THE CHINA MAIL, MONDAY, APRIL 3, 1961.
Weekly survey of American econom
STEEL AND CARS GAINNENLAN LONDON Slackening of Cotton BIG ONE-DAY Britain develops MARKET recession stirs weekly EFFORT HELPS
ADVANCES renewed debate
Landon, Apr. 2.
Loos fears checked buyors
on Monday but when This holiday - shortened
tensions cased
began to show
investors Interest
and demand put indus trial stocks back on the upswing with browerica the gaining on nows of fatest and biggest -
industry, merger in the
the Ind Coope, Tetley Walker and Ansells link-
up.
Desplie the approach of the long Easter holiday, markets ended the week frm with de- mand most marked for outskie. the-index stocks. Stores showed strength but shipping shares gave ground on the Inst dealing day. Other
New York, Apr. 2.
business week brought significant pick-ups in the steel and automobile industries, an increased U.S. defence budget and renowed do- bate on whether slackening of the recession signals any long-range up- swing.
review
main
tak
gromme. In
to
or
WALL STREET
New York, Apr. 2. Wednesday's A big one-day effort
put the stock market back on the upswing last week after several days of profit-taking and milling
.
about.
was
pon.
trem
་
revolutionary smokeless fuel
London, Apr. 2.
Britain's Coal Boord believes that it has found a new fuel. Made from coal that will curb the use of imported fuel-oil, it was disclosed today.
fuel
Precision instrument
in the form of a briquelle made for ships engineers
head
the
Ships engineers can now bo
spared
laborious many calculations in determin- ing the power developed by the main propulsion machinery of oversol with the aid of pro cision instrument which has been developed by British enterprise.
New York, Apr. 2... Cotton futures followed an irregular downward move- ment in one of the slow- est trading periods of the your this week. Aholiday-chortened period of four sessions ended with the general list of 14 to 44 points, or 30 cent to $2.20 n bale under the preceding week.
Thie New York and New The 'gai was not a large one, boosted. Companies involved in
Exchangas TO Orleans Cotton
just about average-wise,
re the Minuteman project, includ-
This new revolutionary unti
previous week's ing Boeing and Avoo, also lum- closed
Monday capturing the
ot the project has been developed One uncertainty acting to brokers said, that investors including Boeing and Avoo, so Cheltenham Laboratories by a Steel production moved upward again after, holding to morning for the Easter holidays, 1995, but it proved once again, ed in the Minuteman
that the group of scientists. Interest, were willing to respond to any turned up on ward a narrow range for five consecutive weeks. Output hold down market
It is a novel "sntakeless fuel" favoured wen- joto of good business news and ICBM was still last week reached 1,611,000 tons, which was 37,000 other sources felt, is the con-
a possible that underlying demand
Arbm coal. It has very high LIQUID CASH tons above the preceding week and the largest ton- tinued
esloring power, superior to that order to expand The big Wednesday pickup Stock price action on Thurs- nuge since the week ended last June 25. Opera change la the 1902 cotton pro-all very much in evidence.
and has the of ordinary coal well, enough in a tions this week were expected to be affected only domestic consumption, and linit came in the wake of excitement day begon
enormous advantage of burning Wednesday's the problem of textile imports, caused by Pragident Kennedy's hangover
without producing any smoke. slightly by the Good Friday holiday.
fiscal 1962 strong close. but profit-taking thought a one- unveiling his new Som SOURCES
The inventors are Dr. Jaceb Bronowski and Arthur Wynn, responding drops in the prices price system for cotton is need-budget, which wed for more wiped out almost all the gains Chrysler Corporation an- !
stocks in corporations ed. But it
by by the final bell for the week.
al
Board's Cool be spending than requested remained of acetors shared anounced Its April production
Selenlife Research Bureau.. They ald: President Eisenhower. Some of Good Friday left traders with affected by the cutbacks in
Ecen, the commentators peppering of plus marks, includ! would amount to 48,988 cars, 45
said that similar research work whether this would come abouts than the com- some programmes,
the pump-priming came in the a three-day vacation in which up their minds and ing steels, motors and chemicals, ber, cent more
had been carried out for years originally.
