THE CHINA MAIL, MONDAY, NOVEMBER
1960.
Weekly survey of American economy
HEADACHES FOR KENNEDY
Experts say he faces economic dilemma
New York, Nov. 13.
Economic headaches may claim as much attention from President-elect John F. Kennedy as major domestic and in- ternational political issues,
analysts agreed today,
most
This will hold true particular- | bankers who might be the Jy. In the first year of the Ken-first to be affected by some of Such Kennedy's announced economic nedy administration: economic problems as the realms,
accelerated drain on cently
The silmen were worried be- U. S. gold reserves, the still
ot sagging steel output and climb-cause in his attempt ing unemployment wil, in all vising the corporation tax sys- when tem, Kennedy may attack the exist kelihood, sill
depletion allowance Kennedy is Inaugurated next present
which gives the all industry a Lo 27.5 tax exemption of up per cent
January.
more
in done.
needs
While most experts agree on this, they differ in opinion on
Kennedy ran on a Democratic whether Kennedy can do any platform that cited inequitable
about these problems than a Republican administrs-depletion allowances as among the most important taxation tion could have particular, some economists feel loopholes under which "certain privileged groups legally escape their fair share of taxation."
The bankers were a litic ap- prehensive of Kennedy's belief that lower interest rates general- ly are needed to provide a stimulus to the present state of the economy.
10 be that whatever
be done,
may this economy able to do by itself by the time the new presdent has settled down in the White House.
any
WORRIED
CUTE,
COTTON
NEW YORK Wall Street
responds favourably
REVIEW
New York, Nov. 13.
Cotton
past
be-
moved futures ahead again this
volùma wook with coming robust after the Democratic 'election vic- tory.
At Friday's, finish the Hst ruted 10 to 40 points higher, This was equivalent to gains of from 80 cents to $2 a bale.
New York, Nov, 18.
The stock market responded to the Democratic victory at the polls with its third consecutive weekly advance, including one of the best daily gains of the year.
since
any
di ko
LONDON Big achievement
in gas-turbine
STOCKS DECLINE
London, Nov, 13. Caution by buyers both be- fore and after the U.S.
presidential election and depressing news from the car industry sent in- dustrial stacks ́irregular- by pwor this past week. The Financial Times index
lost 2 points through the five dealing sessions to end at 312.7 against the year's high of 342.0 and the low of 295.8.
A
engines
major step forward in the production of free piston gas-turbine engines for merchant ships has been made by two companies of the Lithgow Group in conjunction with an English company.
In trial just completed off the Hock of Holland it ha been found that the perform
and the latter on Alted 16 the whale-catcher
Stores and steals went ahead,
good results
New high-capacity
Jets by Power Designed
and Development) (Research Ltd.. Aldershot. acting as cou
A sultants to the 13thgow Pover Development Company, Port Glasgow, the turbine was built by Rankin and Blackmone Ltd..
Greenock.
pump produced
Although a Kennedy victory
the fermot on buoyant sales and ance of a modified gas-turising Newl was partially discounted by the market in the weeks prior to
The initial response to the, 1301. Nething the new ad-
and in anticipatien or, the expectations. actual returns caused a further voting was a sharp sell-off early ministration does in January October's new record output Robert W. Winke surpassed all the election, the impact of the run-up of sizeable proportions, Wednesday. but brckers tormed, would help business immediule: | dividend season.
anti-recession
Despite the gloom in motors, Lake three to
ning Fords met especially in the distant months, this only an "emotional" reac-ly.
demand and gained After a dull Bcasion on Man on which was short-lived, mut measures
a late rally erased the early months to become effective. And 4/6 ending above the 90 shilling holiday Tuesday,
la day and
the economy
mark. expected to be on its way up on on higher ground. volume jumped to nearly 30,000 losses, enabling the list to finish by that time
Wednesday and bales on bath
The rally continued through its own. Thursday, mainly on what Wall
Some circles believe the stoel
still Thursday and then began taper-
operating Industry, bought Sweeters considered favourable ing off on Friday morning.
