*** THE CHINA MAIL - MONDAY, FEBRUARY 6, 1961,
Weekly survey of American economy
DOMESTIC ILLS STRESSED
HONGKONG Some Kennedy NEW YORK Wall Street stocks
measures stir
STOCK EXCHANGE Kup
Our Own Correspon
up
controversy
New York, Fab. 5.
Business done at the long At the moment the economic directives
Stock Exchange
this
ap-
kong
to amounted morning proximately $3,090,000, Noon quotations and the morning's transactions:
Shares Buyer eller Базен
Tt Bank.. 1779 1780
Lombard
Wharf Talkoo...**
Wheelock
100 6 1770
306 1770
COTTON
MARKET
New York, Feb. 5. Cotton futures ended
the
noto, indocisively
wook on a firm onding
on
mixod situation,
With new crop months edging
perlod net unchanged to up 13
of the Kennedy administration stress the domestic ills rather than those into now seasonal highs on the of an international -nature, although up the market closed the emphasis may shift any moment. points, or unchanged to 75 cents 5 3715 In the first weeks of his administration, President abate higher than the preceding
Kennedy has probably given foreign issues in general, but in the field of economy he reversed the order this past week. On the face of it. domestic economic problems deserved this priority.
3201780
44 +42
200
75 20%
1500 TM
2000 24 13
1000 751 12.10 12.20 2000 11,00
HK Duck..
10
noeu - 12
-1000 12.10 B000 12.10
150 200 7 125 000 129 000 130
Provident . 23.20 371
ik Hotel
40
From the outset, Kennedy has 15000 12.20 given the Impression that he cun- aiders the international balance of payments position of the United States, although not op- preclubly improved in 1900 over the record unfavourable year of 1959, more yielding to solution than the immediate economie situation in the United States itself.
100+ 130 200129) 100 120 1000 100
100 27.30 6002740 1300 27% 500 or 2019 200 or 2715 4012 1000 ne 4012
000 1 4079 2000 40 4200
4013
700 40% 1200 H 40%
1700 683
300 83%
IIK Land
Ex. Nr.
H
131
1640 44 33
2004432
100 ft 33%
Yaumati
136
100 130
200 * 138
New 127
126
100 120
HK Train .. 34
23 2000 of 3414
400
1000 M 343:
100
200 35 100 331
Hence the revocnilow of Pre- sident Elsenhower's
controver slal ban on sending dependents of military personnel overseas; and the relegation of Interna- tional payments position cures to second place, until after the do- mestic medicine has been pre- scribed.
*PRESCRIPTION'
The "prescription," contained
more
attention to
week.
Firmness was imparted by a resumption of outside commis- sion house buying in the new crop months, supposedly based on possibilities for a higher govern- ment support on the next crop.
The mid-January parity price report, on which the now loan rate will be based, showed a riso to 38.83 cents a of 33 points
some traders circles have begun pound, although
even greater IN- to warn Kennedy aralash pur- expected an suing growth for growth's crease. sake, say, an annual growth
thing they are convinced the economy would do on its own within a few months anyhow in his queat for economic growth.
These
of more than 3.5 per cent
LOAN RATE Traders guesses as to where Indicated in the past-consider the foon rate would be placed
which Kennedy-24 he has
desirable.
register gains in heavy trading
New York, Fab. 5.
The lotters "JFK“ were as popular this past I
week as any ticker symbol on the big board. The image of President Kon- nedy loomed on a tope crammed with higher prices and booming volume.
American Motors placed cecond, dropping 1% on lower earnings and news it would production for a week. Following
Lockheed, General Electric and Jersey Standard.
Hanging on every word the President spoke-from the State of the Union message to his economic report to Congress-stop traders bid up their favourites to the highest levels since last June and notched their sixth consecutive weekly gain on average.
to
were
The Dow-Jones Industrial averato finished the week The buying enthusiasm re- with a net gain of 9.38 10 sulted in the heaviest trading
662.07, ralis rose 2,56 to 143.10 tho week of
and utilities scored for 2.65 volume since October 17, 1956,
The 107.79.
