THE CHINA MAIL,
MONDAY, MAY 15, 1961.
Weekly survey of American economy
A VIGOROUS ADVANCE
Wall Street
sees
wide
price-swings
New York, May 14.
Strong signs
HONGKONG STOCK
of
EXCHANGE
by?
Business done at the Hong Strong
kong
Stock Exchange this morning amounted to approxi- mately $3,500,000, Noon quota- and the morning's
tons
transactions:
Wide price-swings and heavy volume in low-priced and special situations highlighted a congested stock market last week. Popular market indicators begrudgingly gave ground in each of the first four sessions on stepped-up turnover, but staged a slight recovery on Friday with the general marketuk Bank.. gradually reclaiming lost ground as the week ended.
Blue chip and cyclient stocks, Jo which a further advance had been hoped for, were relatively teudy while many speculative ivitz!
the averages outske showed wide gains and losses bused On brokerage recom- mendations and corporate views rather than Industry or national ecunomic developments.
fands sold the stock in the first Textil instruments quarter.
Zenith 0% and rose 104, Garrett 4 while Minneapolis- Honeywell fell
Bharet Buyers Selioru Balo1
420
422
10 20
00 or 422
DO
420
E. Asia Lombard Whart
Talkoo Dock
XD UK G45
61
200 400
100 400
200
304
15
100
75
21.70 21.80
BOO
500
21.70
and
Wheelock
a return to normal
New York, May 14.
return to normal signs of a appeared in almost every sector of America's economic life this wook. The development was highlighted by a sharp in- crease in steel output, in aluminium produc- tion, coal mining, construction, but above all by the fact that manufacturers once again are beginning to build inventories in the face of rising sales.
LONDON STOCKS RISE
London, May 14.
over-
फ
Zest to buy finally
came profit-taking in Wook of hectic trading and stocks" salled upward to finish at a now pook on Friday despite irregu larity in the last so- sion.
The Institutors and pension
The
funds were buyers with phorisne helped the pin stock
rises,
But not all the leaders got the most out of the uplift and some The one shady area in the pic-¡ move huge scrap cargoes to the gave ground Including Unilever 2/6 down at 150/4%, Courtaulds 21.70 ture remained the employment- Far East,
chori which,
1/ off on balance at 44/D. Rolls- 200 2180 unemployment
As for aluminium, Kaiser an- Royce and Imperial Tobacco 2540 21.70 while showing considerable im- 13.30 10.40 2000 er 13.40 provement, indicated the unen- Bounced it is stepping up pro-shaded over the week.
1000 or 10.30 1006 18.20 ployment percentage of total la-duction to 74 per cent of capacity bour force was still up there at from the present rate of 85 per 1000 10.20 2000 18,10
cent because of continuing rise in higher-than-wealthy level. 60001:20
Consumer spending, surpris- aluminium sales. Only ree 4000 as 15.30, Ingly, registered a setback in weeks ago Kaiser's rate of out- April ofter climbing in February put was 52 per cent of capacity, and March. Retail holes in April dropped one per cent, offecting almost all major consumer lines. month totalled Sales for the $17,400 million. Ave
per cent below April 1900. In March retail buying had advanced 2 per cent, considered a large gain for one month.
113
4000 A 13.30
300 / 114 200 113
Provident
34 3316
200 113 100 14 300 !
..
100 431 10003319
Firestone rose 4 General Tyre 5% in the rubbers. Inter- and Seut ruso 4% and inational Paper 2% on guod de- Interest in How priced mand forecasts in their sector, speculation was emphasised in and Continentol gained in e tl fin session when American mixed steel sector. Motors were HK Dock. Stock Exchange volume exceed-narrowly mixed. ed turnover on the big board
A total of 1.460 issues were few times in for one of the
Of the week. history-and by roughly 600,000 traded during
these 728 advanced, 298 to new Alas
Milfed and prestige-conscious highs, and 576 declined, 10 to NYSE alheials viaphased, how-new lows, Consecutively follow- HK tutel average ing Avnet in the most active at Land ever, that since the
Chadbourne Gotham the were listed shareR ASE 1 sa much lower, the 14 American Starulard up M, HK Land
Lear up dollar turnover on the big board: Publicker off / and
231--UP was still much higher.
value of
INDECISIVE
There was little in the no- timal ectuntenic picture to atir up buying sentiment since the
community investimit
TV-
garded further reports of slow, economic recovery merely as confirmation
Price increase
Callex
115
New York, May 14. announcedi effective
93 octane
of an assumption today May 12 an increase of 0.23 upon which it has been acting, cent per gallon for
and octane gasoline at both for months.