Comunission houses
on bellef that Implications of the closeness of
capacity, victory was tant the election. They believe that slightly above 50 per cent of will start the ball the now crop Democratic
the Democrats will not be able rolling around the end of March amount to at least some
from on early April when new orders to claim a mandate voters for drastic economie tion.
should start flowing in. The which might prove measures
retail and automobile fields are seen as favourable factors punitive to business.
for The Friday session showed
a business revival. being cut volume
by tho Veterans Day holiday, Gnd pront-taking halting a siting of eight eensecutive advances,
infu-
Also, many quarters thought and the Kennedy triumph indicated a high price support policy
a revised approach to many of Lower interest the farm laws. Feeling that Kennedy In his
The Government crop estimate November 1 which approach to business will have rates mean lower bank earnings.
Tuesday was to be governed by the basic However, many economists be- through
dim-was released on
off 250,000 realities of economy, which are lieve Kennedy may have
BIG QUESTION previous pro- not of partisan politicat doing culties in lowering interest rates 34,290,000 bates,
Ginnings on the same Where the market goes from and therefore not subject to significantly under their pre- bales from the
sent levels unless his administ-Jection. partisan
only 8,423,720 (here is a big question mark date totalled specific American businessmen, and in ration takes away the indeperi bales against 8,713,018 bales the There is bound to be a tremend
stock markets, dence of the Federal Reserve year before. the
cus amount of puro guessing particular failed to react in any extru- System which regulates the na-
over the next two months about the policies of the new ad- ordinary manner to the Demo- tion's money supply. cratic candidate's election. The
Specially, most economists see
ministration, and this could cause only immediate qualms from the all industry, and from Kennedy facing a basic economic
mild fluctuations in prices. But any sustained advance will beve dilemma of trying to right two
to be preceded by a pickup in problems which are essentiaily in conflict with each other. The International issue of on adverse balance of payments and drain on gold holdings on one hand; the prospect or actuality of a domestic recession on the other.
come
Singapore bid
to encourage
industrial
development
By
The
Gordon Hung Singapore, Nov. 13.
Singapore Housing
1
What alleviates cne problem, is likely to aggravate the other. Any of the classic money, in- creased govEIDIMENĖ spending Lax
chmost reduction would certainly intensify the balance c payments defelt abroad. Lower Interests, 36 has been emply shown, can produce
a
flight of funds from dollar in- vestments.
Any
'THIN ICE'
Increased
government spending, such as on defence or federal housing, could unbalance
and Development Board'
corporation lax loopholes to in- land-for-industry policy crease government revenues. ⚫ good news to And here he would be treading brings Singapore's small-scale on thin loc-most corporations manufacturers and in-have already shown diminishing profts under the present level dustrialists.
of taxation.
Its
This policy, the board states, is now being implementett. aim is to facilitate the Industrial development of Singapore.
Main lines of policy fall unkler
four hands:
1. Land made available for industry will be alienated BB-year leases subject to a 16- month buitng agreement signed to ensure that the land is suitably and adequately de- veloped.
Such Jensen will be sold at full leasehold value with a nominal annual
Unfixed call sales as of November 4 were unchanged from a week earlier at 11,200 bales against 105,000 bales a year ago.
Cotton exports for the season through November 8 totalled the economy. 801,235 bales against 782,186 bates
There is very little hope of a improvement on the same date. Jest notable businese
And the consensus is year, according to the New York this year. Cotton Exchange.--UPI.
for ho turn-around until mid-
Record expected in
world production
of steel ingots
Washington, Nov. 13.
AIRCRAFT ISSUES
at
Hrst and fourth on the most ac-
It
can now be
diesel-powered pump which has a maximum rated output of 10,500 Imperial gaflens per hour-yet weighs only 360 ib.-has recently been added to a range. being produced by a U.K. firm.
STRONG Gill-edged sparkled and gain ed ground, helped by overseas of an early buyers and hopes bank rote cut now that Germany clatined to be the most efficient has seduced its discount rate. of its type produced in Britai. The popular issues were strong. In operation it gave a speed of knots more. Greeks lost out in foreign une-md-a-quarter bonds but the
anticipated belief in better than the designed U.S.-Chinese relallong
3.140 shaft with spoed, developing Senator Kennedy at the While hores power. Full speed ahead It was specifically House gave a spurt to Chinese to full speed natern wa❘to meet the damnozid bonds.
stocks shared achieved in 38 seconds and for a compact two-inch pump of by a phis signs.