65
Blocks Implicit in the Kennedy
average gained 3.87 to 220.50. One of their aguments is that ranged from 75 to 85 per cent of
pronouncements, according
Volume climbed to 24,397,172 parity. there is an overall ex- unless
the old
shares, from 21,899,864 a week pansion of the market,
Evening-up operations in the most observers, was thero
stocks-in- anticipating excuse for buying delivery.
with corlier and compared would be little point in growth March
{114,075,209 усаг ago, The were other market in, say, the steel industry. They frut notice day on February 21,
current week's volume ran just point out it would be very easy dominated activities in the near-
anulyats, however, whọ con- short of the 24,402,570 interim Open contracta în for sicel to double its present by months,
coded being confused by the. outnat if the car manufacturers March at the weekend approxi-
market's surge in the face of cond of October 17, 1958 and increased theirs proportionate-rated 73,000 bales,
compared with the next highest as heavy level of 42,320,633 The certificated stock on Fri- such gloomy news
shares ly, and If the highway construc-
day totalled 40,770 bales, with inventories of unsold cars, low | July 22, 1933.—UPI, tion programme was speeded up
production and sheer This is just one seg- an additional 3,573 bales await- steel in turn.
ing Inspection.
disregard of such fundamentals as prouts.
in a spectat message to Congress ment of possible growth, they on Thursday, was a balanced say, und at the first turn Rt al- mixture of palliatives and slidy has bogged down in too mulants: on one hand measures many is. jaiming at Immediate Onancial
relief to the unemployed and to the distressed arens of the land- Ch. Light 29.30 22.40 4200 20.10
2000 W 29.10 including a food stamp plan that 1000
PROBLEM
Row cotton exports for the season through January 31 es re- ported by the New York Cotton Exchange, totalled 3,345,038 bales against 3,266,437 bales shipped for the sime period last season.
These circles admit that this may not be the best example | ~UPI, 29.20hasn't been used in this country but It gives some idea of the 3500 29 30 since the early days of Roose problem of economic growth- 1000 20.30 veilt's New Deal; on the other, so-called normal versus so-call- 010020.40 pumping priming steps, designed induced. And the present
1800 29.20
1000 Le 29.AD
Electric
31 3114
1000 L 30%
2500 N 31
4000 L 33
150 & 3112
3000
100 314
Telephone.. 43
44
100 71 433.
1500 444
300 i 403
1000
(New)
G.f. Cement
クコ 12
200
4000 61 7215
4050
40
Dairy Farm 30% 30% Watson
LL
Alliet Iny. 8.90
Textle
י
ed to quicken the circulation of situation in the steel and car in- the economic bloodstream, speed | dustries seems to bear out their i up public projects, lower in- argument.
terest on Federal-insured hous-
STEEL: Last week's output
ing mortgages, lower interest declined after a slight three- on loans to plibile administration week rebound from the in. bodies for various construction dustry's year-end curtailments.
purposes.
Output dropped to 1,480,000 tons,
Following closely on Monday's down 2.2 per cent from the pre- State of the Union
message, ceding week. Outlook for Febru- which in itself was a downscalary is at about the same pace of ing of the administration's us steel output as in January. sessment of the nailon's economy, measures one of which will require congression- al approval were bound to stir up controversy.
123 4819
Thursday's 500 4745
500 (49
ກ
7000
6
8.05
Nanyana... 13.40
Amel "RUG. 7.10 7.15
Rub.
Trust 7.00
TUOU O
Buod of 1.85 1000 * 1,90 250 64 7.50 1000 7.03 3300 B 2000 13.40 G00014 11.90
4000 7
2000 ir 7.03
7000 7.1D
Conservative business circles feel Kennedy is trying to push the economy upwards some
5500 7,10 Ser Ferry 2201
TUK Gas
2000 2.19
4000
7.20
2000
16.40
13
3000 240 400 1.175 25000 or 2.20
10 M 224
CARS: Assemblies in January fell to 414,408 units, down 40 per cent from a year ago and the lowest January output since 1852.
Current production rates in- dicates a February output of 390,000 assemblies. And unless saics pickup in the next few weeks, first quarter output la ex- pected to dip to between 1,300.- 000 and 1,400,000 units, well under the two million built in
600 16.20 the Arsi quarter of 1000 and
Unit trust
First Hongkong Fund
Buyer Price:
Seller Price:
$1.17 31:24
falion.
There
PROFIT-TAKING
At any rate, the more cau- tloya Wall Streeters were heard from more loudly by the weekend +3 the Ken- nedy "confidence index" ap- pered on the wane and profit-taking showed up in many sections of the list.
General Telephono Was the TRAST actively traded stock with 335,000 shares. It rose 24 on brokerage advice that it was ripe for A run-up.
The hire-purchase.
business is
booming in Malaya
By Gordon
Hung
Singapore, (By Airmail).
170 e 10-20 close to the recession level of "Never-never" buying in Malaya has finally come
FEAR OF INFLATION
000 or 18.30
7.20
BOB
18 40 1053.
