B
THE CHINA MAIL, MONDAY, JUNE 12, 1961.
Weekly survey of American economy
SUMMER SEASON PATTERN
HONGKONG STOCK
EXCHANGE
Owii. Correspondants
Business done at the Hong-
New York New York stocks
Steel and car
car New output drops cotton
a little
Stock Exchange this The pattern of a
K amounted to
proximately $1,200,000. Neit
quotations and The morning's
trunactionst
Shares Buyers
HK Hank
1 eg
WIND
Talkoo
IK Gas
UK Dat
Providend
HK Hotel
EK Land
::
113
Seller
Bates 412 150418 5 412 160410 100+ 419 10412
New York, June 11.
summer season high plateau without marked gains or losses began to emerge further in the U.S. economy last week.
Steel and car output dropped slightly, so did exports, Steel prices eased on several items as the metal became more plentiful and there were no signs so far of an acceleration in busi- ness investment spending plans.
On the money.
markets
320
370
72
400 721
21.40 21 ou
Tex)
4200
2341| 21%
19
21 42
21
110
126
.
34 50%
847 2322
344
Sini 31
Steelmen were beginning bart worried slutf price
Sun 24
41
24
H
44 AU
Vangat
13:
10 Tran
391 392
まど
400 7:15
273
400 7:
21 73%
4 36 1:14
ECWIT
201
Son 344
Lugh
28,
37
1000 1920)
Tele
י!
2
1000 a 30,
GM3
3' 4
237 500 - 53 21053
1004531
37
Telephone
SL
free sent
Dans Turma 381, N
Ahed
1940
Textile
790
SIDE SH
1000 11
TLAND WAND
7.HD 73,
Namvang
137 1389
A Hubber 6:33 640
thebe made ineffective in the end tighter såluation in short terins on the domestle business pleture bernie mure pronounced.
market
New York, June 11,
Cotton futures bogged down after several deliveries reached scasonel highs in
the period with a fair- sized net gain.
react to Laos trouble
New York, June 11,
mid-week, but still closed The stock market last week held off from the usual summer rally after deciding that discretion was the better part of sentiment.
A Friday's close the list
cent to $1.50 a bale higher
ruled up 16 to 30 points, or 80 than the preceding week.
Commission
house
covering and new buying found offerings Umited at the start of the period, forcing brokers to bid prices higher" to obtain CON- tracts.
The
Improved.
May 1902 delivery to Up to now this governmen reached a new seasonal top of drop pulley has been to supply enough 35.81 cents a pound, establish- Pwithin the last two weeks. on funds to the banks and to the ing a premium of 234 points or (auch items as steel piping for market-primarily by purchas- $11.70 a bale over the spot July full purposes and various alain- | ing
securities to delivery. government Dess steel products. They thought i krep sompiles of money avaliable
If this
Chart trend becomes ↑ for loans and investment at a ht Estronger, it would be difficult to level of around $580 mUlon. fi carry out the planted price in-was hoped this polley would crease this coming autumn.keep long-term borrowing rates There were reports that the stable at a ведъи level while jowerment had the sleet price keeping Arm tone in short testion under study to find out terii securities to help altract if the planned price increnses foreign monią lo` United States were justified.
markets.-U.PT
FIRST DROP Steel outpa meanwhile de- felined last week by 1.2 per cent but still heid just above the two milion ton weekly level. This was the Arat drop in steel output since mid-March and major annoticed eilbruk by Bethlehem Strel indiented a fur- ther overall drop this werk.
Tende sources said the
timent may have been caused by ring nd in ear steel de
zanet. Car production has also slackened off in the past throw * 1 weeks and both developmcats predictions by must business analysts that
4000 un 1959 | underscored early
SENO
23
2000 at 6.35
Rubber T Wheelock
7 GU
10:30 101,
THE $2
Really
2.70 .725
KM 1.
(N) 2575 225
(54! Il
Int'l invest 15.10 1500
Gilmor
1. K. & F.E.
5.10 5.15
"
Javed
fumpley Hope
23,70
201
Ferry
231
Star
416
The recovery from the last re- ression would indeed be a slow are gradual one with frequent ps and downs.
