THE CHINA MAIL MONDAY, JUNE 5, 1961.
Weekly survey of American economy
SIGNS OF LEVELLING OFF
Summer outlook
is one of steadiness
Now York, Juno 4.
HONGKONG STOCK EXCHANGE
Our Own Correspondant; -
Business done at the Hong-
Stock Exchange thin morning amounted to approxi- mately $2,500,000.
Noun and the morning's
The U.S. economy this week ontored a phase whore two conflicting forcos will exort their pull on the national produc-kong tion effort for some time to come. The cyclical recovery from the recent recession, quotations
the buoyant force which has held away for an unbroken spell of many weeks, is now begin- ning to meet the seasonal factors, the tradi- Bank tional summer slack. Economists regard the cyclical forces powerful enough to prevail.
נון
transnelions:
Shareu
K Bank
Bes Buyers Sellers
400 100 200 400
20 400 20 or 400
20 400 37410 100 100
(Lon. Reg.) Εικ. Σ. Αγία Lombard XD Whart Co Tolkeo
303
106 240
200 + 300
5012
100
HK Gas.
Wheelcok
But signs of levelling off in three per cent over the March the alatian economy have į lèvel to reach the highest point | already begun to appear and in alxteen months. Total inven- the outlook for the summer is i forles of manufacturers likely to be one of high-platenti | cressed by $100 million picadiness rather than a. con- April, finally reversing a trend tinued climb.
for seven consecutive monthly inventory reductions. Manufac-
soles in turers
April climbed}
nad two per cent over March factory backlogs in ordem have renched the highest level sluce! HK Dock ..
The first indication of this came last week when the latest gures for machine tool orders showed Π algolicant drop. Another Indication ente last week with a report showing October. paperboard orders--the material for goods packaging-levelling olf after a sharp climb in the first quarter. Since both Indica- tors concern prticles of a pre- | paratory nature, they are per- looking haps best suited for ahead. They both move in ad-
of uctua! business
vance
tivity.
ac-
THE HOLIDAY Then last week another factor brought down the slendy pro- duction climb of the past weeks -the Memorial Day hoilday. The slump was most noticeable in automobiles and steel.
Car production last week, for example, was only some 85,000 units compared with the almost 130,000 of last week. Although this was only a temporary set back, most cronoinfuls agreed that the Memorial Day week may have signalled the start the summer sensun os for
of
16.40 10.00
5000 1000 16.70
WALL STREET
TEXTILES
WEEKLY
FIXES EYES
ON VIENNA
New York, June 4.
The stock market ran up against its old nemesis last week -the international scene — and hesitatingly decided to sit things out.
new
Stocka milled about on drop-| grossing the tape. New highs. ping volume, rising a bit on however, were reached by 142: average but fading much in en- stocks whlic 27 touched thusiasm Os Wall Street tele- lows for the year—UPI. sepped a chart three-day span Into one spot on the globe: Vienna.
Last weekend in that city President Kennedy and Russlan Premier Khrushchev. met for the Arst time and the unknown results present a major stumbl- ing block to the market's rear- term coursD.
It successful
1000 er 19.00 pleturo,
and the meel»
LONDON
STOCKS DIP
1000
Ing provides a safety valve for 71% 21.10 21.30 1100 or 21
world tensions, stock prices aro 1730 4 21.
to noya 310xpected
up once 1500 or 15,40 again and discount further the
London, Juno 4. 10.60stendily
business improving
week steel Stock markets onded the This post production scored its eleventh
weak with little change consecutivo wookly rise, factory In sentiment. new orders rase three per cent Some buyers who materialised while sales climbed two per were unwilling to commit them cent in April and 4
seven-selves very far and lower price month decline in inventories were again dominant.
Nearly every day this past Most signs are pointing to a week prices have fallen, and up tho rato of fall "summer rally," analysts say, to Thursday, and a couplo, looking backs increased.
On
when Thursday,
$11 112
100 10
300
liz
200
112
Ch. Pray.
33% 33%
1000 331
dropping
4,708,000.
powerful enough
Kyen unemployment operated, up to a point. li de- clined by almost 200,000 the period April 15 to May 15,
10
total ot However, the drop not to budge
co-
BK & S.
Hotel
TIK Land
7394
TOQ * 73
In
1K Lund
ts.
was reversed.
47% 40%
20 47
J11 47
"
Yournati
193
300 132
900 133
was only seasonal and
139
the percentage from 6.9 of the HK Trom.. 30% 3074 1000 fotal labour force.
Total employment for the same period climbed by
more than one million to 08,778,000.