the opponite movement in less hight capacity, powered South African golds vaulted than half of that time. This demi engine. It is suitable for on Wednesday's election news | excellent manoeuvrabilty handling a variety of liquids,
once
Doller
free-market price of
Belief that the Kennedy vic- tory should mean larger armament expenditures helped but the buret proved short-lived invaluable the aircraft issues, particularly gold kept on the down track. Boeing and Lockheed which ran Oni showed useful gains Rubbers and tive Hat and registered gains of across the week,
and 14 points, respectively, leas were quietly irregular. Boeing had sales of 185,000 UPI. shares, followed by Standard On (N. J.) off American Motors up; Lockheed, and General Telephone up 1,
Sales picked up in this four- day week of 13,472,859 shares. or a daily average of 3,368,214 shares, fram 13,402,497 shares. average of 2,092,498) shares in the peeeding.dve-day. period.
or
an
The Dow-Jones averages on Friday showed 30 industriale at 508,61 up 12.64 points on the week before. The railroad aver- age Anished at 129.40 up 1.24; utilities 93.58 off 0.17; and 05 stocks 200.96 up 2.69..
The
widest gains were re- gistered br. the electronics issues where Texas Instru ments Jumped 13%. IMB 10 and Lition 835.
Russia offers
to
dam
design in Ghana
ar
designed
Overseas
and
miid
Hight fuel In a whale-catcher, including The turbine is a modified lutricating all, petrol,
in chemicals,
mud Uquid
and version of that installed
one-carrier sludge and screened sewage. I TV. Morar,
Port can also be used for light spray- bulit by Lithgows Ltd., Glasgow, and which, for the ing duties. past eighteen months, hrs beep
The pump has a maximum Leed na u floating laboratory, for total hand of 88 m. At 80 21. 14 the development of the new will deliver 3,000 gallons per | turbine."
Months of intensive
10,000
research and many thousands of hour and at 30 ft. over pounds have gone into the delious an hour. It incorporates velopment of The Marit 11a self-priming device which en- stres rapid repror'ng up to the model.
In the Greenock works. of maximum suction sentire- without by automatically and Rinkin and Blackmore many modifications were carried out priming levers or vales. As the resulting
in a completely ac- Pumps self-cleaning, there is curate matching of turbine to no risk of failure of the self-
Buten aritngement The gosiflers. turbino weighs ring
or muckly Accra, Nov. 18, approximately six-and-a-half operating in sandy The
pro-Government news-tons, is seven feet long and has paper, Ghanaian Times, re-a diameter of 4 ft. 6 Ins--LPS. ported yesterday that Soviet Union had offered to design a hydroelectric powe dam planned for But ot Ghana's Black Volta River at ani estimated cost of over *210 million.
the
Windproof match
The newspaper sald the Mos- won't blow out
winter.
In standard form, the pump and engine are mounted on a fabricated steel trolley with two rubber wheels, enabling the set to be wheeled by one man'
In spite of the high speed of
the engine (43 bibs) at 2,000
r.p.), operation is economical. A large capacity. fuel tank en-
Oils backed down slightly on t Design, Institute. for tears that the new administrac tion
depiston Hydibelectris Power Stations A new type of match which sures that frequent supervision cut would
would also supply technical Lortured Sleels allowances. xains of 311⁄2 in Youngstown and equipment and technicians arki out a survey ! IL
by
on remote sites is unnecessary wilt-nor" "blow out is now and a governor over-viding con- being produced for our-trol is fitted as standard. This door die.
nables the pump to operate as
the federal budget unless Ken- The Commerce Department reported last week 1% in Republic, Chrysler add- would carry
Ford and necessary. that world production of steel ingots in the ed a point while
General Motors tacked on frac nedy effectively plugs in all the
The newspaper sald, this was Called the Windproof Match, emciently on more as on full first nine months of 1960 was 270,444,000 tons tions and Studebaker-Packard disclosed
Mr George it is the same size as an crdin-bore. reduces the consumption of the 18-ary match, but has a large head and allows the set to world for Shevlakov, leader compared with 239,073,000 tons in same periodensed
hours without attention-LPS. Once the routeh has been it of 1959. The Department forecast a new ed this past week, 306 advanced neraber Soylet, economic and entde of a special composition.
technical mission now visiting
will burn in all weather, claims Chara. record for the entire year.
An officiat
of the Coven the makers, Bryant and May. A ment's Development Secretariat sharp gust may extinguish the fiome for a moment but It will said he was not in a position to blaze up again until the head confirm or deny the report but has burnt away. Each match added that the Bul project was shoult stay alight for about ten
of
being seconds. number 1
#
¿
of the total. 1414 issues trad-
998 declined and 150 held un changed. New 1960 highs were as set by 30 fasuer and new lows
by 41-UPI.
