THE CHINA MAIL, MONDAY, FEBRUARY 18, 1961.
Weekly survey of American economy
SCIENCE AND
ENLIGHTENED APPROACH ENGINEERING
Retail sales drop in U.S.
Washington, Feb. 12. Retail sales dropped in January to a 13-month low, the Government re- purted today. Car dealers were hardest hit.
Me Commerce Department satd zetall stores
tutaited
$15.001,000,000 after adjustment
for seasonal variations.
This was two per cent below the and since December,
the December total lowest level
1859.
Stumping car buy pulted dur able goods sales down two per ent in January.—UPI.
Profit-taking VERY HEAVY Economists view NEW LIGHTING
halts Wall
Street gains
New York, Fob. 12.
Profit-taking hit the stock market this past week, bringing to a halt the advance in prices that began in the last weekend.
Some nervousness also was created by the sharp selloff in two of the blue chips-General
BANK OF ENGLAND Electric and Westinghouse.
STATEMENT
London, Feb. 12. The Bank of England state-
continued Trading, however, at a very fast pace although not quite up to the previous week's highest total in more than two į years,
Heavy selling
came
into
for the werk ended February 8, reads as follows; house on news that the Federal
Noles in circulation.
Public deposits
Private deposits
Governnient securities
Other securities
Receipti
Natio
muits
General Electric and Westing
and many cities £2,200,27,332 government
clvil damage 73,490,583 planned 322,308,891 again the 29 leading electrical 290,063.505
who
pleaded 63,718,160 manufacturers 47568.201 qulliy or no defence to anti- trust charges of price fixing and UPI.
bid rigging.
CE by far the most
WDS
with netive issue on the week sales tz 788,200 shares. It | finished at $021⁄4%, nf 73 on the
week. GE Brally
9.7
Unit trust
Firm Hongkong Fund: Buyer Price: $1.20. Seller Price: $1.28.
on
in volume with sales of 380,000 shares and it closed off ive $42. Both Issues were at their 1900-01 lows.
TRADING IN LONDON MARKET
scope
of
of payments problem
New York, Feb. 12.
U.S. economists welcomed this past week what they called an enlightened ap- proach by the Kennedy administration to the international payments problem. But they had some reservations on at least one of its aspects,
overall approach was considered especially sound since the correction of the problem would be generally within a framework of expanding world trade and not through 'artificial protectionist mea-
Bures.
But some holes have begun to appear in the carefully thought out siructures of polleles to gnt the domestic recession hand and those designed to in- prove the balance of payments,
On one
Ists thought, was where these
FOR GUERNSEY AIRPORT
3
London, Feb. 12. To meet the demands of expanding air traffic, the airport at Guernsey, in the Channel Islands, has recently opened a new runway-a 4,800 feet pavod surface which supersedes the old grass field. Nower and faster types of aircraft can use the airport and facilities have boon further improved by the installation of by
complete airfield lighting system. Operators using the airport include B.E.A., Jersey Air- lines, Overseas Aviation, British United Airways and other leading independent nirlines with services to Jersey, Alderney and 15 airports in the United Kingdom, and also to the Continent.
-
London, Feb. 12. Maskets bustled through the week but prices failed to match the sharp upswing in trading volume. Dealers judged tho
of business greater than at any time for nearly a year but trading was a two-The day affair and the Finan- cial Times industrial indox gained only 2.9 points Thals
the WAS
across the five sessions to day's close.
black since the 240,708 largest
close of 321.0. The last high was 342,9 and the shares of American Broadcasting preferred traded at $10%
low 293.4. July 30, 1050, but was believed
The Federation
British to be the largest share block on
value-$13.36 Industries enquiry spread over record in money
more than 700 companies which millon...
Westinghouse WAR puper-showed a contraction in orders The most serious flaw, economiems, plus bad weather in lie
and less optimism on the busi- ness outlook tubdued markcis on Friday and some profit-taking two plans conflict with each appeared, but considering the uther, notably in the matter of overall economic outlook market sources reckoned prices have
In hls economic message to hold up remarkably well.