C. Light
Telephone ..
The persistently high uneta- ployment lent urgency to one of Electrie
President Ken- the measures Bedy outlined last week in his peelal State of the Union mea- sage to Congress retraining workers displaced by Automs.
on. The measure was the least Cement controversiel 1
lot and The marked the first concrete step taken by the Jabour-ennscious Kennedy administration in its effort to do away with hard-core R Trust unemployment.
of
production is concerned ord that from now on the "tug of war" between the cyclical and the seasonal forces will be In another labour area, that officially on.
However, most of the output ladicators up to this poin! have bern favourable enuigh to give the cyclical forces powerful Alip into the battle. Car pro- duction figures for the month of May, for example, which were the highest for any month since October lost year;
the or previous week's steel production, which kept
the above twe milliam tons Jevel for the second consecutive week.
New orders received by manufacturers in April jumped
301%
over the years, 100 733
500 2 3034
41 02
3045
2000
37 1000
2015
GAG
1400 2014
1000 + 36 3000
7
31 4500 # 31
4720
63
$215
0210
500
GO
Dairy Farm 3815 Watson
Textile
4.34
14.40
G
K.M.H.
705 7.70 City Hotel 33
130 @ 23% Rally .... 2.075 3.10 20000 200 (New) 24 2.55 1000
771% 78%
232
J613 e 77
400 77%
100 L M
150 60 78
Nanyong
A. Rubber.
the looming car workers strike in late summer or early autumn, the government moved in with a warning that it will prevent put its foot down to such labour strife. Just how the government will go about it is not clear. To begin with, the Labour Secretary told cor management and labour leaders "in- such a strike would be tolerable." This may take some stean out of automobile plant buying of steel for inventory an a hedge against such a strike M Eles. 14 UPI.
Gilman ....
Humphrey Star Ferry Int'l invesi, HK. & PE vest
Vibro
20 Gr 7725
Dag 64 Ta
1000 v 70
0.05 5.10 0009 61 5.04
5000 of 5.10
234
are botting 8
the
to 1 that this would happen." Financial Times Industrial index Last week, the Dow-Jones in- fell 7.4, it was the weakest day In shares for alx months. Lust dustrials
rosa A minor 1.43 points to 097.70, ralls were downweek the index lost 14.3 to close
at 342.0. 1.30 to 143.99 and utilities cased
REVIEW
Now York, June 4. Accelerated buying of bag
SCIENCE A
ENGEND ENGINEERETH
Basic research laboratory in Europe
S
Gonova.
ontirely to basic shooting fabrict, antici- A laboratory devoted
research the Cyanamid European Research Institute-was formally in- augurated here recently before distinguished gathering of scientists and government officials.
pating substantial govorn- mont orders, enlivened an otherwise quiot situation in cofton grey goods last wook.
Demand for print cloths and other standard constructions tlackened more noticeably, pos- sibly because of the interven- ing Memorial holidays.
re-
Ex- for
Bar sheeting demand was relatively keen, brokers ported, and reflected an pected government order bags needed to handle over-
and sens shipments of wheat flour.
ness
Extent of the shreling busi- not disclosed, but was some sources ventured u guess that it may have been in the
neighbourhood of 500,000 yards, and mostly in the cings "A
category.
to
Dr Richard C. Robiin, presld- j ent of the Institute, which was established by American Cyana-] mld Company, declared that the modern facility will provide its scientists with the time, equlp- mont and freedom they need to explore new frontiers of science.
METHODS
"The staff of the Institute consista of outstanding European researchers," Dr. Robin stated. "This was done in order to en- list
of the skills
European scientists, and to beneft from
а
Major UK antibiotic against ringworm
Since
Floming discovered penicillin to give Britain the honour of ushoring in the antibiotics oro, most antibiotics major
now
have been clalmed by the USA, the result of a vast soil-screening programme
on mass-production lines. Some adjustment of this the methods and oppranches to altuation is now seen following basic research which are char- on the discovery and marketing acteristic of the scientific tradi- lot
remarkable anti-fungal
â
Griseofulvin, which is a near
to
was dis-
Impact of this demand acted brace sheetings generally. but prints and other standard constructions were mostly un changed.