General feeling is that
The statistics do not include | January-September 1960 "point of no return" has been Communist China and North follows:
United States, declined from reached in peacetime taxation, Korea whether corporation or any other Frevious recurd production for 30.3 per cent to 297 per cent; kind. However, it is admitted that an entire year was 321,000,000 Canado, declined from 1.8 per
cept to 1.0 per cent; one avenue of approach to in- tons in 1958.
as the economy goes by two developments this past week:
1. The Treasury announced
compared
Afth ground rent its gold stock loss over the past during the bease period. In week manounted to $215 million order to assist buyers during the and brought the remaining re- early year of the lease, the serve down to $18,118 million entire year 1900 is expected to UPI. board states that they will only the lowest level in more than letat about
U.S. steel production
Money market
London, Nov. 18.
one
examined by the Soviet tech-Windproof Matches have been specially designed to cater for
New robot is being built
nical mission
Under the technical coopera- hikers, campers, mountaineers. A mechanical brain, able
Lion pgrément.
signed in suchtsman and fishermen. They August the Soviet Union under are equally useful for lighting
In
back to cooperate with Chana garden dres.
wid The principle behind exploration of minerals, acnstruction of Industrial enter-proof matches is not a new one. of building A larger version of the same prises, production
ot
to road, speak and write
is being made or Uni- varsity College, Londan,
It should be findsbed in About On the whole, there was
match the lifeboat flamers a year. The new robos will be little change in credit materials and establishment
of been used by seamen in stormy a larger, more efficient version conditions on the London hydirecctric power stations conditions for more than half a of a smaller brain. previously market over the past medium capacity. week.
was a particularly
If the report proved correct (entury Russia would enter this feid in
Windproof Matches are oncic
Britain stall at Od per box- LPS.
developed by a member of the University's engineering
creased federal revenues which During January - September *West Germany, increased from Kennedy may explore would be 1900 the largest tonnage in-8.8 per cent to 10.4; the possibility of enactment of creases
with samo France, increased from 5.1 ona federal sales tax.
A sense of urgency has been period in 1850 were made by per cent to 5.2:
Benelux, increased from 3.0 the United Blatch, Japan, West de-injected into Kennedy's current Germany, the Soviet Union and per cent to 4.1:
plans for a takeover from the the United Kingdom.
Total European Coal and Steel Eisenhower ad-
The highest rate of increase Community, Increased from 21.1 eight-year ministration at least as far was achieved by Japan, with a per cent to 24.2:30
35 per cent gain in January.
United Kingdon, declined September 1900 over the same from 20.8 per cent to 10.7;
Japan now period in 1950.
Japan, increased from 5.6 per fanles
steel- cent to 0.5; among producing countries.
Other countries declined fromTE
Monday for 14 per cent to, 128 per cent.-
bad day for the marks and Canna's second most important en boxes of thirty and in Dr W. K. Taylor,ring stall, tors 140 million
several discount houses were power dom project.
Ghana's biggest power house forced to enter the Bank of and dum project is at Akesombo, England to borrow a fairly
Riverme 00 on the Volta large
bank rate on amount
mike northeast of Acera. terms,
Britain,
States the Udled However, although money re- mained short, no further penal and the World Bank have con- borrowing was undertakendur ditionally agreed to grant loans ing the remainder of the west. totalling £30 milion to anange Bill business
remained keen the projectReuter, with fate January -und" "hota". sold to the clearing banks st 4-13/10 and to other banks: at 4-25/82. There was a fresh fall in the Treasury bill rate this
Mall
be required to pay an initial twenty years. The outflow in- despite the current low rate of. instalment of 20 per cent of the cluded withdrawal of $176 il-production. leasehold value, the remaining lion in gold and dollars by the 117 million tons 1-1965. 80 per cent to be paid in instal-, French ment over the next four years, ment
The recori was
government for pey-
BY COUNTRIES the 10
International Gains in steel production from Fund. The signi- | January - October 1959 to 2. As a general rule, dove-Monetary lopers will only be expected to feant part of this development January-October 1900 were re- provide initially a building with Was that while only $134 mil-ported by the
•
Commerce De-
Car production is reduced
EPITE
An
Container for thread taps
500 dockers been introduced by
This mall brain with, 100 cell and nine photo-celis, can dlready recognise shapes like triangles and oblongs de well is ceridin letters of the alphabet. 7t signifies reforaltion by answering in squeaks of varying pitch. The college's Professor of Anatomy, Professor 3, $2. Young, is co-operating in con- structing the larger brain which, Index » container for with 4,000 cells and an eye of thread-cutting tops has 100 photo-electric cells, will e
apple jo do much more, the 1.U.K, firm.