Evidence of the really,harp Hastanura and Bahrain.
which uptura sprlag business analysts had been counting on 10 push the market into a new test of its record highs was still leaving ihe street lacking. sages indecisive,
The Dow Jones average of 20 industrials elased about nine points below its April 17
re-
vard high at 007.91, on 2.76.. Ralls showed a gain of 0.91 t 194.77.
The new price for 13 octane at both ports is 10.125 cents per at both gallon and 50 octane ports is 0.50 cents per gallon. China Mull Special.
Net profit
Ainsterdam, May 14,
Dell Company had a gross in-
The rise in ralls was con- slurred u' delayed technleaf confirmation of the recent come of 0.71 million guilders In
was! 1960 against 0.37 million in 1959. rise in industrials, and
amounted to 5.5 taken to be bullish for futureNet profit
analysts,million guliders. The dividend for markets by
Utilities closed
some
at 113.02 up 1900 will be unchanged at eight
per cent.-China Mall Specls1.
1.21 to a new 32-year high. Volume for the week unfed ! to 26,626,380 shares from 23,-
005,800 last week oud 15,420,070 American Stuck
Were i
a year agu. Exchange weekly sales 23,072,550 shares.
North American jumped Ave in the aircrafts on news of its now water deralthg process. Chance Vought rose 4% and its partner, prospective Berger Ling-Temco, gained 37 in the
where Avnet electronics
lost
Dividend
New York, May 14. Federal Paeiße Electric de- clared a a quarterly dividend of ve cents on the conumon stock. payable June 15 to stock on - cord June 1. It paid 20 cents in previous quarters.
six and was most active after Federal Pacifc Electric for slop loss orders in the issue were the six months ended December banned by the Exchange. |31, 1990 had a net loss of $102,-
1000 b 33% CTM 11 47
17
79 1000 74%
· 100
70.
200
74
Juglata
Yourritat)
130 180
100 137
358137
200137
HK Tram..
4012
Ch. Light 301⁄2 74 1000
Electric.. 3714 2745
1309 1 401
2003733
500 H 3739 400
Telephone 53%
541
37p113
700 úr 4013
200 GO
200 385 40 4011⁄2 1000 AE
31040 12 12.50
GI. Cement 2815 Dotry
Form R
Watson
Allied Inv. Texile... A. Rubber.
Trust...
Realty
2.55
620 1000 7.30 01 ÚB 1000 0.00
7.90
@ 6000 67.00 1000 7.90 BUDO u 7.00
2000 4 2,625
5000+ 1.60 7000 4.00
3500 + 2.375 30002,575
210 635
K.M. Bus.
25 4145
130
100
25
30 e 82
800
81%
Lane, Crow Int'l invest HK & T
Jnvest...
30 DES
10 31
170002
004 02
70 e 82
200 8215
1990 07
1000 31 500 51
|
COAL INDUSTRY
White automation remained
scarecrow of the
organised most of the blame labour and was shifted on it for the hard-
unemployment problem, core the coal Industry this week found some words of praise for automation
In fact, it said, without au-
Bowaters forged ahead 3/9 to 66/- on buying for the long term, British American Tubac- co, Dunlop. Imperiol Chemical, Corp., Vicker- British Motor sand Marks and Spencer siny- ed on the upswing but their over-the week gains were small. The Financial Times Industrial Index jumped 6.2 points across the dive sessions to close at a new all time high of 305.3 the year's low was 305.9.
Steel and shipbuilding stocks. stayed duli and gave ground. leading oils surrendered fractions But generally speaking, the
over the week, cotton textiles economic picture was one of re-
were about even but most other turning vigour, Steel output
groups shared the buoyancy, last week Jumped to 1,913,000tomation there would have been
and no comeback for U.9. ecal and Radio
television Mons, up nearly five per ent
slocks one of its recent export sue- jumped ahead with banks, from the provious week. Second
cesses to such long-established brewerles and should average
engineering quarter output
countries as equities. Plastics did well.
Market experts are still ex- pecting a pause for consolida tlon after the long advance but
05 per cent of America's stect-coal - producing making capacity and the per- England, Germany, France and centage should stand at 70 at the Belgium.
of summer, steelman approach estimated. It is no Jonger possible to wet rush delivery on many steel items.