Several commentators pointed by making compensatory pay-Important defence category, but to malto 25
ments direcliy to farmers
a reallocation of the funds left most preferred to remain in a
past in several other countries The butlook still was that Bri-pany had scheduled
but that results had not been investors Aguring out which liquid cash position during the tain's April budget would prove I had been preceded by a
up to the standard of the British STEADY CLIMB
or be interim. 46,105kels, usually highly sensitive to through some other plan. to a total of
companies would benent a "neutral" affair and that bust per cent increase In March as- put that the commodities mar-
who Technicians,
naturally international developments, had
Andings. Demand for nearby deliveries hurt by the latest decision to ness prospects over the longer semblies
registered ttle recent response
enough attributed Wednesday's
IN WINTER larged in the face of the steady re-shuffle. term would improve, following
blast to a technical on to the Laus crisis. General Motors decided
climb in the certificated stock,
The emphasis, it turned cul, from a week of easiness, were per of about 20
of heavy an increase
and the possibility This may be a sign of our
would be placed on missile also pleased that activity receded in- cent in its production, of com-
times," said the Journal of Contenders on the May contract. pact Corvair cars, but curtailed
The deliverable stock reached hardware to the detriment of when prices declined and Chevrolet merce. "Apparently, traders in
aircraft, particularly creased when the cally was go- operations in four
have become 6000,737 bales plus 13,034 bales manned
the experimental B-70 pro-ing fun till assembly plants this week and the markets
the for a potential total of 73,771
Framme. North American Avia- Volume, of course, dropped Financial Times
from time to time bales, a new high for the season.
Ave-das will close for all of next week inured to warming up of The
from the previous within Ave
Buleks, cold war malding plants
the index muver
Govern- tion, prime contractor dustrial
regard such that they now
On Thursday.
week but the daily average also grasp of the all-time high
Pontiacs and Oldsmobile cars.
Incidents as almost normal."
ment announced the mid-March
showed a meaningful decline. 342.9, getting up to 341.3 Do
The automobile industry' DS 4
Rdmitting business parity price for cotton at 38.05 Although Wednesday before moving 10 whole was encouraged by new
cents a pound, unchanged from
The latest total ran to 19,760,270
against 20,984,035 And signs Is Improving 312.2 at the last session, whigh car sales for the middle third
February and 20 points higher
shares
and comparci week carlier put it only 0.1 below the highest of March tola!ling 15 per cent creasing that the recession
with 12,207,000 a year ago at print in 1961 so far.
higher than the same February nearing its end, some business than the 38.76 cents rate report-
this time. period, even though the tot
men and economic analysts felted in mid-March last year.
Total males for the month of South
golds, still was 16 per African
cent lower
the improvement might be only Uke Union's sales during
the the
temporary. under wliting decision to leave the Common-
Opposing wealth next May, managed
Journal improve their standing by the
commented: final bell after an unsettled four days. Anglo-American corp, lost!
"Those who are sceptical a fraction over the short week. In diamonds, De Beers ran back
early recovery are confusing the losing more than 6/6 to end at
short-range problemn, that the current recession, with the prob- 131 10% pence, cappers moved
however, long-range problem or ahead early in the week but the movement lost pace and then faded. Tins, improved belter Lacs news then tuned quiet.
the recovery In car sales and higher employment Bgures,
ALL-TIME HIGH
i
of
unils.
neriod
10
than 1000
RETAIL SALES Retall sales in general were department up, with ficking store sales volume for the week ended March 18 climbing nine per cent above the same week of 1960, Merchants. were inclined to attribute most lerns.
early Easter and with of it to an
bank figures pointed out that
Loading oils scored good rises over the four days and closed firm, British petroleum finally
Dgainst touching 58/3
last "riday's 5578. Royal Dutch elimbed to E15-27/32 from last Friday's level of £15%..
Dollar stocks scored gains on Thursday after a mixed week. U.S. Steel paced upwards by iwo points up and galing six points since last week's close,
show an increasing reluctance of consumers to enter into for instalment payment dobt purchaser,
President Kennedy submitted a revised military budget call- ing for cuts or cancellations In some programmes, but provid- lug on overall increase of $1,000 fiscal the current millon for year and $900 million for fiscal 1962 over figures announced by former President Elsenhower,
meant that the The budget Department of Defeneo will let volume of new a larger doilar contracts this year than in any year since fisca; 1952, the next- 10-last year for the fighting in
Glit-edged met investment demand and generally Improved, war toon 3 per cents reaching 57 18/10ths by the final bell."
Foreign bends idled on Thurs-Korea. day after the Greeks had shown weakness
the preceding days.
on
Teas edged upside but rub- bèrs showed little movement. — UP1.
view,
is
this
the of Commerce analyst
of
19.
"It is quite certain, however, that considerable amount of recovery can occur, quite pos- sibly to new all-time highs mea- sured by overall business acti- vity, before the long-range prob-
lems are solved."
