THE CHINA. MAIL","\, MONDAY, NOVEMBER 21, 1960.
Weekly_survey of American economy
A BIPARTISAN APPROACH
Ike's economic HONGKONG 3-week advance in
measures will last a while
New York, Nov. 20.
STOCK EXCHANGE
by
Our Own Correspondent
Business done at the Hong- this
tions and the morning's troas-
A bipartisan approach to American eco- Stock Exchange
kong nomy, at least for the nearest future, morning amounted to approxi- seemed indicated this week as the U.S.tely $3,200,000. Noon quota- payments deficit overshadowed domes-setions: tic stagnation to become the No. 1ork.. economic problem.
The expiring Eisenhower administration moved with surprising energy as it instituted measures to curb the outflow of gold and overseas dollar spending in order to put a stop to the payments imbalance which in the third quarter reached an annual rate of $47,300 million.
#1
The measures-including ban on family dependents for ormed forces personnel newly "buy shipped abroad and
wherever American" order, possible, fer U.S. bases and in- Kallations overseas-will prob- ably have to last n good year before they have the desired effect.
their cholce for and vice-president
addition 10 president,
elective cmcials--record other bond issues of inre than $3.000 million for public contruction, These are estimated as sufficient to give the economy quite a shot in the arm.
Buyer Sellers
Bales
40 14 1328
1355 1330
70 1325
Lombard Ins. Ustion Ins. •
4212
125
110 123
GUO 125
212
. 27.30 27.00
930
9.40
Wats Do
Wharf Co. Wheelock
XD
500 275
1KX4 9.30 2500 $.35
.40
$35
1000 2.40
2000 14 8.45
4200 9.40°
3403
9.35
3000
9.40
2000
4000
600 0.40
Dock
100 10
000 or 100
1300 107
Cli. Prov.
. 22.10. 22.20
& H. Hotel
4122
12
Yaumati
0719
105
2
Wall Street
a halt
to a
comes to
New York, Nov. 20.
The three-week advance in stock prices was halted this past week, but the decline was relatively small.
There was a fair number of goins spread throughout the list but there were mainly in issues outside those used to compile the average, Many individual irsues responded to dividend
news.
According to one market ex- port, rather important but pos- sibly formed support for the market has been coming from abroad, based on the yel un- 500 or 22.10 known assumption that Press- dent-elect Kennedy will follow
The milki
spending closely 1000 424 1000 42
schemes outlined in the Demo- eratie platform.
$300 42
2003 Ar 413;
1800 42
130042
500 4124 10067
traced what
Many brokers little support there was in the market this past week 10 an 1000improvement in the economle
news background!
200 201
105
1050
Banty
**
T
330 871
FIX Tra
Ch. Liya!
3214
100 3213
.. 24.50 24,00
Electric
IIK Tre
4
California approved the largest
water supply Land Thus they will be inherited of these projects, the construc- end largely implemented by the ton of a vast new Kennedy administration in system with dams and aqueduets January. The outgoing adminis-stretching across the state, pla cost of $1,750 million more than tration usually commits its e- cessor to the budget but nothing the original cost of the Tennessee vast else, except the basic outlines of valley authority, Illinois voted
$345 million for stale univer-Yaumati a foreign policy. Consequently economic analysts felt certain sities, welfare institutions and mental bosnitals; New York some that Elsenhower, with only two
$80 millen for public parks and months to go as president. must
low-rent houshing: Oregon $182 secured have
a measure
million for college dormitories home lans veterans agreement from Kennedy's ad- visers via the now functioning and take-over Haison-before Wed Rhode Island for putting up an nesday's, announcement of such anti-hurricans barrier. bold and long-range
primarily state Tele These are
state measures.
projects financed. by treasuries but federal assis G. Cement 50% Lance is indicated in some of Daly Form them.
of
economie
Watson
A CONSERVATIVE The incipient theory of econo- mic bipartisanship, rather un-
Meanwhile experts lock cheer
Allied Inv. from the fact that October pro- usual in the United States except
largely to the Textile fur times of stress, also gained
automobile industry-stayed on support from persistent reports duction-thanks
11
cutbacks in
consumer
Nanyang
BLACK SPOT
that the president-elect's choice the September level of 107 per ny Secretary of Treasury may be
man of conservative seat cent of the 1957 index buse. Car thinking rather than one of the output here offset so-called liberal economists who television and other
In goods, so prominent have been Kennedy's pre-election camp.