INVENTORY BUILD-UP
While most of the stoel out- put, and corresponding coal pre- duction, increases went directly into higher manufacturing ac- least part of it al tivity, constituted a resumed inventory build-up.
the
of
The fact that in these coun- tries US coal-transportation see few signs of a buying let- across the Atlantle and higher up while a heavy weight labour costs at home notwith-money still seeks investment.
Foreign bonds took thinly standing-is able to sell at $4
and quietly and Japanese as- Jess a ton than coal mined
sented notched fractions right there, is mostly due to Greeks had periods of weakness
of automation in a degree American coal mines so far but ended a shade higher over not matched by any other US the week.............UFI.
Industry.
415
This degree of automation is This, after nine months of cut-also the reason why in 1960 U.S.
coal mines produced some Eng back, was long overdue in million tons of coal or nearly the opinion of the majority of 80 per cent of capaelly-white 2.60 20000 260business analysts. The fact that other American industries were
of inventory limping far behind. resumption building came so late and the hesitant rate at which the build- On the seamy side of the pic- up is currently being carried ture is the fact that a miner in than usual America is fast becoming atmoat out, indicate more
One mine of caution and confirm predictions an extinct breed. that the recovery from the reces- the Clinchfield Coal Company in Virginia, for example, now em- sion will be a slow process.
In March. manufacturers ploys just over 600 men to pro- whittled another $200 millionduce as much coal as it would from their raw material stock-have taken 10,000 men before. aloud Opportunities for employment in piles. In April the level motionless and the first week of American mines have declined May showed signs of a pickup.by disastrous proportions, fall- The April Level, the last for
ing from 408,000 jobs in 1932 to which Agures are available, was 293,000 in 1953 and 108,000 in about $2,100 million below the 1058. The coal industry claims $33,700 million high of last May that because of automation the few jobs that are left at least While most of the stocks build-pay well, The labour move, up reflected returning economic ment is appalled at the prospect
ík of health,
was of what would happen In such "unhealthy hedge" buying as major industries as steel, for automobilo manufacturers eyed example, would push ahead with warily the possibility of sum- the same automation methods. mer labour strike at Detroit, Steel ordering in anticipation of car labour trouble when Unitedploring methods of how to den! Automobile workers alt down with this sort of thing but it has with the Big Three car markers alrendy established a Bureau of to work out a new labour con- Automation in the Labour De- tract, plus normal summer vaca- qartment. faces the huge tion shutdowns, will become an task of re-training, re-educa- Increasingly important factor Intion and re-adaptation of the the boosting of steel output.
But what could really get the steel furnaces going would be construcilon. This has so for been a slow starter.
1000 or 18.50 25.99 26.30 3000 25.00
400+ 26 500 20
Gilman
32
5.30 15000 5.40 2000 or $15 12000 $30
2000
to (ald Mact
(Ord)
IBM dropped 14 following a 194 after giving effect 117,000-share secondary s-refundable taxes of $213,000,- tribution on news that several China Mall Special.
P.O
ORIENT
LINES
SAILS:
s.s. "CATHAY"
ROUND TRIP TO JAPAN
EMBARKATION NOTICE
BAGGAGE:
The ship is expected to sail at 7 a.m. on Tuesday, 16th May, 1961.
City Hotel Star Ferry
Sincere
Kwong ting
Hong
310
22000 for 1.
1000 630 3000 7 5.30
100F 64
New marine air conditioning unit
and June.
some
A pickup in heavy construe A new marino air condition-
tion was expected, however, ing unit has been added when current plans for new plant by the U.K. firm Thormo- and equipment get underway. tank Ltd. to their range of It is estimated U.S. Industry is self-contained
Thermo-planning to spend more for new plant this year than WAB originally estimated last autumn. FMW 100 unit it is an oir | Business now is said to be piani conditioner for stato- ning new capital Investment of $35,350,000,000-only one вет rooms and cabins.
cent under last year's level. The unit is water-cooled and
SPURT IN STEEL herme-
Units. Known
DI
the
up
The government is still ex-
No copper
surplus expected
How York, May 14.
Mr Charles R. Cox, a Direc-
SCIENCE AND
INTERING Closed circuit TV system for modest budget
London, May 14.
A new circuit television camera which, it is claim- ed, brings closed circuit TV systems within the limits of the most modest budget has been developed in Britain by two young electronics engineers.
Modern
The camera, pleed in the UK, at abbut £126, without
priced Internal TV system in the world. It has been designed to work into any standard dummes- in e television receiver from or-
dinary mains supply and is so shuple that it can be operated by the test technically minded.