TERUG 18 70
10%
may
While ear put Lovelling off, sules certainly im- 590 proved in the last third of May, Mshing nhead of year-auto Ulevels for the first time with a gain of one per cent. This pro- 1x 2000 Anduced a desirable reduction 44 #56 - 16 the stock of new cars in dealers 21, Sands by June 1-to a level just 1980 atmere 90,000. This was the line- 961830 est new car inventory level since 2160 last October and mounted in 31640n supply for 43 days at last Hun 16attonth's high selling pace.
16:20
16-10
11000 10 10
Government reunomists meanwhile noted that bust- ness spending for new plant
ZAN 1040
2800
IN 30
and equlpmcul showed
Sonu
1449
500 2.675
270 2.30
1000 2.70 3000+ 2.70
30000 or 2525
signs of Recelerating,
110
It was hoped last month that
President Kennedy's controver- |sial tax-revision proposals, which
1252674 would grant tax relief to busi-
750 60 799, 4070
300S OF NO
2001 in (30)
1000
1000 15 20
2000 13.10
450
2000 ve 3.15
1000 3.15
BOGO A MAS 2009 14 5 15
UNIT TRUSTS
ness investing in new equipment, would net as a psychological
spur to such spending regardless
Liberalisation of Italian imports
The
Romic, June 11. Ministry
particular for the
t
interests wwe the accredited buyers, supposedly to cover short positions from July 1901 to May 1982. Some observers, however, thought the demand might be for a new long position,
Demand for futures was new; socialed, in part, with evidence | of a change in the crop picture.
Weather
nditions recently have been far from ideal Low temperatures in many sections gave rise to fears that the crop may be getting off to a Inte start,
tion of that
3
but
the
averuje,
a
10 nowa
SCIENCE AND
NGINEERING
U.S. research ship discovers swift cold water current
Woods Hole, Mass., June 11,
A 214-foot former United States navy salvago vessel returned hero recently after a 32-months' cruise to report the discovery of a swift-moving current of cold water which pours from the depths of the south Atlantic into the north- east Atlantic basin.
The research vessel, "Chain", On the first purt of the yoy.
"Chain" "carried out Is the largest of the ships mage, the thet of the United States
with an survey bathymetric echo-gounder, zig-zagging nerbay Oceanographie Institutions here. She carried more
the Equator and sailing east dezco selentists
over the Romanche trench, a which took her twice to Free- | 4,000-talhom depression in mid-
than two on 1 cruise
The war in Laes and a sum- Lever, As hostilities promptly mer lul in certain key business, broke out anew In Laos and the as put a damper on many market reatted with its custo- rections on the list that befied a mary apprehension, rise in the Dow-Jones Industrial Many electronics and other
storks selling high in relation to The week began well enough, earnings continued the retreat Monday providing sharp evident in previous weeks.
But volume dropped srivance an assessment of news
notice and this from the Vienna meeting of ably with the prices President Kennedy and Premier seemed to indicate a technical Khrushchev.
The
increase rebound was in store. (me-shot affair, how- ! proved a
BUSINESS FRONT On the business
he world's town, capital of front, the market ako reueled
newest nation, Sierm Leone, on the west coast. t steel companies were cut-
Afrien, and constantly across the Equator, ting the prices of some pro-
As a result of the cruise. ducts after a week when pro-
scientists duction declined for the first time in more than 2 months. The week's results according to Dow-Joues; Industrials up 3.20 1 700.00; Rails up 0.04 to 143.93; and Utilities up 0.76 to 113.77. The broad Standard & Poor's Index of 500 stocks dipped Reven cents for the average price of a single share.
Sates on the New Exchange came to 19,721,630 shares, up froga 31.700.850
LONDON
EASES AT
CLOSE OF WEEK
D
week.
last
Atlantie at longitude 10 de- grees West.
The survey revealed that the trench was not open at both ends to permit the passage of current at the boltum.
reported that there the cold was strong evidence of an At- | But, a long, narrow cut in the Jontle Equatorial counter-cur- ridge was discovered, running
to a rent and located the low-połni
about depth of
2,000 in mid-Atlantis ridge which fathoms and 200 miles to the allowed cold bottem water from east. the south Atlantic 19 (rass Intu the bust of the northeast Al- lantic.