UNEMPLOYMENT
That such long-range prob- do exist, nobody dented. tens They included the likelihood of mlinued heavy unemployment, the possibility that the balance will problem of payments endure.
and
considerable evidence of a consumer shift from goods to services.
In
Raw cotton export for the season through March 27 total- vs 4,722,090 ed 5,123,584 bales bales reported to the same time according to the last senson,
New York Cotton Exchange. — UPI.
London
conduey market
London, Apr. 2.
gave an
for the
superionic aircraft, was hit hard. Newport News shipbuilding and General Dynamics responded nicely to nows that the Polaris misalle
programine
would be
Textiles weekly review
com-
recovery
2
Murch. however, were the
any
highest
record for on similar month, the 118,034,880 chare turnover far exceeding the March high of 105,634,670 with 1929. I compared 92,003,996 in February 1981.
In
GAINED
The Dow Jones 30 industrial stocks last week gained 4.15 to €76,030 compared with on even four-point loss a week ago. Rails were down 1.08 to 146.20 and utilities added a minor 0.18
Now York, Apr. 2. The Easter holidays
bined to keep trading into 111.01. cotton grey goods down
G
The method of operation is n
The instrument counts up and displays in easily-readable form, The new fuel will be avall-the total number of horsepower nble for sale at the beginning hours generated by the ship's of the winter in small quanti machinery in the course of it ties only, but, the, Coal Board lite. Readings can be taken, at topes to be able to manufac- any time-thus day to day per- market, one millionformance can be examined and ture and
fuel by tons of the smokeless
a comparison made between 1965.
successive voyages. This, it is To complete the finished pro-elaimed. can be of particular value in keeping under control plastic briquette, coal from the the performance of different duct, which ressembles a black mines is reduced to powder, ships in a fleet. Then hot air at a temperature of 450 degrees centigrade follows: the torque in the main through the powder shaft is measured by two blown
electro-magrestle pick-ups, one which melis. When cooled it solidifies in moulds,
end, which at elther The secret of the process is to arranged that their signals are eliminate
Is which
simultaneous when the shaft is in all norran!
rolling without load. As the generally found
such suppressing torque increases, one signal lage coal and a8 smoke resulting from its com- behind the other by an angle bustion AFT.
which is directly proportionate to torque. The two signals are fed into the electronic fustru- ment and have the effect of closing an elec- tronic gate. A third pick-up is mounted at some suitable point, taking a drive from the mali box, where it a. high Irequency
the
tar
Constant tensioning opening and
mooring winch
shaft or gear
are 50
A fully automatic, constant generates
tensioning, mooring winch signal at a frequency directly
per minute. volutions
*This specially designed for proportionate to the shaft re- larga bulk carriers operet-signal is also fed into the elec- ing without tugs in the tronic instrument where the St Lawrence Seaway and number of high frequency peaks the Great Lakes, it to be during each period that the gate The total cpen is counted, ong of a number of now count in a given period is there- winches on display at fore proportionate, to the shaft the Engineering, Marine, torque multiplied by the revolu- Lons-le. to shaft horsepower Welding and Nuclear
hours. Energy Exhibition in Lon- don this month.
The total number of shaft horsepower hours displayed Developed by a North of Eng-mumerically on the face of the Iand engineering ecinpany this electronic instrument.
Another example of the instru- new. type of winch enables a ship equipped with them to be ment's many uses is that it can held
tension, be used to measure and keep a with constant
or check on the friction of the pro- berth moved along the brought to rest without the usepelier simiting and glands. Two of tugs. The winch incorporates such instruments-one for each 5.9, Oriana,
Market letter recommenda- tions helped out American to a minimum agoin Telephone by 8% (to a new high at 120%), General Instru- It has been an active short | this post weck.
lended March 30) The holiday atmosphere act- mini 45%, Spariang Industries wock
O'Nuls 65, in
the London moneyed to accentuate the duli situn- 8%, Chock Full
Lion prevailing
last and Vendo 0%. dlacz
advanced 214 Goodrich morker with a large turn- January, when buyers and sell
after the
told ecmpany over of funds taking place crs arrived at an impasse over
security analysts that second in vlow of heavy last-of-prices.
