. 1 heavy receipts
annual rule of $4,000 ing selling at $27 a ton and No, million. The yearly pace in the 2 at $21- and unemploymeat priceding quarter had been at the steel companies' so called RK ice.
captive coal mines was mount- under $3,000 million and payments abroad in all of lasting rapidly.
מב ענן
year were $3,600 million.
nci
in
In the automobile industry, the 1901 model which started MILITARY OUTLAYS year with what looked like
bung in comparison with the action, Any carreclive
lack of enthusiasm elsewhere, to oddion to Soosting exports, assemblies last month rose
sought chiefly in the 817.816 ears, up. 22 per cent must be
ndlitery of
from a year ago. But overtime outlays arcas
And and Saturday work were being abrond, in forelgo ald
and capital outlays, experts thought. cut now at many plants Military
expenditures abroad November output is expected to In the been have
rate of fall below 600,000 units. $3,000 million a year, foreign record auto year of 1955 some
corg were built aid even higher than that and 750,000
over November. investment well private $2,000, milllon. Reductions, in these outlass, or better. stili, sharing them with gold and dollar-holding countries, WER
at
#1
seen as the necessary thing to do 10 save the dollar-gold position.
Some sources even suggested the government seriously start
at visit the USA" campaign to foreign tourist spending boost here in a reversal of the post war tradition of the Yankee tourist spending dollars abroad. One Wall Street newspaper recently supported this plan In
editorial.
20
9
HE Elec.
+
1K Tele.
--
1630313 100021
25 2000 24.03
2000 24.80
100 € 25 300 31.93
10000 25
1003 25
The spectacular rise INDUSTRIALS New lifebuoy
to economic power
of West Germany
by Terence Davidson
Bonn, Nov. 6.
With her 'post-war recovery virtually complete,
EASE IN
LONDON
London, Nov. 6. Sentiment was swayed' to ́a
great extent by state- ments from some of the big industrial concerns,
These were not always fav-
West Germany is moving into a period of ourable, and unprecedented prosperity.
show that the West cently German is enjoying more steaks than ever before, and that he has a better chance, of owning
4 car.
ค
statement from Courtaulds on Thursday had a particularly do-
marker produced
disappointing A lifebuoy marker which' works both day and night has been produced by Waeco, Ltd., the U.K. firm which manufactures the "Wessex" of marine distress
range signals and line carrying rockets, vrá
The device
of a consists
dia- electric
candle and two
opposed The smoke candle and
Figures published here re-grammes (about 11 pounds) in pressing influence on Industrials This was followed by state- 1949 to 48' minutes in 1953.
To earn enough to buy ⚫ments from British Motor Cor- man's thirt, the West German poration and Rootes, which ai- had to work 10 hours 17 minutes though showing higher profits, 12 1949 and five hours 35 contained no reference to the
position in the current year smoke mimick in 1959,
The price of a Volkswagen which cannot have been too metrically Dar showed spectacular happy in view of the frequent, Hghts. drop, from nearly 4,000 hours announcements of production light are independently operated to 1,600
houre, though the cutbacks and redundancies.
fairiv cash price has kept steady. This helps to account for the increase in the number of cata on West German roads - eleven ears for every 1,000 people in 1950 and 63 inct
The increase in sales of ex- pensive high-protein foods has been accompanted, in the past ten years, by a drop of 50 per cent in consumption of the food, German once-staple potatocB
When the "golden Allies" began, the average West down-at-heel German was
threadbare figure, wearing
спр. clothes and, an 'ex-army Today, he wears sulls of good quality doth (British for pre- Tence) and pointed shoes in the latest Itallon fashion.
a
10000 23.16
3000 & 25.15 2000 25 3000 & 25
@ 25
A look back at the most to economie spectacular rise
times showS power in recent
year.