New radar school for lenses is said to be the lowest
master mariners
techniques marino rodar plotting to anti-collision Dssist
will bo manoeuvres taught in the new rodor school which was formal- ly opened recently at the Liverpool Collogo of Technology.
The range of uses to which the camera can be put in the field of vlewing are almost unlimited, from watching babies asleep in their cots to observing atomic explosions.
The camera, which weighs 12 ib took eight months to develop. It is housed in a louvred steel case measuring 11 in x 5 In x 84, and is fitted with standart external tripod bush. Normal transinission range is approximately 300
yurda but boosters can be supplied to ex- tend the range to four or five miles.
The new school is equipped with un extensive range of the latest radar facilities, which Includes three Kelvin Hughes Type 14/12P true motion marine rudar sets arranged to operate in conjunction with a simulator installation bullt by Ultra Elec- tronics Ltd. It will offer five y courses of instruction for experienced ships omers and be under the gildance of Lt. The sensitivity of the camera Commander R, J, Culcy R, D. la much that it can operate ef- R.N.R. head of the Department felently fa ordinary room light- of Navigation of the Liverpooling. The low material cost of the unit has been achieved by us- College of Technology.
SENSITIVITY
Six students will be enrolled ing a special circuit design to- for each course, and the equip-gether with modern transistors ment provided will enable them and semi-conductor deviers.
is designed for The camera three independent to work as
covering the carrying use with lenNCS teams, simultaneously
eine camera out manoeuvres and practising standard 16 mm
format and can be supplied with radar plotting under convincing-
special housings to enable it to ly realistle conditions.
Briefly, the instructor will be used continually out of doors, Initiate each exercise by provid under water, in explosive arcas, ing simulated picture of a busy etc. Also avaliable is a unit en- waterway with own ships posi-abiing remote operation of es- tion, speed and course estabush-sential comera controls, and a for mixing and ed on the three radar display controller
output of more.. screens. Two teams by use of switching the own ship's control unils, which than one camera, together with provide the means of control the necessary vision and sound
distribution systems-LPSTIL ling own ships speed and course as indicated on their individual display screens,
will then de-
termine what action to take and manoeuvre their own ships post-
Aeromagnetic survey in
tion relative to the developing the English Channel
close-quarter situation.
the
for
дл
A UK firm, Hunting Surveys
Ltd. have been awarded contract for carrying out
of Scientiflo the Department and Industrial Research airborne geophysical aurvey over the western English Channel; Isles of Scilly and Lundy, and sea area south- west of the Bristol Channel. The survey is part of a pro- gmmme being undertaken by the
Survey of
Great Geological Britain and will be magneticul- Grevious air- tied into the bare magnetometer survey over ex-Devonshire and Cornwall carried
The Instructor by means of the simulator Installation will into inject additional targets
presentation, thus ench radar tor of Kennecott Copper creating conditions which neces
At Corp. and former Presi-sitate anti-colision action, dont of the company, told the conclusion of each exercise, o discussion will take place to the American Motol Mor-catablish whether correct action ket in an interview that has been taken and to compare he saw no copper surplus the way in which each team has dealt with the navigational this your, and had never
problems encountered. the agreed with
many it is expected that the choot forecasts of excoss pro-will provide extremely valuable duction mado during the guidance in marine rader prae
tlee even to the bdst year.
perlenced mariner.-LPS.
He based his argument on the recent advance of one cont a pound in the United States domestic copper price to cents.
30
tund
Mr Cox predicted the price of copper would go higher" in the next decade because of strongly rising demand rising production costs.
He noted that moderate in-
in of creases
the copper price result should not necessarily
other in the substitution of materials for copper.
Mr Cox sald that during the
months past two
Kermecott had shifted his attention from consumers abroad to supplying greatly improved demand in the United States.
hundreds 'af thousands workers who have spent most of their lives in an industry only to find themselves without a Job and without qualifications for
outomation another when
is achieved to such a degree as in the coal mines.-UPI.
AIRLINE'S
PROFIT
four
London, May 14. Europeon airways carried just under million passengers and made a profit of "at lögst £1,250,000" in the year' onded March 31, the Choirman, Lord Douglas of Kirtleside, announced. The airline carried 3,990,057 passengers and 50,000 tons of freight and mall, Lord Dougins said in a statement.
Mr Cox indicated that Kenne-- cott's capital spending pro- gramme in the 1900s would be aimed largely at finther ex- pansion of mining properties in the western United States and Chile. China Mail Special.