Steels ended a shade tugher Congress last week, the Pre-
slump. with investors apparently president outlined measures to fight One of pared to take
production cut the domestle
Motors them was to keep long-term backs in their stride. toot to the uptrack on news of interest rates low as an incentive better home sales and stepped to business activity.
Industry, output by the
In his balance of payments Engineering equities maintained
this past week, steady their
advance
with message
Kennedy sald It would be desir- chemicals and plastics.
able to keep short-term interest STRONG Among the blue chips Unit-rates high to prevent investors sending their money to from over were strong and gained 5/0 Any reactions are expected to over the week to 182/6. Lead earn higher yields overseas. be short-lived. Fundamentallying tobaccos gave ground on the as steels, results of the two glants, while weak groups such
equipments cars, electric aluminiums probably will the going more difcult for while, but strong groups such as building, broadcasting, fertiliser, bit, machines and publishing
points at
RATHER BULLISH
These two issues accounted for
more than 1.5 million shares, of the total 23,272,220 shares changing hands this past week. Last week's volume hit 24,397,- 172 shares. Thursday's volume last week, however, hit a fiveup year high of 3,500,000 shares.
Despite the dip in prices last
Wall appeared week the concensus in
Street is that the public still is rather bullish and the time has make a major
during the fourth hour on Fri- day on a block of 215,000 shares at $82%, of 1% from Thurs-not yet come to
top in the list.
ANNUAL MEETING SUCCESSFUL YEAR
EAST BANK OF
OF
and
find
D
interest rates.
THE CONFLICT
Economists helleve
the con-
Courtaulds notched Dd to 4/3, Dunlops gained 176 in the week to 23/10% but Imperial Chuml- cal Industries lost just over 1 flet is essentially this; Boost- to 70/3.
ing short term rates is bound, in the long run, to prop up long- term interest rates too--and vice
stocks are holding their gains week. ASIA
The forty-second ordinary yearly general meeting of The Bank of East Asia, Ltd, was held at the Registered Office of the Bank, No 10, Des Voeux Road Central, Hongkong, on Saturday, February 11, 1961, at 12 o'clock
noon.
Credits Extension
Present were: Mr Kan Tong-po, enhanced personal income of the (Chairman and Chief Manager) people in the past years. Messrs Li Koon-chun, Wong Yun-long, Li Lan-sang, the Hon Fung Ping-fan, OBE, Mr Y. K. Kan, OBE, and Messrs Wong Chung-man, Li Fook-shu, Y. H. Kan and Li Fook-wo (Directors) Mr D. G. Sherriff (represent ing Pent. Marwick, Mitchell & Co, Auditors) and many other shareholders.
1. The Notice convening the meeting was read.
lo
one
lu
week
-versa.
term interesta rales being
up artificially propped methods that might verge on the Recally unsound. Meanwhile the U. S. economy was pingueti by the same
the nation. erstern half
New automobile sales in the And last ten days of January early in February continued to he the slowest in recent years and only one per cent above the recession level of January 1958. The sales tempo was down 19 per cent from a year ago.
Steel production in January
15 was the lowest in
years not and the market นง
EXD pick
until expected to Mare, Inventory building plans the reported all over country but they remained only plans for the time being.
were
HONGKONG
STOCK
EXCHANGE
Our Own Currespondent,
¤
The new lighting comprises high-intensity runway and thre- shold lights, high and low in- tensity approach lights, taxiway lights and apron floodlights, to- gether with the necessary trans- formers, switchgear, control equipment and cable.
The runway has been equipped with high Intensity elevated Hights, spaced nominally 200 feet apart along each elde. It fan bl- directional light with a 6.5 amp. 200 watt Osram tubular lamp. originally introduced at Southend and Airport, castern England, has since been adopted by many other airports at home and over-
With the layoffs in Deiralt on a basis of work one week and off the next, no substantial amount of steel orders was auotmobile expected from the
Business done at the Hong-scas. Industry until well into March.
kong Stock
this Exchange In the factories, the average
amounted
ap- to work week fell to a post-war morning
$5,620,000. Noon low of 38.5 hours in January. proximately
morning's This represented an abnormal quotations and the decline of 18 minutes from the transactions: December figure of 38.8 hours. Shares Buyer Ballers Bales high Intensity uni-directional
in
201 101010 1920
1025
1923
120
The lowest previous level of the factory work week-one of the UK Bank..
economic Indicators-W15 key 38.7 in the 1938 recasion.