Despite the recent steep rise
half earnings would top those the-year tax payments and
of B
ago. Celanese your because of end-month in raw cotton prices, following announcement of a higher loan
added three on word of Euro- Vory difficult rate for the 1001 crops buyers factors.
pean production plans, Afias prevailed of grey goods have held new
Powder gained 13 polala conditions
advance, apart
following a favourable story Other items in the business
initially, with an acute purchases in
from leisurely covering of im-
In * bir weekly financial mediate and
All-in shortage of funds.
nearby [[nows;
Journal. Machine 100l manufacturers' The rate for money was Arm needs.
Fifteen of the 20 most active Consumers kept in mind thei The New York Stock Mar-
for cutting tools at 4 per cent with 41⁄2 pl new orders
$39.3 million under pressure. The authoritics, constant overhanging threat of stocks were higher and five were ket mored generally higher totalled
Eight of the 20 closed unusually lower-priced
imports. lower. of $3.6 | howevst,
fabric In reaction to the increased | February, an increDSE spending. Companies likely million from Jahuury but still large amount of help which saw Market spokesman sald volunt-ut $25 a thare or below,
through. the market
The market breakdown of Sub-ary quolas were better than no to be directly involved sport- $8.4 million below. Fruary
sequently, conditions reversed ed ahead, but there were cor- 1980.
thought that if the United States tape showed 729 gainers and President
Elghed with money easier for the rest import controls at all, but they 1,416 stocks which crossed the patent tension measuring de-propeller shaft-re Atted to the Kennedy
start of the week and the loans' rale undertakes to work out such ar- 534 losers, including 202 new the electrical control equipment, which made her maiden voyage will legislation which
of 4% rangements with so many firms highs and only 17 new lows nearly $1,000 million in unem- eased off from a high ployment compensation flowing per cent in early transactions to now exporting to this market, for the year. UP!. to jobless workers. By the 36 per cent by mid-week with it could drag out for many wary money from out- months. Meantime, they feared, time the programme ended in non-regular
alde banks being offered down cheap imports could continue to mid-1982, it is estimated that
eat into the American mill pro- about 3.2 million will have to three per cent and lower.
While the banks were not duction
QTI the bren alded.
Conversely,
export keen buyers of bills initially, US Steel announced it would they did so later, being anxious scene for U.S. textiles, one mill raise $300 million in additional to replace those taken from reportedly had recently "thrown capital through the sale of 25- thom by the authorities in recent up is hands" on a Middle East because Egypt. There was little Inquiry here fund debentures, | operations. year alking
Grecce and Japan had all quoted for below any price American weaves could possibly name.
ENCOURAGEMENT Industrial cotton goods
PO
ORIENT
LINES
EMBARKATION NOTICE
s.s. "CHITRAL” .
EMBARKATION: Tho ship will be-berthed at No. 1
SAILS:
BAGGAGE:
Pier. Kowloon Wharf.
Passengers
should embark between 2:30 pm. and 4.00 p.m. on Tuesday, 4th April, 1981.
The Ship is expected to sail at 5.00 p.m. on Tuesday, 4th April, 1961.
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate), Canton Road, between 8.00 a.m. and 6.00 p.m. on Monday, 3rd April, 1961.
4
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD. Telephone: 86211/0
to go on sale publicly on April change in the Treasury bill rate 19. It is the third identical-nt the tender this week-aver sized such offering marketed by age rate was £4 03 B4id per- the corporation zinco World cont Chloa Mail Special. War 11,
Studebaker-Packer Corpora- tion, as a footnote to its just- Issued annual report for 1050, anid its automobile operations this year have been running at a "considerable loss....opera- tions are not being conducted prontably at the present volume
rc-
Unit trusts mained quiet, but weavers of
dividend
U.S. exports would
double
by 1970
Washington, Apr. 2.
vice which in conjunction with new luxury liner ensures the maintenance of the last yeat.-LPS, pre-set tension for all these three operations.
The winch
motor is only electrically ener- Arctic research within
gleed when tension adjustment 18 needed.
The firm is also showing as a full size working exhibit, a for three spard A. C. winch
three-phaet A chips with
a tandem consisting
supply. 'It embodies squirrel-cage motor of two stators in common frame
city limits
Stockholm, Apr. 2. Glaciological investigations, in principle of the sumo kind as those carried out In the Arctic and in An- and two squirrel-case rotors on a common shaft. One stator is
tarctica, aro at present wound for four and eight poits!
going on within the boun- and the other for 32 poles
the North- Three motor speeds are obtain daries of ed with this combination, 1. Swedish mining city, of coating cloths' drow encourage-
Approximately 1,800, 900 and 225 Kirung-the world's "only ment from the Improving tone
rpm, on a 60 cycle supply. The
city to accommodate an of business reports from the au-
molor is itted with en integral
· Arctic research station, Lomobile industry. Detroit, dis-
disc type of magnetic brake. patchoa sald the recession-trou-
Special attention has bean Matched only by Los Angeles Kiruna, The First Hongkong Fund bied car industry will end the A British trade expert han
the cooling of the in geographical size, first quarter on an optimistic
forecast that United paid to
water-tight with a population of 20,000, has encloced of sales". So far this year, the [dividend for
Sweden a hlyheat motritain, States
would winch motor. exports Company said, it has built about August 0, '1000 to March 31, note.