York Machine should speed
the previous three-day week and compared with 17,505,710 a year ago. The daily aver«
shares against 3,032,283 week-ago.
age amounted to 3.944.310
A
American Viscose wan far and away the most active stock, with
The first three days week shuwed a much Armer | It rose 47 on the strength of its appearance after last week's news "Avleel" food additive that easiness, but thereafter a down lends bulk bul no calories. Avco ward trend developed.
followed with: 353,400 shares ap |24.—UPI.
of the 637,000 shares changing hands.
LARGE PURCHASES Italian
London, June 11. Foreign Trade announced that a Another
factor, Shares in the industrial sec- upward liberalisation of imports from large purchases. decree prov.ding for further traders said, was the recent tion of the market showed the dollar area is being prepared. ment
from govern-
sonsitivo mood slock. Traders thought The decree, which will come this
better night indicate into force 15 days after its demand publication in the offfeinl gazette continuing
for spot cotion,
dullness in believed imminent), provides in textile trade caused a modifica-
idea later liberalisation
in the of almost all fruit and vegetables week. and some fats and oils items.
The Minisuy 1166 disclosed that the measure is being taken nt the request
of the US. and It will
the make Canada. liberolisalen of imports fren the dollar area olinost identical
those with
from the O.E.E.C. area-China Mail Special.
The Financial Times Industrial
Collon owned or controlled by the Cominodily Credit Cor-index closed the week at 341.8
2 totalled against previous week's 342,0. Doration as of June
Gil-edged securities sank into 2,204,000 bates, off 11,000 bal the red, reflecting a further fall from the preceding week and substantially under the 5,114,000 bales held by the agency の禁 January 23, 1901.-UPI.
Rising prices
worry dealers
in sterling
London, June 11.
of whether the proposals become Sterling is still appreciably above its dollar floor
law
not.
However, Commerce Depart- ment oflefals predicted the Do- partment's next report on its- vestment spending will confirm earlier (March) estimates of a jihree per cent drop so for this
year from 1980 levels,
This caution was Somewhat unexpected in view of the fact Įthat most ether econtumle in- dienters such as gross rational product and productivity index have been pointing up over the past two mouths. However, it $1.31 confirmed a trend which began in April when machine tool orders dipped severely from the previous month.
First Hongkong Fund; (buyer), $1.30 (seller),
Second Hongkong Fund: cvals (buyer), $1.84 (soller).
Exchange rates
Business was done in the local Woollietst exchange market 115 anerning at the following rates!.
1.S. dollar per li
3.733
Sterling noten per £11
****
iza
Australian notes (per ci
13.GJ
Indonesian rupint: (per 1001
3.40
Slum tesla (her 1001
20.00
int
Singapore (Stralis)
AMERICANSZE
STOCKS & COMMODITIES
WHEN
SELL
and
or its lowest of the 1957 crisis. But it has fallen to its lowest since September 1957 against the dollar, which itself is on or near its floor in Germany, France, Holland and Italy.
the Swins
become.
was усту
U.S. exports, meanwhile, show-seriously, But operators further eventually. But etptain-
worried
This week the dollar has more vulnerable they fallen back sharply towards its The "cult of the equity” and floor in Switzerland, where"people's capitalism" have gone previously it had been techni- further in Japan than
Art any This technical other country, us endly oversold. readjustment between the dollar Jarnely Justinable and under- frane aroused standable. This week's shakenut rumours of Swiss re-valuation may be no more faan a never- which affected sterling.
དྲ་4སྔ་མ technicul currection tu That need not be taken toochable the upswing to go Tokyo has had a shakeout, are obviously
jon fears of a a credit squeez about the trende of costs and the halance of payments,
The market downturn Dullew- cd a downturn in the reserves were enlculated by the Com- Coste and prices are both
which, as the Financial Timzo merce Department LUE
that rising Three great staples puts it, the Japanese
Central munth at $1,047,000,000 down 13 trend, toraceu and beer-are per cent from March and three all diarer. The balance of pay,Bank has not yet cant to hide
ments is probably
a dig at the Bank of England. improving,/?