500
18.40
Lane, Craw
473
500
45
500 UF 4614
1000 # 4015
500
47
2000. 7.13
4000 17.10
30007.10
20000 7.13
7.03 1000 7.70
2000 47.A
2000 2.00
1000 7.00
GOOD 1.4 7.
3000 199
2000 * 1.15
Humplireys 29.20 20,40
500 600
7.00
Realty
500 20,10
Int'l invest.
K&F
300 20.20 €31uma
400 # 57
1000 4739
139 13,60 1160 22 1813
17.20
3.10
500 20.20 VIDTO ... 24.10
3000 v 2020 Underwriters 1310 1000 v 21:30 Union
2.175 230 20000 2.175 Waterboat
10000 2.20
Ent.
1000 (8
2000
400 17
20 000 3,15
1000 or 23
30
DI
PO
ORIENT
LINES
EMBARKATION NOTICE
R.M.S. "CANTON"
of age. Today, a person can acquire prac tically anything he wants, from a house to a foam rubber mattress if he has the money for the usually modest “deposit.”
LONDON
STOCKS
RISE
London, Feb. 5.
an
A surge of end-week optim- iam getting its thrust from the spate of takeover bids, Wall Stroot's uplift and befter
nows from homo car industry swept stocks upwards when buy- ers took the upper hand after a week of two-day
trading.
the
Buying interest, mainly from the public, widened and most sectors of the industrial list chalked up gains although out- side the takeover arena they were mainly modest.
Indus-
The Financial Times trial Indox gained 3.1 points yes- terday and over the week jump-
ea 42 to end at 318.1 compared and a low point of 2934.
with last year's high of 342.9
An analysis
of results on- covering
nounced in January
but
The chief argument against
232 companies reporting in that Kennedy's programme of In-
month showed net proßls were duced growth, naturally is fear of inflation. At this point there
23 per cent higher than Jast Although nobody has compiled which, in addition to the $20 year despite the credit squeeze. Is no way of telling just how 23.60 inflationary his programme may exact Ogures, finance company million still on loan, makes it Helping optimism too was the be, if at all. Yet, the suspicion officiais estimate that Malayans the leading housing society in £6 million rise In the
country's gold and of inflationary growth was en- (and they include Singaporeans) Malayu.
dollar re- The next major item on serves in January, utigh
thie week to make the today owe anything from M$200
kome stock market react very tavour-million to M$350 million to the which practically everybody quarters feel budget uncertain- ably to what would ordinarily | hire-purchase companies,
is borrowing money to buy is ties will soon be casting their be taken for distressing econo-
the car. Although, "never-never" buys.
shadow on the market. mie news--the Stale of the Unioning was not unltnown before the and the Gubsequent economic war, it is only after the war that measures. The stocks were even the Malayan public began | momentarily dampened by an acquiring the habit. ouncement that first estimates of
Today, the hire-purchase buck. the balance of payments deficit of the US. In 1900 amounted to ness is booming and, according $3,000 million, about the same boom should continue for some to the dance companies, the as the 1959 record total. These considerable time.
EMBARKATION: The ship will be berthed at No. 1 Pier, Kowloon Wharf. Passengers should embark between 2.30 p.m. and 4.00 p.m. on Wednesday, 8th. Febru- ary, 1961.
SAILS:
BAGGAGE: ·
The ship is expected to aall at 5.00 p.m. on Wednesday, 8th February, 1901.
#gures, If confirmed later, meant that whatever the
U.S. gained
Singapore's GB cor finance companies, most of which serve
than
According to one motor Arm, three out of every four scooters sold are on the "never nover.
STEEL
met demand
SCIEN
INEERING
sir
dear New light
on light
am referring to the article, which appeared in the "China Mail" of January 30 under the heading "Germans Develop New-Type Light," purported to be a news item communicated by a China Mail Special from Duesseldorf on January 29.
it is quite possible that a new technique has been evolved or that new materials have been used in the production of electro-luminescent lamps.
The
phenomenon of electro- bes however, luminescence, long been discovered, analysed and synthesised, and in 1950 Bylvania Electrio announced the commercial development of an electro-luminescent lamp marketed
the Sylvania Panelescent lamp. The theory of electro-lumines-
cense is
and quite complex involves solid state physics, which gave birth, also, to the ever-growing family of semi- conductors.
DB
In the presence of an alternating electric field, sultabio activa- tors (auch as copper) upset the balance of energy and tho
balance physical
of light- producing elements (phosphors, such as sino sulphide crystala): the activated crystals, under these conditions, convert cleo- trical energy into light. The conversion takes place within the solid phosphor.