-
-New revolution
counter
by their own water-activated colle and Auct.cn immediately There was also the announce on entering the sea. The lights ment by Guest, Keen of a vast operate
the capital-raising plan, and this huminosity of 4 lunens (3.4 A new method of operating
the watts) for a period of not less
revolution counter. price of
the depressed the
One of
more than one and a half hours,' and
on the new Doxford "P" shares
was favourable factors
the the smoke candle emits a vivid
range of marine engines further advance in British gold
and expanding cloud of orange-
which wore announced reserves for October, and this coloured smoke for a period of helped sterling.
not less than fifteen minuica, earlier this year, has...
been. Introduced by a Tin device, which has been the
of extensively Ba-tested by
firm
mechanicaf Royal Navy and is approved by
lubricator manufacturers the UK. Ministry of Transport
at Carlisle, northern for uso in merchant chips, can
England. operate in petrol or oil covered
a
CHANGED HABITS Increasing prosperity has also changed the West German's habits. The average citizen of After their pre-bank ralo ad- the Federal Republic today vance, gilt-edgeds became
and were quieter, inclined to ense. that the average annual income smokes four times more than he good deal
did ten years ago, drinks five for a German employee, which times as much coffee and nearly
Gold shares made a satis. 1000 started at 3,725 marks (about three times as much beer-85.25 factory showing, although there its 1050, was 7,249 tres (140 pints) a year now was no marked response to the 28.80 23.97 2100 20.70 £320)
1000 6 28,8J
25.53 marks (about £020) in 1860 compared with 20.42 litres (51. Dolober mining returns which 400 28.09 nearly double. Yet the average pints) in 1950.
has been cut 34 2006 30 working week
from 47.3 hours to 45.0 hours
of all and nearly hall workers in West Germany stay at hane every Saturday,
355
nes 213 600 304 790 30
8003042
8.95
2004 30 503 34
Tuntity
GI Cement Dairy Form 319
10.7 19.30
50 GAL
1200 @ 19.33
19.33 125 23:00 i 69
32
Watson
30
31
Textile
Nanyang, .. A. Rubber 1. Trux XD Taikoo Duck
....
4.55
--
1.0 1.875
24.90 10
२५
8.60
Gilman
2.10 2.125
-6100 m 94c.
TK & FE
neatly
IK GAR... Int Inv... LO
What was behind all this hesitancy, pause, movements"
Aldeways
or recession, as the various analysis call the situation?
The explanation seems to be that applying to any past down- ward movement in the economy. The cutback of goods going into Inventory was instrumental
Ania Nov
8.30 B.90
270 67 1.80 241 14.00 2000 14.00 10014 0 5.05 3009 5.53
DA 041 1000 a 8434
Inv. 14:20 14
24.40
Humphreys Star Ferry.
172 177 Mario Elec. 12
ope
2315
1. Craw... 40% 4154
Exchange rates
market. thi
in reducing industrial produc- .Busines was done in the locat tion 2% per cent between July unomote exchang
und probably morning at the following rates:- and September
October, somewhat further in
U.S. dollar (por $1) Added
to that has been the Sterling notes (per £13.... fallure of retail sales to show Australian noies (per £1 the expected Autumn upturn Indonesian rupiah (per 400) and the drop in housing starts Slam deals (per 100).... in September. The resulting Stagapan (Straita) buyer disappointing, performance
of profits, in turn,
By last week U.S. gold losses
for this year
crossed the $1,000 million mark as an unidentified
foreign
took $45,000,000
of
presaged a in
tho. metal. The Treasury weakening of investment
revealed the new
to
$1,038,000,000
worth loss brught new plant and equipment,
the total
The irony of the situation
foreign exodus of gold since was that for the year as a whole January 1. This reduced the the economy was still expected
11.5. gold reserve to
$18,27- to set new records of per-
400,000. The gold drain has formance,
pick.za
up sprod in recent
months and now parallels the outdow for the comparable period of Inst year.
INTEREST RATES-
On the domestic front mean- while pressure on interest Tales was increasing as a result of a reduced demand for funds, a rising savings trend and the casy money stops taken by the Federal Reserve System,
since mid-August 1958 when the
U.S.-Indonesia
trade accord
Washington, Nov. 5.
The Agriculture Department
announced Saturday
donesia whoroby that country will purchase about $16 million worth
BIG INCREASE
the
16
His taste for more expensive drinks has also increased, and is still increasing. Some 20 per cent more brandy was sold in West Germany in the first quarter of this year than in the first three months of 1069,
He spends three times Real income has increased at
on football arate for outstripping that in much as he did other Western countries--by 56 Pools and lotteries-the national other Western countries by 601otal now stands at 1,288 mil- ilon marks (about £107 million) per cent, compared with 42 Pa year and his, diel has cent in France, 26 per cent in changed out of all recognition, the United States and only 20 He eats 18 kilogrammes (about per cent in Britain.