New freight cor orders
fell January
to
21,070 the K Bank
Lon. reg. 1835 lowest level since May 1955. Lombard
Ex Whart spending Construction January fell to an annual rate Talkoo Duck of $55,300 million from Decem
normal drop in private con- struction was accentimied by an unscasonal drop in public higit- way and non-residential bulid Wheelock ing work.
In
coin-
40 1920
1141015
•
42
200
4835 203
000 48
100
71
Leading alls had ↑ mixed most reflecting Wall
Anglo- and still apparently attracting Street's lead and ending slightly
lower
balance. on
Kennedy, obviously geed buying, according to
aware of Egyptian "B" bucked the trend broker.
and gained 3/9 to 24/9 on better this conflict, in his payments Any general advance
message tried to play down the gravity of the outflow of capital the market, however, will have relations between the two coun-
factors trles, reflect technical
The Jungle market." Ghana seeking short term interest earn- been no has
He said in effect since there marked Improvement In the mining stocles, made the standings abroad.
out in goids and soured gains on 'thot rales will fluctuate and such business news background.
10 investment capital will be flow- Following GE and Westing the Ghoma government bid house on the most active Ust huy out five British-controlled ing back and forth, indieating were Aveo with 311,800 shares. mines for better than £5 million that no artificially induced mea-ber's rale of $50,400 million. AK Gas... Brunswick with 207,100 shares rather than see them lost. Southsures would be applied in this
lack-lustre field. proved with Africana and American Motors 244,100
Brunswick market, attracting little business sitares.
In fact, Treasury bill yields the and tending to drift downwards. added 1 points while
this past week ellmbed to the Anglo-American Corp. lost 5/7/2 In this connection, our Bank
other two tacked on fractions.
In four weeks, highest level to close al
the midst of the over the has also played a part by extend-
The new issue of 13-week bilia 155/74. facilities to various
BIG FACTORS ing credit
Coppers moved higher over was marketed at 2.374 per cent, parative enthusiasm as given in industries during the year. With
2.200 per
cent the various proposals to remedy America's domestic and over- the view to offering our services GE and Westinghouse also the week despite a period of up from
Beas economic problems, came to the expanding trade and in-
were big factors in pulling the see-sawing tins got into higher week before.
Kennedy's somewhat vague two notes of caution this past dustries in Kowloon and the New Dow-Jones industrial average ground.
Renewed buying of glit attitude to the short-term rates week. Territories in a prompt and ef- down 13.30 points to
One, from the Commerce fcient manner, our Bank has The railroad average dipped edged brought the bonds out contrasted with his determina
utilities 0.07 to, from their depression towards tion to keep the long-term rates Department in Washington, was decided erect a permanent 2.46 to 140.04,
This confrmed stocks 3.31 to the end of the week and gains low.
enriler the recard export this year with branch with its own premises in 107.72 and 65
went to most of the government feeling that the new administra- more than $19,500 million in the "Golden Me" of Nathan 217.10.
But the popular War tion-tor the moment anyhow value, an Increase of about 10 Provident Road in the Mongkok District.
stocks.
the domestic per cent over the same period of K Hole.. Construction of the building is
Loan 34 per cent still only considers
At £57. 13/16ths economic recession the number 1950. ended after dipping to £57 1/16, on one economic problem and the] under way, and we look forward to its completion towards the end
Tuesday,
International payments position PRIME OBJECTIVE Dollar stocks followed Wall at best No. 2. of this year.