These reports contred around two men: World Bank President Eugene R. Bluck and Chase Manhattan Bank President John J. McCloy, who has served in several capacities in the Truman administration,
400 ** 321, 431324.00 5 24.80
1800 24.4 1600 ar 24.50 29 20.16 1300 29,10 200 28.10 .30% 3031 000 or 36% 1500 44 30%
500
10.00
20
17
10.30
1400
23434 3500
600 57
6.00
G00 m 32% 166 J 3212
500 32
1000 0.70
1000 8.00
B,00
0.05
C000 Mr 9,00
3000 .63 6000 in 0.09
3000 9.53 3000 10 7000 ** 0.95 2001 9.97 5000 0.50 7500 0.05 10,00 14,80 DER 6o 10.40
A late buying spurt on Fr
attributed to trader day was
of an increase in antelpation shart Interest figures. After the close the exchange reported that short interest on the "big board" rase 378.390 shares to 4,135,870 shares as of November 15, the highest since January 16, 1958.
ANTI-TRUST SUIT
Sales this past week totalled 13,008,844 shares, or an average of 2,793,768 shares per day, as shares, or against 13,742,858 3,435,714 shares per day in the holiday shortened previous week.
Standard Oil (NJ), one of two firms involved in the settle anti- ment of a government trust sult, was the most active Issue this past week on sales of 161,300 shares: it closed at $40%. off. The government 16.70 settled the suits against Jersey 2000 10.00
and Gulf Oil in its 4000 16.70 Standard
2000 181
1000
-8000-10.70- soven-your-international oil
500 18.80 cartel case.
509 16,70
The Dow-Jones averages at
1000 10.75
2000
5.05
7.00
7.68
2000
7.65 the close
2000
7.55industrials
1000 / 7.00
2003 7,00
Friday showed 30
Steel remained the black spot with production this past week- estimated at 51.4 per cent capa- city, the lowest level for a non-
5.05 A. Rubber. holiday week so for this year. It
inventory R. Trust.. was estimated that But there were other factors control and the Hightest buying which economists folt sure would practices experienced by prove a strong restraming in-steel industry in a long. Jong Underwriters 11 11,80 1000 11.70 20 rails 128.98 of 0.48; 15 utili- fluence on any large-scale govtime have reduced shipments so to seven far this year by, Ave ernment outlay at least in the formalive Arst six months of the nilion tons. Kennedy Administration.
the
Talkoo Dock
Humphreys Realty
it
off 4.00 at 003,82 from the previous week's close;
1:200 6416 ties 84.13' up 0.53; and 63 stocks
23
25 23.10 3000 1.00 1.025 2500 1.00
2500 * 1,823 20000 1.90 7500 1,00 1008 101. 200 14.30 18.10 11200
179 102- 15.20 15.30
1.65
10 1000 #13
2.325
41 4134
This fact brought with
Star Ferry These were the current stale
ith Cam o of the domestic eotomy. which doubts that the industry will be steel prices next Is expected to bring even lower able to raise
certain month to coincide with the long- and rates, interest amount of deßelt spending no scheduled wage hikes. President-Int'l Inv
the elect Kennedy's chief economic K & FE
Inv....... maller which party is in
In adviser, Harvard University pro- Cilium White House In January.