35 pounds) of beef a year now, The Ministry of Economics instead of 6.8 kilogrammes has worked out the price (about 15 pounds) as he dit in goods in terms of the time it 1050; 20 kilogrammes (about 84 takes to buy them. At the end pounds) of pork instead of 7.3.
forties"
kilogrammes (about 16 pounds) of the "hungry took a West German 22 hours and 3.1 kilogrammes (about six 37 minutes to earn enough to and three-quarter pounds) of buy one klogramme (about 2.2 poultry instead of six-tenths of
of coffee. Ten years a kilogramme (abolit onę" and "a" pounds)
only soven quarter pounds). later, it took him
A steak in hours 18 minutes. time-money cost four hours 31 minutes in 1950, and two hours 43 minutes in 1969; 4 gramme of butter four hours 13 minutes' work in 1940 and two hours 60 minutes, ten years later.
ENTERTAINMENT Spending on entertainment
education by klo- and
2 typlent represented family of four has risen by 35 per cent in the past five years, Travel expenditure in the same period has increased by 75 per cent, and German is now one of the most frequently feard foreign languages in Italy and the Mediterranean islands,
The value of bread, however. stablc, relatively sis remained 1501 milling only from 23 stinutes to 1247 21 minutes per Hdlogramme, 3.30 While potatoes actually rose. 1.80 from 37 minutes for five kilo
2023
Wall Street gains although traders less active
New York, Nov. 6.
trade agreement with In The Nixon-Kennedy tussle placed as main event on the Wall Street programme this past week, relegating business to the preliminaries. Tiring of all the conjecture as 0. to what effects either candidate Standard Chio Ol 2. might have on
of surplus U.S. farm pro- ducts.
return averaged 1,305 per cent. The sharp downturn in new home starts in September was portation costs will
::,
-Kest-Megoo 3%,
от
waters.
The marker is supplied com reflected a higher gold price, pkte with mountings for fitting cn the wings of the ship's Chim Mall Special.
bridge and is released when a
sed. At the
New York
cotton market
New York, Nov. 6. Cotton futures scored sizable
goins across the board this
broader market.
The method was tried suc-' cessfully on a 1,000-hour test of the prototype 67PTS "P engine, which has opposed pistons, and with been ad mechanically has since
Jifebuoy 1 engines installed in a number
The first same time the of ships,
of these water-activated
engines was for a 20,000-ton: cells
Until, the tanker in February and under are opened. Bibuoy is released, the marker test achieved a maximum power Its culpas of 11,000 brako horas be maintained cari
the power. operational
stevage on wings of the bridge-for
period without any assembly indefinite
caip
the cn
in
made
Tho mechanical counter
# comprises
pump
maintenance or deterioration. unit housed in a steel container. The marker
of It operated by a normal type.
Ibricator driving kaminated resin-bonded material Doxford and Impervious to corrosion lever working on on, cocentric fixed to thecamkhaft that LPS.
drives the cylinder lubricators, ... Every rotation of the eccentric. gives an Impulse of oil which is pumped through a small boro 'counter to the copper pipe
mounted "on the
i.
past week in a somewhat Waste disposing
machine Shipping_componies,
At Friday's finish the list ruled 18 to 20 points higher
than a week earlier. This wor the equivalent of a gain of D cents to $1.50 a bale.
Dealers said although trading
small whci remained fairly taken against the same period in In some weeks. prior years, i was the broadest
Covering and some new buy ing in the nearby monthy re- Bected expectations of a lower
how
actuator
revolution counter at the origino control station
pital authorities, This ingulsy of oil-ejects-a~~~~ hoteliers, laboratories and plunger which trips the counter The plunger is other large administrators mechanism.
fields where large withdrawn by spring return,
returning automatically of quantities
waste working impulse, of oil to this material must be disposed pump unit, ready for the next
in
of quickly and hyglenl-power stroke.
the
in
Portable bath
th:
During
power stroke: colly are showing interest
oil is pumped than is more new heavy-duty actually required to effect this waste disposer machine movement. The surplus offers that has been introduced a safety worlding margin wizen: govemment crop ewtimate "next
is diverted, back the reservoir: Since 1950, me than Tuesday in view of allsappoint by a U.K. firm.
trom the fields of The raakers, who are supply via a relief valve eet at the milion extra jobs have been ing yields created in West Germany, Texas and California.