The Commerce Department at K Land.. Street's fortunes and made a
the same time estimated that mixed showing. In foreign Economic analysts noted that the US would havo to keep non-asserted where the Eisenhower admin selling its goods at an annual bonda Japanese met demand near the end of Istration in its last weeks took rate of $21,000 million for the
ylow of the week and firmed while over an almost "panicky" the five days. Greeks ended the payments problem, result-next year or two to help make Tram
up the International payments slightly improved, the pering in a temporary loan of condonelt. The Department warn- fidence in the dollar, and where ed, however, that the best that cents of 1920 up 1% at £314.
Shanghal it viewed the domestic economy can be expected this year in Hongkong and Banking Corp, starved with
639.67.1
ad- 2. The Chainman then dressed the meeting as follows: Gentlemen, The report of your
There were some good gains Directors and Auditors, together
registered on the week but they were in Issues outside those with the statement of accounts
used to compile the averages, for the year ended December 31,
White Dentai jumped 894, 1060, having been in your hands for some time, with your per- In conclusion, I wish to re- Ritter, also in the Dental equip
our sincere ment filed, climbed 05h, and mission, I propose to take them cord, once again,
appreciation of the valuable American Hospital Supply rose contribution made by members 0, possibly in response to Pre- Kennedy's farm and of our staff towards the happy ident result obtained, by their loyalty, health care programmes.
Raybestos Manhattan ad- cooperation and support, and
5% In continued hope they will continue to show vanced the same
devotion to duty in response to its new building Machinc the coming year.
adhesive. American
574 ATIO now propose that the Ro- & Foundry
Hellem Co. port of. Directors and Accounts Equipment 4%,
Bs read.
rose
It is with great pleasure that I report another successful year for our Bank. The net profit for the year under review, together with the balance brought for- ward from the previous year, This amounts to $6,095,553.51. satisfactory result indicates the continued growth and progress of our Bank. At the close of our financial year our total as sets as well as current, deposit and other accounts, and ad- vances to customers, remain at a Dividend and Bonus of $7.50 new high level, much larger than per share on 20,000, $1,500,000. recorded in the year before. This
Transfer to Reserve, $2,500,000. is concreto ovidence that our
Transfer to Reserve for Cor- consistent policy of maintaining poration Profile Tax, $450,000.. a strong position of liquidity has
Skaft Transfer to
Pension further received the confidence Fund, $100,000. of the public in our Bank.
Amount written off Bank Pre-The mises, $214,843.00.
Balance carry forward to tho
as presented be adopted, and 5% Haveg 6, Illinois Power the total balance of $8,095,353.51 4%, Ots Elevator 4% Revlon
for distribution be 44% and Warner Brothers 4% avaliable dealt with as follows:-
BONUS SILARES
The bonus charo lasue in No-year 1061, $1,331,000.01. vember, 1959, has brought our Bank's
paid-up capital
اس کی
After this propocal has been seconded, I shall be pleased to $20,000,000. These new shares answer, to the best of my ability,
questions which sharo rank for dividend from January any
1, 1988. Your Board of Diree-holders may wish to put,
tors recommend the payment of
a dividend of $7,50 on euch exlat-
resources to
#
OTHER BUSINESS
UTI.
615 points climb to £9435. Teas were quiet and despite a slight risc on Friday ended a over the week. shado lower Rubbers eked out small gains-—-—-—-- UPI.
TEXTILES WEEKLY REVIEW
New York, Feb. 12.
market for cotton
post goods this
wook looked better than it has for months,
also indicated
the with certain complacency,
exports "would be a repeat of roles have now been exactly re-1900. It said that the first alx versed in Washington.
MANAGEABLE
months of this year may be maintained at the high levels
200
70 1400 77 100+ 77
101; 10.70
2000 77 4000 0.40 102101814
300er 10.00 1300 ir 185
GREEN FILTERS Threshold lighting at each end of the runway consists of ten of these lamps, supplemented on cl- ther side by wing-barn of four
elevated Hghts, all with Alters.
green
Approach lighting at the west- ern end consists of high in- uni-directional tensity
white
omni-
lights and low Intensity directional red lights, laid out on
a 1,400 feet centre-line with a 100 feet wide crossbar at a die- tance of 1,000 feet from the threshold..