Ila internal air Colton sales yam spinners 12,000-cars * compared with 1981, subject to audit, is $3:16
double to a faval of $40,- in circulated in the box section Kebnekajse, within its ords of 1,300,000 hectares. The glacio- reported
Blow an equally
000 million (about £14;- bedplate, which acts as a cooler logical research; station ARTIS their 32,000 in the same period inst per 100 units, it has been an
market.
The outer surface of the stator
catablished. year-UPL
300 million) a year, by
on this nounced by the Hongkong Unitellustion
Brokers said the attitude how Funda Limited,
frame is ribbes and covered already exas boon to mark time in anti- 1970.
with ú wrapping shield and mountain in 1945 by socientista First Hongkong Fund,
from the geographical instilu- dividend 91.33 (tryer), $141 |cipation of greater activity at a
Writing in the latest jsut of fresh air, taken from under the tion, of the Univerally of Jato. Manufacturers
the nation's busihofe mbgozine, | vediplate throug
dows Stockholm. (seller).
87 adopted a stronger altituds on Mr Geoffrey Browne, managing facing
and self- opening prices meanwhile, Somé spin-director of the Economist In- draining, DAFSEAU, 13 Blown TICл qf. tufting and earpet tellence unit in London Bald between grades inade a determined effort that Europe's economic expšel= to raise prices.
lon, rising Hying standards In Hard fibres featured a sharp | under-developed nations att setback in burlap in the wake the establisument of the Or of more encouraging reports
ཡ་
Record exports
Washington, Apr. 2.
The Agriculture Department
the
period
Second Hongkong Fund: centa (buyer), $1.02 (seller).
of
said today: 10 countries account BANK OF ENGLAND
ed for more than
free-fths
of U.S. Agricultural exports
during the 1089-00 fiscal year...
a' year of record volume for
these exports,
STATEMENT
London, Apr. 2. The Bank of England state
29. reads as follows;
Publio deposita "...
laler
Pakistan
totally
The purpose of the present healed by Professor Gunnar Hoppy and Ass. Prof. the wrapping and studies, auce frome. This eliminati Valter Sellyit, is to find out the need for covers which huve how a giroler collects and trans- to be opened when running the | porta ŝiones. and gravel and winch, or clored for protection; thus to ajuclidate how the cœull- on, the late crop buttock for animation for Economic Co-Doth the internal and external try was transformed during the
Development | nie circulation is maintained by I glacial perlód:" There are now.
continuously running motor 137 glaciers In Sweden, cover driven fans, ind
ing a total area of SID - ME The control gear consists of kilometres, 53 of which le on 6. lever-operated master con- | Hebookajan..! They are shrinks..... trojkr which cats to placed in ing by. About 175 cu.. mencóm | any otvenient portion, and every year, and since the inves
contector part in a sheet steel ligations bien only two years enciumure for mounting th...wi hive, bean cold enough to maku deck house, SERB
-the glaciers · KTÓW.
And the ovident operation and determission of the Indian favoured such a rapid export Kovernment to prevent exors rowth.
The United States," Be intu, sive spoonlation da Juta soods, Moles in circulatish.. 41,211,000,641
Rayon aram good, wallets sald had many advantages: in ex- 13.203.150
nd real porting agricultural machinery, BIDAIXART that while there was $276,114 volume of business reported chemicals, heavy Industrini
58,90 202
done last week various fabrla plent mechinery and some 31.651,004
sellers indicatest butitor fwels | 210mm (of commercial vehicips; ing was evidentUri,
The 10 countries Unitert Kingdom Japan, Canada, Weatments for the work ended Marchi Germany the Netherlands, India, Italy, Belgium, Cuba and Franco Cich received more than $100 million worth of 1.5, agricultural producin during the fiscal ending" June 30, 1950- UPI.
Privats dephella casa. securities Government Other securities
Neceipts Ratio"