K. Galbraith, has Macos Elce. other words the differences in fessor John
altacking what he called row.... 20,20 the economic thinking of the been two parties under present con- the unrealistically high ditions are of degree rather than structure of American steel and direction.
steci products is compared with European and Japanese steel. OVERRIDING FACTOR He thinks this fact is largely to steel im- blame for the high The other factors and the ports cariler this year and the overriding one of the moment-present dull position of the steel
Industry in the United States.
price
is the imbalance of payments. outlaw of gold and prestige of On the other hand. It was the dollar. Until this is righted,
pointed out that failure by the raise prices with it will necessarily bring with Industry to
whiitie further wages would non-down the already harrowing
praft margin.-UPI.
restraint on any spending out
bounds of the side indellonary prudence..
While this would indicate no major shift in economy policy on top level, there is evidence that the people themselves, favour more.public spending on worth- while projects, Underneath the recent election there is the little publicised fact that voters across the nation had approved--in
Unit trust
First Hongkong fund: Buyer price: $1.02. Beller price: $108.
Agreed merchant
rates
Canadian $ Maximum Solling 17 *3/32 Minimum Buying 17 11/32 T/T, 17 13/32 0/D,
Exchange rates
..
Unofficial exchange market morning at the following rates:- US, dollar (per
209.13 of 0.83.—UPI.
U.S. industrial
activity
Washington, Nov. 20..
TEXTILES WEEKLY REVIEW
LONDON
STOCKS
BRIGHTEN
London, Nov. 20.
A £129 million (US$3,300,- 000) bid by U.S. Ford to buy up outstanding_com- mon stock in its British subsidiary bolstered in- dustrials and overcom& the cloudy backdrop of the domestic scene this past wook.
1
Two new wind tunnels opened
at airport
Two new wind tunnels which are the most
modern in Europe were opened recently
at Warton Aerodrome in Lancashire by
the Minister of Aviation, Mr Peter Thorneycroft.
Another government warning. llarold from Prime Minister
植 system Mucmilion made it clear that
The tunnels which have cost avaluated by
£750.000, there would be no.early lel-up about
have been punthrd, cards fod into a com-
From
vided
of
By is
in the credit squeeze. The Octo-built by English Electric Avia putor. bor trade figures showed imtion member company of
the information pro- ports marching ahead of exports Aircraft Corporation.
by tests in these wind leaving a trade gap of £122 Copable of "nying" models tunneis it will be possible to million But even so the Finan-of aircraft and missiles at up predict securately the perform- missiles index Industrial
ance of aircrafi, and cial Times gained 2.2 points across the five to six times the speed of soud
m.p.h.-they are which are designed to faster and higher than Fessions and ended at 314.9-about 4,500 ngainst the year's high point of vital equipment which will be
fused by the Corporation in the possible today. 342,9 set in January.
The results from the tunnels development of such high per- Now York, Nov. 20. Ford stock Jumped better
and Cotton grey goods markets than 48/- in bustling business foxmance aircraft as the mili-will help to redued consider perhaps danger of Night test
with quiet and prices but ended still 0/0 below. The tary TSR-3, possible future air ably the length, expense
programmes Built with the tunnels are a of vessels in world
manned aircraft and continued to show cosier US news of the decline in the lines and missiles.
computers which
the Intest The tunnels shares number of. tendency this past week, ports boosted shipping
and to
equipment the and textiles went ahead on good evaluate readings taken at top additions fabrics, with
news. Stores lost speed, in fact, the readings of
factiitles Warton which have 100 exception of corduroys, were in company
in some of their recent buoyancy one tunnel can be taken
the past four years cost slow demand.
faster than before and
and than £4 million: more Cotton yarn
markets were while steels faded towards the times
have made the aerodromo one dull. Syntholle grey goods sold end of the week.
fair quantities for first quar- Git-edged
of the finest aircraft develop- fer 1961 delivery.
ment centres in the world LPS.
were
Finished
number
Still
reflected hopes of a bank rate cut and As a result of continued buy-favoured the uptrack
with the demand. ng by European and Japanese shortdated funds in
sten ad users and consequent depletion American buying was
again.