The cast opproach lighting 780 or 18.00 system is similar but has a long- 1230 13.40 2912 6 12.10
er centre-line, 2,000 feet, be- 4000 to 12.20 4000 12.30 couse adverse weather conditions 10000 12.40 are more frequent in this direc- 20000 e 12.30 tion..
10000
12.30
2000 12.20
All the high intensity light-
2000 12.30 Ing in the runway, threshold 4000 12.40 and approach systems can be in five 2000 12.40 controlled separately
200 141
Dock
13? 140 200 141
អ
7700142 200 142 200 241 200 of 141
i 27.40
| steps of brightness: 100, 30, 10, 3 and I per cent. Low intensity approach lights can be controll- ed in three steps: 100, 30, and 10 per cent.
If one circuit should fail, the 27.40 lighting pattern will be malu- tained but with alternate lights only.-LPS.
500 g 145
27 8500
500
40 402
600 to 47
500 i 4655
1000
405
1000
#
100
1670
83
120 + DJ
140 141
400 # 241
100
New 102 133
300
35% 33%
2500
Ch. Light
29.00 2012
1000
Yaumatt
| achieved last year but that at |rold-year A slowdown In
Europe's industry boom coupled Electric It was believed here that the with that area's inventory ac- "fur more enlightened" apcumulation will cause US ex- proach of Kennedy to the in-
34 2494
7600
1000
140
ternational payments problem port a drop in the latter half
of 1001. will help convince domestic
The second note of caution businessmen and foreign
And
was a reminder from the Telephone 48 4045 150 151 governments that the dollar
Federal Reserve Board not to payments probletn is manage"
lose sight of America's prime able.
economia objecilve long-term growth,
However, economists feel that the Kennedy's payments message to
Congress should have coniain
in
that
It warned in a report on the
will (New) economy in 1060-61 that
to halt the
G. L Coment 75th
bought and being held by mills.
ed a "logical" word of caution not be enough Brokers reported
While the improved tone business ย
to the outside world. If he present business decline, even pick-up all along the line from apparet fabrics excited con-
of short- to retain the peak level of out- Wholesaler through
finished siderable hope, some cynics said termed the problem
term capital outflow "self- put reached early in 1960. It will fabrics up to the grey goods mill the market still is not out of limiting" and liable to automatic not be enough to stem the pay- Dairy Form level.
the woods" and that the situa-correction, he should also have ments deflelt abroad. To pro Activity wa far from the tion will warrant close watch branded as "self-limitlug" one vide a growing population with ing share. This makes a total Mr B. Weng Tape seconded proportions of an "all-out" buying for the time being.
fact which the Eisenhower ad-jobs and keep responsibilities dividend payment of $1,500,000 the motton, which was put to ing movement, but garment cut- Southern cotton salva
yan ministration did not even want to the outside world fulfilled, which represents
a 25 per cent the meeting and carried unters, converters and plece goods spinnere
the report called for vigorous Watson to admit: increase over that paid in 1859. animously.
growth without inflation,
Allied Inv. buyers seemed to be in agree bencatla urface inactivity, there
Was a persistent volume of re
That the U.S. will run a
The report was considered a 3. On the proposal The transfer of $2,600,000 to
of Mrment that now might be an ex-
pout iines which keeps the
substantial budget dallelt timely reminder or untimely, Textile Reservo has increased uur capital Norman F. C. Li, Reconded by cellent time to cover third and
spinners going. New England as a result of the present ro- depending on the political point total of Mr Wong Chung-ying, Mr Ll fourth quarter requirements.
Nanyang of view of President Ken-Amai fru ceaston; $34,081,000.01 which, I am con- Lan-sang, the Hon Fung Ping- Apparel fabric buyers seemed pinnery also reported more in
nedy's ́chier election pledge Pub. Trut fident will be a great factor in fan, Monsra Y. K Khan, Wong to be coming to the conclusion quiries and speed-up on de- Olveries from a few customers.