In effect, an electro-luminescent famp, such AS the Sylvania Panclescens lamp. fa capacitor, or condenser, with the phosphor embedded in its dislociria.
Compared to its forbears: the Incandescent lamp-essentially a point source of light, and the fluorescent and mercury Vapour linear lampe essentially sources of light, the Paneles- cent lampan area source of light, la desined to take... a preponderant place in lighting. Fredictions have been made that walls and ceilings of light will be standard features in our buildings of the future... Present production methods, however, limit the size of Panelescent lamps and those which are commercially avall- able today do not offer high enough brightness to provide working levels of illumination. But brightness high enough De tseful in places where the general illumination is low- such as restaurants and night clubs--can be reached by
New tapping device
а
tool, automatically threads i
stepping up both voltage and frequency.
The Panelescent lamp, in its
present stage of development, has already found wide-spread applications to mark locations, to reveal scales and mumbers elo, as some of the advantages they offer cannot be equalled by other light sources; rugged- ness (no Blament, no vacuuni) - thinness — lightweight -- very low power consumption (the Sylvania Panelescent Niteilte, available today, is rated at 0.02 watt; its opera- tion, day and night, costs junt a few cents per year-long life (the Panelescent Nitelite will Last over + ycar
when operated at 120 volts and 60 oycles; the sante lamp operated on a circuli of 220 volts, 50 oycles: has an estimated life span of 314 years). Several
million Panelrecent lampe have already been pro- duced and the following is a Ilst of the applications which they have found so fari might lights-wall witch plate dark room felights--Indica- tor' ligbis-illuminated house numbers—exit signs-obstrus- tion markers--roadway sigus—. adverilsing elgns — telephone dials (Parietescent dials havo been installed on the starike, the latest addlilon to tho of telephone "instru- family ments-produced by Automalle Electrle, A subsidiary of General Telephone and Eleo- tronics) - automobile instru- ment panels. (Imperial · and
·· Chrysler cars use Panelescent lamps to illuminato their dashboards; this Judicious use of Panelesvent lighting has completely eliminated glare)- 'aircraft instrument panels-
aircraft passenger Information signa— radio panels (several models the Sylvania line of radio receiving Beta have Panolescent dials) —clock faces (Panclescent lamps are used
on
clock faces of Sylvania radio receiving ants)-instri- ment dials - thermometers- decorativo luminous patterns---- wall plaques, althouettes, etc. HENRI J. BALLERAND.
Investigation on printing process
A mechanism which, in- An investigation is being
corporated in press
carried out into the pro- cose of printing by fottor-
thin preas from
wrap- round platos by the Printing, Packaging and Allied Trades. Research Association in the U.K
a pre-pierced hole has been developed by a U.K. firm.
It will be of particular İth
the electrical com-
the "ederation as well, have on loat a conservative estimate of Into less buoyan: times and this teres to
Sleel companies are running $100 million.
showed the pace for steel ponent industry and allied
The prototype of a two colour Five years ago, there were less equities, but they still managed trades where components with sheet-fed rotary designed speck- motor finance.
A dozen compantes doing small gains on balance through pierced and plunged holes are neully for this process has been
the week. Textiles went slow produced in follow on tools and These finance companies have but stares, tobaceos, plastics and † which have to be handled again installed to asslit with the work. A major fem of "never-never" also been responsible for the big chemicals
a:id for lapping. With the new This machine, the Timbon in increased exports, it lost buying is housing on which three increase in the number of scoot forged ahead."
tapping device there could be Pliaplate, made by a UK, dim, again through a higher rate of, major companies have loaned ( ers on Malayan roads,
British American Tobacco Produced at around 40 strokes was first exhibited in May last gold outflow, some $1,700 million out about $140 million.
gamed 4 shillings
year at an international printing over the a minute. during 1980.
Mr Chee Swan-chiang, man-
week to 07 on dividend
It printă The confidence of the mar-agar of the Building Society of
Tools fitted with the tapping exhibition in Paris, bioges. Other items now on the hire-
Imperial kets was also strengthened by Malaya, said that although the
Tobacco device are sulinble for use in from thin wrap-round plate on moved upside more
and flexible the fact that company earnings society had been in existence purchases market include house-
slowly most presses with a reasonable, the rst cylinder Courtaulds were reports, which the previous week | since 1039, it was only in the last hold fumiture, endios, refrigora-
unchanged Kroke and shut height, the plates of a standard thicknes seemed gloomy, have this post 10 years that business began to fors, electric fans sewing
and Imperial Chemical Indus-only additional equipment re- on the second cylinder and fas Izles netolied a small fraction, quired being a pump and tank in, and a maximum speed of a maximum sheet size of 18,x 23 week turned out better than ex- prosper.
machines, kitchen appliances pected. Among the sicels, where The society had about $500,- and air-conditioners.