Iz Taylor wild: "Wo hapa The container is 5 M. agus that the big brain will be pblo and 14 in deep and of siring to recogaias people and faces. www.koislanćtkan, holding This would mean that Melbourat, Nov, 18, Four thousand five hundred various sale of taps, ile size of one man was, authorized to use Aleibourne Cookers refused to each eat of three taps being the robot it would not long work today and are not likely clearly marked on 100 appro- strangers to feed it th
Monday
THE dockars & action lies up s11:30 abies in portava
Early, tothy the acting local
slativé ok Bloves MY POOFellt rotu démar
of week by percent to gram go on strike
London, Nov. 13. a total floor area of 30 per cent lion in gold war tost to foreign pariment as follows:
United States, from 72,485,000 British Motor Corporation of the land alienated. This is withdrawals in the drst half of to cosure that manufacturers this year, the pace of outflow tops to 50,401,000;
Clamada from $,202,000 tons to last week announced a will have adequate, and for ex- grew so rapidly, in the second
• cut in production and parision as their business grows, half that between July 1 and 4,472,000%
shorter hours for Total European Coal and Stool the board expjodná.
this past week $1,208 million in
workers because 3. In order to make the gold and dollate has been de- Community, from 40,508,000 tons to 60,011,000, Including West
falling safes. for pleted. available artes quitable
23,034,000 joms: Immediata development, L 2. The government announced Germany, from
The glant corporation, number of unemployed to: 28.180.000;
281610005 12:143,000 tons makes the nation, which dustrial areas will be laid out the with rasde and main servizbe, reseher 3.000.000 in October --
ley, and Wolsey cars put one Industrini altos wit be die when tolal employment usually to 14,023,000;
Bahelux (Belglym Nether, third of the man labour force highest tinct from, but cabea to, housing shows a rise and filt the estalas, Arrangements will be percentage rate (6.4 per cent) lands and Luxembourgy, from,, on short Urpa one months ago,
·It said that beginning Monday, 0,427,000 to 11,008,000; and made for the expansion of its since the 1988 recession.
"Italy from 3,302,000 tons to November 14, a third of there and provision of larger sites. In addition, the steel produc-
4.Arrangeanteria have, besh ton rate this week was further 4,700,000 450006
on short time will go on a three- day week and half the workers who have been working a week will go on a four-day Wook
United Kingdom Increased from 10,132,000 to 20,460.000
Soviet Union from 10,000,000 Jogan from 19,070,000 tone to The confination of a domestic tort to be not to the pubile 3,790 alts, television at 17710,000; 20
Acredit, moral and declting wttelbuiind at least Other countries porn 23,000,000 carpor on instamoot tatms. The board makers, cul output because, of a
tedinan ing sales tone to 34,000,0002),
Leasha: Appriesa In to administer a scherve, on persistent
The share. bobalt at the Government in the (October just under hatten
bh' auto drdon of about 35 sumil Rad- million meid were product for output and Lewr tortes by die Elighpore Tactory a drop of 20 per cent below countrie
completed for the pervision of depressed to $15 per cent of land for industrial development operating copacity, car produc in four areas. The bound also won dropped fractionally toris, to 53,358,000:30PM
an crtithated hopes to construct "ambli do- per cent to
Repteinber
4 percent. China Special.
Bank of Englando rekur to work at least until
statement
Mrs Gandon, May. 19.) * The Bank of England -matá- ment for the week eridad Nov.
read as follows JAMES Mowes leletresiona falle deposite movies, Private: theporila virka
position in the threx cas-corallon 06:11:"Larry akt, The indexed racks inside the Edit Into the brain, lea comaine are baked to the all selector that can decide which so that they swing to the variis problems yung imports out/position which the donbilnik which are not (Phi masina le DORMECHTEN: Index, container can do many things that a sha kes bas selection, minnis and water damnos, Di Fazlog hopes BEZ BR WISE IR providing, pibe (Wilt equipo an ability to
protection from damage rend KETEN vilem, thú tools are not in take,'
Proses