That the deficit, too, will|which has almost been forgotten Humphreys the future growth and develop-Chung-man, Li Fook-shu, Y. H. that inventorien available for Opinion
DONGÓNGULI ggeriet
be self-limiting and will in the welter of immediate cor- ' Realty ..... Kan and Li Fook-wo were ment of our Bank.
no- the consumer pipe-lino
that the outlook for the accon turn into a surplus when the rective measures of a short- With the population of Hong-elected directors for the year of undergone quite a shrinkago re-
Was getting nuch
recession ļɛ over;
term nature-UPI. (cently and that replacements pre brighter. kong increasing steadily during
talked 4. On the proposal of Mr L in order. Also, they
In man-made fibro dey goods, the past decade, it is a wise policy of the Government to en-Tung seconded by Me Lun Wan-about Infationary Implication brokers reported a moderately courage the expansion of our in-pak, Messrs Feat, Marwick, Mit drawn from ovensument pond better tone in the spun rayon pndoned because of the deficit.
not accom- dustries which has not only al-chell & Co, were re-appointed as proposals, plus a possible section. This was
nctivity. 1901 at a feo of boost in both the minimum wage panied by ony now forded an opportunity for em- Auditors for
rato and the government base Meanwhile, leading producers ployment to the people, but has 16.000.
denier high of 1,100 to 1,050 The Chairmen announced that for raw cotton in 1901, also brought prosperity to this
arolynim Converters living off Inyan- | bensuelty rayon yam, uned for Colony. This is evidence by the dividend warrants would be pay- incressed export value of Hong-able on and after Monday, the torics for some time pant were en cord and other intell [reporjed iznuing more shipping applications, boosted prices two kong products as woll as by the February 13, 1901.
Instruction for goods previously I cento a pound last work--UPI.
1001.
have
quarter
★ And
that sound Ascal control will not be ab-
Exchange rates
Int'l Inv...
L
Duelnos wwa dona in the local This word of caution should unofficial
market The La. Craw, bera Included, the morning at the following rates:- have
5.71 Va. dollar (per (1) think, to proven tarling Hotes (per 1;
14.63 foreign capital from being Australian notes (per £1) 12.67 IK & DE sent to the U. §. in the misdonesian Rupiah (per 100).
anticipation of shards iam topls per 100)......
Bingapore (SITA)
taken
Inv. almen
Kelantan
פד
30
エア
4013
1000
4014
Automatic process plant control
Automatic process plant con- trol equipment, which is being dovoloped by the U.K. group, Elliott Auto- motion Ltd., for bringing "advanced qutpmation projects within the reach of small manufacturers" has been given the code name ARCH, which stands for Automatic Register Controlled Hierarchy." This has been announced in London following reference in the report of the UK. National *Cor- Research Development porallon. The development of the plant is being carried out In the Dala Processing Re- search Laboratories of Elliott Brothers (London) Ltd, at Hertford- Horchan Wood in chiro,
The firm say that apart from its usefulness to the small manufacturer, it will also enobio the introduction of automation into Aratustly generally to be carried out step by step. "In this way," says a 47) | company official, "manufacturera may be encouraged to try out Inexpensively the effect of tho of application
computing techniques to their particular
47! 405
9.00
1000 0,08
7.95
*
750
4000
00:00 (15
7.10 7,00
processes," 7.15 1000 7,15
The intention is to produco 30.10 20.30 500 28.40
and market a range of basic 1000 20.30
elecimento devices which can bo 3.15 R.170 16000 2.170
different 6000 SF 220 assembled into many 10000 2.170 systems to control plant and
1000 2.20 2000 2.175
17.00
3900 2.170
6000 3.00
2000 # 2.173 05000 € 2.175
processes of many different types. Development is still 3 Ite early stagea--LPS.
4715
Underwriters 1236 14.10 Union Wheat Dei Blar Forty 1000 @ 14
MACRO DO, 13.30
Kwong tl. If, RJ
1720
Frid
M
230