Other blue chips to show act for coolmas
which con be earnings losses were predicted, 000
Tires were out in housing longa 10
Unilever, Dunlop supplied. This system may also 10,000 an hour. there were some gains
SMALL PRODUCER among years ago. Today the figure is
Wholworths, Marks and Spencer be used for tapping only using But the dance companies do and British Petroleum.
The Association say the frat the big ones, such as U.S. Steel over the $15 million mark.
a hand press or an air cylinder report on this world will be con- and Bothichem. Bluo chips Saying that "more and more not Bnance only the consuming
Olla improved further ón good as source of ponyer.---LPS. ·
cerned with the practical ep such as Cleneral Motors, Standard people will be buying on hire publies They also help gains scored on Tuesday, but the Oil and International Business purchase," Mr
| vileation of smoll
the materials and attributed
equipment necessary for this Machines naturaily did not fail this to the changing pattern of tory. It machinery bought on
process, and will diteurs the to gain-UPI.
hire-purchase
toohniques of printing from shal- In the past, he said people, According
!low 'rallof plates. In the future, it is intended that other reports of a more specific natura'wilt; bo Issued on to materials and equipment that can be, ured” în A Russian car with a Bri-{ the production of the thin wrap-
tish diesel engine was a round plate. surpriso exhibit at the res
..
Exchange rates
uvoficial
Australian noles, (per Indonesian Itapdah
(per 100) Jaticals (per 100) |Bingapore (Firalts)
6.78
family fo
.
the
movement lost ita carly rest.
Gold mining issues foll from favour under Prezident Ken- to the fance nedy's edges on defending the even after they were grown-up companies, two factors are res- dollar and with the fall bucic in and had families of their own, pontible for tho chango of the metal price on the frea
habit--tho their spending Should be sent to the Hongkong &
rising market--UFI, Dulles was done in the local continued to live with
standard of
and Living
the Kowloon Wharf Co.'s Godown (No. 2 moming at the following "ter.
th parents kchange market
BIGGEST · LENDER - | wage-earner's
the faith in Gato), Canton Road, by 5.00 p.m. onstering noter (per ell
UB. delier (per $1)
15.84 "Today,
to security of his employment, everybody likes Tuesday, 7th Fébruary, 1961.
1).
24 family.
This has been one of panics give loans to manbeen
the public direct, the biggest contributory factors of
the SUBJECT TO CHANGE
Arma the bigger In the sale of houses, especially majority of two-bedroom houses," he added prefer to work through. the
The biggest lender in tha doniers of the articles sold.
-London, Feb. 0. housing business in the Malaya: This paves the finance com-` | The Bank of England statement Bornoo Bullding Society which pang the expanse of collecting for the work ended Feb. 3, reads began operations 10 years ago. the Instalinenta and, in the proles in enreviation .. £5,389,/19,
It had lont out $140 million initial stages, saves the prospede private doors
Pybija devoRİLE ******* row to an estimated $36 müllen in tho 10 years of its life but | live customer, the trouble" of Ograiments or 13.05 per sharu from 830.5 had to stop landing, &: 1967, having to hunt the flance million or $3.80 per share-a | However, this yest, it expootsi cumpery willing to franco hla year ego-China Mall Special. | | to put out another $15 million, purchase.
1.20 live by himself with his own Although some finance com- BANK OF ENGLAND
Agents:
MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD.
Telephone: 86211/9.
income increases
180
New York, Fob 6. Phelps: Dodge Corporation reported net income for 1980
STATEMENT
British engine for
Russian ⚫ car
*
car
fAlthough It is not proposed to cent Brussels motor show, a report at this flage on | the Plłoplete, the machine Itself The is the Volga alx will be subjected to clong exami- seater and i was being shown nation; parcular attention is to for the Arat Ume by the Bel-bo paid to general, accessibility
'concessionaires for dian
the and ease of operation,. The M- Rusalan care with a 48 bhp. 1.6 formation gained through this litre Perkins four-cylinder Four work will be put to the manu- og diesel engine.
treturen so, that 'any' rodiflon». tična neeveewry" con- be "conaklor- Over 100 Four 69 engines havead before the machine is mado already been supplied for Volga] commercially avaliable to, the [cars in Finland--LPS. |
diyarlayy jagt