Ing one of the machines to a pre-determined working pres- laboratory in Lure, This averspill. can bɔ bringing the present total up to More active buybig for export Government 20 million. The number in the spot market in steady to Kenya, claim the walt has a clearly seen because it pas549 to the reservoir via a trans- out firm prices, bepes that the down-unique operation enabling it to vacancies now actually numbers the unemployed, and word drift of textile markets handle more categories of waste perent sight feed dome-LPS.
about to bottom out, materials than previously post- the near-saturation employment may be
a drop in the certicated ble with this class of unit, ratio is exceeded in Europe only and
One feature of the machine la stock to 6,746 bates all contri- by Britain and Holland.
West Germany started virtual-buted to buying sentiment in the found in the powerful jets of water impinging into the teeth- ly from scratch ten years ago as nearby.
of the cutter ring from the periphery of the pulverising Im-: peller. These Jets speed the forced against the cutter tech by the Impeller and also the machine clean after use.
The unit is powered by a three horse-power, motor, con tinuously rated and sited with 8 am-kave brought about According to the New York a reversing contacter starter pro- Cotton Exchange, exports incorporating overload through November 1 totalled tection The motor can be sup- Their average income is still 723,834 bades, against 724,700 plied in either 200 or 400 v
But all below that, in Britain.
Commodity Credit Corp. re- a newly-founded republic strug-
of 2,608,630 aling with the economic facts of ported purchases
of choice "A" cotton life after the devastation of war, bales the almost total disruption of its through October 28 and sales of breaking up of waste as it is industry and a painful devalua- 1.280.728 bales,
Unfixed call sales through tion.
"Marshall · aid and native October 26 were unchanged from week earlier at 11,200 bales ability for hard work-evtry office deak here a pocuplet by and compared with 111,209 dien
Inst year.
what West Germans call their "economic miracle."
wash
the signs of prosperity are here. bales in the same period last three-phase for 50 or 60 cycle
BERSONUPI.
Bank of England.
statement
unit popular
Only recently marketed on a wide scale in Britain, a completely portable bath which can be unit, turned into an airing cup board when not in use, is proving very popular among flat dwellers, in- Ing old property without valids and people occupy- bathroom accommodation. Although this unit has only
operation. The water to the machine is controlled by a magnetic solenoid valve. For ap- plications, in ships galleys, tho unlis are mupplied with A.C.¡been or D.C. motora conforming to sen-going specifications, LPS.
Heating coils for tanker
་ { *
In production for 12 months orders have already bees received from Ghána and
Feature of the bath unit is that it is chally fitted only water feed, wolte, pipo, and electricity connections 20: aro necessary. Most recent designs aro stoved enamelled sted!
7.318,190,19] A U.K. firm who have sup-baths contained in strongly plied heating colle for constructed marine timber
cabinet reupted on castors/ more than 1,000 ships in | The cabinet is fitted, with, an recent years will mondattractive vont gril and on, the facture them for the first entry side, with washable plastic
curtains in colourful designs.
J.
The Treasury's short term
Gleaming new cars stream out! borrowing costs declined for the
over the four-lano highwayra! third straight week. Its latest
the cities every issue of 13-week bills was sold
and leading from
weekend, Wellnourished on
interest a 2,121 per cont
women enjoy whipped cream basis. This was a shado below
the market's Coppers moved up strongly and cakes in the cafes every day. the previous' week's rate of The commodities will include
cent and the lowest rice, 1.7 million hundredweight, future, brokers had little zo in mid-week on news that con-Expensive restaurants are alled 2.120 per
38,700,000; cotton, 24,000 bales, course but to advise clients to sumption in September sogred to capacity every night.
85 per cent over the previous
For the home, every kind of $3,400,000; and tobacco 3,500,000 sit tight pending the outcome.
Traders nevertheless had suff-month. Anaconda lacked on a manufactured appliance
London, Nov. 4.. pounds, $2,500,000. Octan trans-
be about cent courage to boost prices five point, Magma 8%, Phelps Dodge readily availabic-and uniaxed. The Bank of England state days running despite the fence-3 while other metals generally. A table model refrigerator costs ment for the week ended. Nov. an especially significant in $1,100,000. dicator of the trend; it occurred Sales will be made by private riding counsel which showed up went along with the trends
Desplie the gloomy outlook about ben marks (£62 sterling) 2, reada as follows: Ir depressed volume statistics. despite an easing of mortgage U.S. traders.