ended of supplies, Manila hemp prices helping the market
Dollar stocks
with edged upward here
marks predominating Lower grades advanced cent mimus to 16 cent a pound. Fine grades while foreign bonds were Bitle were scarce and prices were changed. Golds drifted towards nominal.
the end of the week. Coppers
Seal prices were mixed. Prices on British East African na, 3s were off 1 cent a pound. Prices were steadier on Brazilian and Haitian grades, however.
were slightly Burlap priocs higher as a result of increased buying here and in overscas markets. Sent and afloat heavy- weights were up five points,
Wool markets were steady, tone reflecting the stronger at the Australian auctions........UPI.
Decline in
U.S. trade
with Red bloc
го-
Washington, Nov; 20; Commerce Secretary, Fro-
derick H. Mueller, ported today a decline in
For
expart of licencos American goods to Soviet bloc countries.
from
i
but tins held Arm. In diamonds dock the weeic alightly lower Boers notered а small fraction and closed at 155/-.
Olla infled to attract interest and moved
narrowly, going lower on balance.--UPI.
Decline in
U.S. imports from Asia
Washington, Nov. 20.
Dovetailer for
cabinet maker
Successor to a 9-inch stand-
dovetailer for
ard
the
home handyman which
are
full size
missiles.
Tool kits for
loneliest spot
destined for the loncllest
spot on earth, the other the circumnavigato- to
has enjoyed tremendous Two kits of hand tools-one sales in U.S.A., Canada, South Africa, Germany, ond France, Australia Holland, a now 18-inch dovetailer, designed for the! small cabinet maker, has just been introduced by a
U.K. firm.
globe-were recently dis- potched from
靄
U.K.
factory, and hundred The first kit was part of the
equipment of bearded explorer
Mr Duncon Carse who is leaving England shortly to spend two years alone surveying the storm- swept Island of South Georgia, and the last stopping place before
in Antarctica.
The now dovetailer has been produced at the specific request of smaller manufacturers cabinet makers interested
Mr Carse, who is promoting cutting costs on jobs which otherwise have to be put to the project himself, will-not-so- contractors. Ap
Larger another human being until a original pro- Royal Navy survey ship picks version than the
more him up late in 1962. Apart from duct. It is substantially
und other siedges The Commerce Deport-roblist; in order to make it repairing
ment reported last week more liable for the widest emergencies, he plans to use the that United States impossible range of work it has tools to make himself furniture ports from Asia fell from been equipped with a multi- and other comforts for his hut $262 million in August to pitch bar carrying pitches of in the long winter evenings. 4tnet, Inch, 4 inch and $216,200,000 in
Sep-Inch in Heu of the single pitch calling round the world with 32- a self-built catamaran, Rongo. tember, due chiefly to comb guide of the standard year-old Mr James Wharram in reduced Imports from dovetailer.
His voyage is planned to take asked the Philippines, Japan, the
ond Malaya, Indonesia
tool firm to supply a kit which Timber of ary combination of three years and he thickness between inch and
enable him to make would Kuwait.
1 inch up to a maximum width major woodwork repairs in the The chief exception to theof 10 inches can be used.
.colli event of storm damage, trend was India
Simple seating, anul acomate alen, or running aground on a Imports from Ast in Septem-
location
timber, reef, and also cover the normal ber 1959 were $210,300,000.
eliminates the necessity of any woodworking activity such as shelves, United States imports from martting out, or any power making drawers,
of
the
The second kit
Announcing the formation of
of tools is'
Soviel interest in acquiring The Federal Reserve Board technical "know-how"
reported last week that the United States continued
Mueller sald
in Japan in September were valued tool of 1⁄4 inch or more capacity hatches, and scraping and shav the late summer decline strong.
report to Congress! $96,700,000 compared with in industrial activity quarterly
export $100,000,000 in President on
August, and is suitable for driving the cutter Ing that, constantly: goes on and the
wooden ship.---LFS, hatted in October.