Demand for Industrial fabrics,tions of Europe, The, internation- antibiotic, griseofulvin, a drug particularly tubes used by the al nature of the Institute is wholly effective against hitherto showed a Justrated by the fact that there. Intractable ringworm and also trade. automobile
the are already scientists from seven having the merit of being taken markted let-down from
countries carrying on research by mouth. active pace of recent weeks.
here." NEW 'MOVE'
Dr Roblin, who is also Cyana- cousin to penicilin, Optimists, however, thought a new "move" for fourth and mid's Vice President for Re- covered nearly 20 years ago as search and Development, said specics of penicillium, Its first quarter production could be that creation of the Institute re-history, in fact, bears a strik **coming along** anytime be-
similarity
that of and mid-presents a logical extension of int the present
the company's total research ef- penicillin, for lice its contem- fort, which involved the activit-porary it lay on the shelf for In the import picture, les of
an academic show- over 1,000 graduate years as Volume figures-only three lower, Imperial Chemicals last reportedly
over nearly $30 million during 1900. cognised, Brstly in horticulture days' worth-took a nosedive to four shillings to 74/72 pence for yam-dyed fabrics.
market Basie research programmes are and then later as a new and im- 11,706,850 shares from 19,235,349 and Rolls Royco 2/3 to 43/7.
Lowest carried out at all major Cyana- portant drug for the teller of in the previous five-day week) In stores and building shares Prices on flat plaid, yarn-dyed mid laboratories, but the instit-suffering in man,
goods, ranged from 31 to 32ute represents the first facility and compared with 14,501,000 tosses were fairly widespread. cents a yard, or fully 10 cents dedicated exclusively to funda- the London School of Hygiene Griseofulvin was isolated at shares same period a year ago. House of Fraser, Associated under American-made goods. mental work in the chemical and, ond The daily average of Betivity Cements, and Rugby Portland Portuguese Imports have even physical sciences. last week dropped to 3,932,283
undersold Japanese fabrick, but shores from 3,847,008 in the pre-
brokers reported most of the vious week.
big volume of business on these yam-dyed Japan.
The gold reserve figures came 0.20 to 119,01. The much-
on the to have effect too Inte broader Standard and Poor's
markot generally, but later index of 000 stocks showed that quotations suggested that they
tween July.
the average price of single
were not badly received. stock ruse 40 cents on the week. Industrials were all marked Japanese and Pertuguese mille scientists and an expenditure of plece before its value was re-
slightly
all showed declines.
The Chairman's denial or any knowledge for their strong rice wok Debenhams 3/- lower to 71/6.
Gold shares had a firm week.
Sperry Rand was the biggest volume-maker with 103,000 shares changing hands, It dropped 1 an A strike by Anglo-American jumped 8/9 to electrical workers, recovering 131/3 and De Beers, in diamonds
Friday when a settle- rose 6/3 to 131/3. ment was reached.
Olls recorded small declines Next in line was American with British Petroleum And Viscose, up 44 on a report it Burmaha fractionally Tower. į had a powered additivo that Royal Dutch fell 2/0 to £136. beefs up food but adida no Dollar stocks closed the week
calories
subdued. The premium cased The market breakdown last one-fourth
to 2% per cent week gave a better indication per cent. than the popular averages as to In foreign bonds Japanese how things fared: Declines out- assented see-sawed, with the 4 numbered gainers by 687 to 691 per cent of 1910 five points out of a total of 1,432 issues lower to £74.-UPI.
have taken
most of the domestic
fabrics went to
Hard fibres remained mixed Spot heavyweight burlap slump ed to 1234 cents a yard, oft cent on the week and the lowest since last October 5.-UPI.
Exchange rates
EQUIPMENT
of the Institute represent a The facilities and equipment capital investment of approxim ately $1,700,000.
Tropical Medleine by, Oxford, Ralstrid; and Simonart. Seven years Later Brain and his co-workers at ICI, Isolated a species of penicillium that had the effect of curling and so fungus threads. stopping the spread of minute
A Glaxo research team had begun working on the agricul- tural possibilities of griseofulvin Areas of research which will and in 1956 a report was issued be explored by Institute staff to research workers summarising members include theoretical or
In the available Information. Hanie chemistry, high polymers; the following year the Minis- inorganic chemistry, and solid t
state physics. The fullest flow try of Agriculture permitted the of griscofulvin on cdible of information, supplemented by use 5.748 frequent visits, wil be maintain crops and in 1967 griseofulvin
introduced 15.93ed between its scientists
market 12.08 those of Cyanamid's four other gardeners as a fungjelde for the 20.79 major research laboratories in control of fungal Infections in
181 the United States,
lottuce.
Business was done in the local unoficial exchange Inarket this morning at the following rates: US dollar per $1) Storling notes (per 2n Australian notes (per CD indonesian rupiah (per 100)
Slain teals per 100) Singapore (Sirats)
1.15
and was
to
7A3
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