Providing some emotional ex- for the Industry, steel-Issues and there is a nation-wide vogue Notes in circulation
Patvala Deposk interest, rates and increased The Department sald Ave.per
deep-freezers ; hava doverment, securitiem buy stocks, General responded upward as much as Bcandinavian furniture Public depost Availability,
funds to cent of the rupiahs obtained in cuse to
Other securitas Zvogluta borrowers. Consumer and payment. will be set aside for Motors said it would spend a 3% in US Steel, 2 in Yotings Domestic
for new plant town, 14 in Bethlehern, and hade their debut,
Some economists are starting business. borrowing also were loans to U.S. and Indonesian record amount falling considerably short of ex- private enterprise by the export and equipment next year when in Inland
i believed Jersey Standard was the most to worry about the pouribility of pectations, At the same time import Bank of Washington, most everyone else
cutting back. In addition, the actively traded fasue of the the boom turning into inflatir, the flow of money Into savings, UPI.
government came through with week with 220,000 shares. Fol-with the labour shortage causing another of its periodie "boosters Towing were General Telephone pay increase and being follow-
Motora up, 1, dd by higher prices.
cen Creditchin' márka dy by announcing platis to expand up 1, General the B-70 bomber-programune Boeing Airplane (px-dividend) which was considerably slimmed up 3% and American Motora tightened, and top businessmen have ogreed that a careful watch up-point. :⠀ down last year.
The Davy Jones Industrials ist be kept from now on over STEELS RESPONDE picked up: 18.15 pointe to close prices and wage increases
Two possible cures are Being 17-1/82, Minimum Buying hosting coll for 10 cotitro director of the manufacturers, GM gained a point on the 690.07 salle clanbed 2.81 to discussed by soonomie commen-17-9/32 T/T; 17-11/82 O/D week, Chrysler 13 with Ameris 128.22 and utilities. can and Ford Up Tractions,127 at 91.78, Volane ragged to intors: the temporary suspension Stadchaiser lost and fo** | 13,482,407 shares from 10,601,040 of laxen: on "Imports, valett Oll stocks, one of the few week earlier and compared should increase the supply. Đổ with 13,889,970 4 year ago donamer goods and land 12 blope reporting good third The market breakdown re-being, down price and in talg quarter ran up handily aided vested a total be: 1,480 rues loan to under-developed povaljundanum, cum filled by maridel letter recommends hanki Bands Alarge 817 Wlow, blokke et des on First Hong Kong Fund
“Chabou“! Marian Icyne: Price: $ 1.00, IS Long, Jersey Blandayi, actively slowed higher, 381 lower Mod 130 qurung y TACIO, POA 444) Marbár vainna i and not change=UPI, A
Speciali
Canada
Leading, importera of feather bands and feathers for millinery purposes intend to place large orders." "Airmail samplén requested. Buyer will arrive in
Hong Kong soon.
CANADA STANDARD CO,,
445 St. Helets Bt.p Montreal, Canada:
tackend son
Agreed merchant rates
Canadian # Maximum Selling
Unit trust
Australion-built tanker. The copperwater heating. The unself or 32,350 tos tanks, has a capacity of 20 gal- deadweightank bung bulle at the Whonila yurd of Brokersons and is fitted with a 3 kilo
walt electric immoralon Heatër. Hill Plz Co., L. In South Filings aro In chung nhà Australia for the Airpti economy measures include in Petroleum Co. Má doli thermometer, and a water, gauge: metric new tanker will have on the torkenal
conventional aluminiii » fexes Mr. GE Cowley, managing.
tanks, 20 wing tanks, and told a correspondent that the bih tual: bunker / tanks, units were proving, They will be seminutaotorod | attraëilve, to invalids » con at Binderland, north east Exige to downstairs roomas – Deet Tänud by Steels: Engineering of old type house with no per
· Inataliaiions Ltd, strueenbeer" of } mitinent♬ Bathrooma land; oWZEA The Steel Group of Companies,) of country, collages)!! It s hner's second vessel in order to maid) 10 batted with thean erils - | naudu of Tinvalida y models) are