controls. The controls are ad- 399,300,000
In September 1960, head spinkle-LPS. ministered by the Commerce Imports from Japan continued The Board's index of factory, Department,
to exceed those from any other mine and utility output held
the Under
export control country except Canada. steady at 107, the September act, shipments
are blocked to
Imports from other Asian level. This
industrini mennt
16ards similarly were: unfriendly countries-such cent per activity was three
the Soviet
The Union or Cuba-ol
Philippines, $10,500,000 the base higher than in 1957,
would increase compared with $35,200,000 in goods which year taken no 100 on the
pro-country's war-making ability. August, and $30,000,000 in Sep- duetion Index.
Concerning shipments totember, 1959,
eastern Europe, Hongkong, $11,000,000 against fond
in August, and $13,400,000 $9,100,000 In September, 1959,
The Federation of Malaya, $18,100,000 at $19,530,000. $12,400,000 against
$15,300,000 in
Borneo
Bame
Business was done in 110 cal The Board's announcement Russla
ile was coincided with Д report Mueller reported that in July, a from the Commerce Department August and September the De- 13.83 forecasting that. overall con- partment approved licences for
valued 12.62struction spending would goods
Sterling notes (per 1) Australian notes iper Ell. Indonesian rupiah (per 100). Slam Ticala (per 100) Singapore (Strata)
AN EXCITING, INNOVATION THE FROMENADE BAR.
'SPECIALLY : DESIGNED KING-SIZE OLUB CHAIR.
THE GASTRONOMIO TREASURES OF THE FRENCH PROVINCES.
3.32
26,20
Increase 4 per cent in 1981, to a This was below the $24,800,000 in August, and of the preceding three months September 1950. 180 dollar record-UPI.
Singapore - British and the record $35.4 million of i
against the the first three months of the $1,200,000
amount in August, and $2,000,- Department officials sald the 000 in September, 1959,
India, $20,600,000 against decline, did not reflect a suffen-
BOEING JET
THE LATEST TECHNICAL PËRFECTIONS IN ENGINEERING OF THE NEW BOEING,
PERFECTION IN "JET: TRAVEL ON
year,
ing of regulations but a slacken- $17,600,000 in August $18,400,000 ing in the value of applications, in September, 1949,-UPT for export licences.
EXPLANATION
Approvals hit $70 million, for the first nine months of the year. This was a record and more than three times the, 25,- 800,000 for the like months of 1950.
Government bonds
New York, Nov. 10,
Onelofs said that the lap- Intermediate - and longer- parent downward trend since the dated US government obliga- beginning of the year could be tions held within D ΠΕΡΤΟΥ explained by the fact that first-runge in #mited deallars quarter
Heenees included during the past week an singto$17,500,000. Item
Continued lack of interest textile
510 plant. They say
was attributed 10 incertainties conrrections between the decline raised by the election results. and cold war developmenta
Investment quality corporates Mueller
rotect
actual drifted lower in company with' that thipenetita of approved :- goods | convertibles.
may vary greatly from licence In the foreign mentor, Chile, Inished with little approvata The Department threes Lacked figures on July-Septem- change on balance, while a few bor shipments to the Series German nationale and Greeks hloe. In April-MayJato, they were poft Union of South totaled $4812 indison, a two Africans and Japanese govern- your high, but were still only melits generally were "mixed;
were "higher, d 0.9 per cent of total US. ex Dermakke" 83%
Chilis Muil · Speciali
BACHE & CO. (HONG KONG) LTD.
An affiliate of the International investment firm of Bache & Co., established in 1879, members of leading stock, and commodity exchanges throughout. the world.
Opening today in Hong Kong's newest building.
708 SHELL HOUSE Queen's Rood Contral Hong Kong
Offering complete facilities for transactions in American, Cdhodlan and European securities and commodities.
Russell M. Blando, Manager Associated with this office:
Ho, Commodity Representative
John S; W. Wei Talaphona: 25282
A