Banana trade
The Glasgow-built banana ship Chirripo, built by Alexander Stophon and Sons Ltd., for Elders and Fyffes Ltd, has been dis- cargo charging the first of bananas at Greenock under
21-year tho agreement between harbour authority and the shipping lino. Chirico Is спе of three vessels of 0,500 gross tons built this yard for these
EMBARKATION: The ship will be berthed at No. 1
Pier, Kowloon Wharf. Passengers incorporates a p should embark between 6.00 p.m. and|tically sealed refrigeration
The spurt in steel has pushed 7.00 p.m. on Monday, 15th May, system and a 2 kw heating
Berop prices. But what British element with да automatic 1961.
change over heating/cooling really set the scrap market going thermostat. It cari therefore gain are heavy exports, prin- alter, cool, dehumidify, or heat cipally to Japan. The Japanese the air supply under thermosta are currently buying more Iron and steel scrap from the United tle control.
States than over before, even It is a floor-mounted unit and
more than in the thirties. While Should be sent to the Hongkong &
are available, Kowloon Wharf Co.'s Godown (No. 0 inches high, 33 no now figures
inches vida and 12 inches last year Japan bought nearly 2 Gate), Canton Road, between 8.00 deep. The louvred air discharge hair the record 7.2 million tons of ferrous scrap exported from a.m. and 5.00 p.m. on Monday, 15th crilles are each fitted with a
This year's simple four-way adjustment to the United States, May, 1061.
give full directional control of total is expected to top that and the diffusion pattern of the con- the American trip market ... ditioned air.”
in the doldrums because of low
The preliminary estimates of in 1937 at domestle steel outpist-is grate-
at least £1,250,000 profit. "is fut. So is the Commerce Do-
le than the previous year's partment in Washington because record profit of £2 miillon and scrap exports now form an jene roprezenta only three per cent portant part of the U.S. export of our turn-over," the statement drive.
SUBJECT TO CHANGE
Agonts:
MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD.
Telephone: 85211/9
Agreed merchant
rates
Canadian, maximum selling 17-1/32, minimum buying 174 9/32 T.T.; 17-11/92 0D.
The semp export boom.le
saich.
having other side effecta, not- Duit
а
owners.--LPS,
now
Exchange rates
Business was done in the total unofficial exchange Market this morning at the following ratos: it continues, It a UB. dollar (per #11
Barling Hates (per 21)*****
ably in the ship charter market creditállo result for a year where freight rates have been when profits throughout the Australian nojas (per Eij pushed to a four-year high by airline industry have the need for chartéret anips to sharply.—Chink arali "Spodini!
Indonesian rupiah (per 100) #cilnedgam tloats (per 100) ...
Singapore (hifmita)
most
Tiny photographic flashlight unit
0
A tiny photographic flash-
light unit, featuring flashbulb half the size of a cigarette, has been do-
veloped by a Japanese
firm.
In Hongkong's camera- conscious community now gad- gets appear regularly, but this latest piece of equipment has the distinction of being the smallest flashlight unit on the market.
out by the Hunting Organisa- tion for the Geological Survey.
The work necessitates fying opproximately 14,000 line miles of magnetic profile, the reduc- tion of all the magnetle data ob- tained on these flights and pro- duction of total intensity magne- tle maps being at a scale of 1 inch to 1 mile.-LFS.
45-minute
underwater breathing apparatus
Recently developed underwater breathing apparatus, de- signed at the Dunlop Hub- ber Company's Aviation Division, Coventry, England. is one of the features at the Engineering, Marine, 'Welding and Nuslese Energy Exhibi- tion in London.
The new apparatus enables a man to work under 40 11 of sea
Developed by the Tokyo Shibaura Electric Company (Toshiba), It consists of a battery-powered reflectar cose about the some sizo 55 A cigarette packet. Attached to the battery 13 a capacitator water for about 45 minutes at which boosts the battery power a time. It employs a twin- circuit breathing cylinder open lo set off the flash bulb.
The bulb, only hair a cigarettesystem, with a total cylinder length long (35 man), has no capacity of 2,000 illres.
Another Dunlop product on metallic part on
exterior. when it, the zirconium foli show is an inflatable eight-man life raft. Among vessels which emits approximately 7,000 L/S will be using these rafts are a Juminescenc.
According to a Toshiba spokes-number of Russian tankers now
under construction. man, the unit facilitates the use
The raft has a coupling unit of a dry cell because it is readily which releases it automatically adaptable to either the auto- from a sinking ship-Pg. matle charging system or the battery capacitator system.
مثل
5.760
14.6)
149
20.63
1.80
Photo shows the tiny flash bulb beilde a normal cigarette.