The Exeptionally strong but not fast enough on the APRIL EXPORTS export side. Britain's relation trend of Japan's reserves The April exports were a dis- ship with the Common Market stock exchange is exceptionally appointment to government ercates much uncertainty, prone to temporary reversals. oficials who had hoped for # The prissure of sterling has continued rise to help correct not been dramatle, as in March the US. bulance of payments or in 1957, but it is unremitting. deficit,
ed a drop in April–the first this stering to London as well year-both from the previous abroad month and from a year ago. Commercial shipments oversens
per cent from April 1960,
WASHINGTON
and
Washington has again relrcal- The serious drain on the reserves ed from its gingerly attempt to Another disappointment in this in March has been followed not tree the internal gold ever. It feld, Although a minor one by the normal technical reversal is much tougher than the drop- which was expected, waS the but by further sizable losses.
ping of the bond celling. Op- Ughtening" of the
term
Australia's deponit of her position
from came not only corre- IMF drawing will teave again as doctrinaires but from unexpected Interest and when Australia spends the sources, Including even some of
the Federal Reserve Banka.
short
WHEN BUY
money inarket and the sponding increase In
rates.
TECHNICAL
ANALYSIS
On Stock Trends
Research Dept. PERENNIAL
TRADING CORP.
610-01 Elinburgh Hound
Hong Kung. Tel: Liaw, 28241
The increase in rates 00 curred four weeks in a row on ike
money.
IN JAPAN Treasury's weekly The Stock Exchange short-term bill offerings
The Administration covers its retreut by remorking that there and has been on glit-edged, Both of matter can
Impact
that In
the 10 urgency and two weeks in a row in later the irredeemable
always be
raised 24 per cent again if the six billion dollars probably the lowest prices Prices in the short term mar-history for British ket have declined despite the bonds. gaverinent's efforts to keep
cat rates dealers offer com- stocks have fallen to about 40. of free gold in seriously eroded mercial paper buyers.
foreign
In either by a renewed gold cut- Government low or by the secular uptrent
of the Internal liabilities.
them high in order to stein any filed, as le perhon nonnal when
Equities have relatively bene
President Kennedy has pledg- renewed outdow of funds seek the underlying uncertainties aro
ed that the entire old stocks ing higher yielda on
stand belund the dollar. Cun- inflationary. Even equilles cannet ress does not underwrite the money inarkets. However, it wasxefinitely lick bongy off thors, plodge, so the Federal Reserve clear from the beginning that
Tokyo this week has tharply will the government's post-recession
not enlarge its internul that quily abilities. It will go on cutting polley in the short-term money reminded people {markets could at best be a tem- prices cannot rise continuovaly,
reserve requirements instead.-- porary one and that it would and the higher they go the 'China Mail Special.
sterling and fears of inflation. Consols 21⁄2 per cent Tell 3/18 to £40% and War Loan 315 per cent 5/16 to £54-13/16.
Steels remained dull following: reports from the steel industry that steel output is still running
nil
shares
New plant investment
Washington, June 11. Business Investment in new
slightly below last year's level, plant and equipment is expected
રા turn although capacity has been sub-
upward in the third quarter. This would be the first stantially increased in the mouTI-
quarter-ta-quarter rise in more time,
than a year, the United States After some earlier easiness Government sald.
recovered, Shell
Bui for 1901
as a whole. jumped 2/9 to 129/0 and Royal mullays of this kind are still Dutch 2/0 to £13 3/16.
expected to be three per cent Among
Greekbelow last year's level. In fact foreigners, bonds were a very dull feature, a new Federal study puts pro- but became
Friduyjected 1981 capital spending at better on aft moon on Swiss buying, just under $34,500 million, Dollar stocks were mixed. The slightly smaller than indicated premium closed the week 14% by a survey of corpurate inten- per cent up to four per cent.- tions last March-Cluna Mall
UPI,
Special,
First to fly in missile
The first man ever to ride sueccesfully in a nigglio was Willy Fiedler who made lhe eple flight 17 years ago in Ger. man V-1. At the time, Fiedler was technical director of the secret "Belchonberg projeof” under which special pilots were to divo their missiles beneath Allied ships. Today. Fiedler is manager of the volentille staff working on the Polaris mis- silo programme at Lockheed Missiles and Space Division, primo contractor for the submarine-launched ballistio missile, Flanked by models of the Polaris and tho special launch tesi vehicle developed by him. Fiedler points out the plini's weak in the V-1. The German programano was huffed just be- fore the end of World War I and this fully developed vehicles were surrendered to the Allies.
anaesthetic control
London, Juno 11.
Oparating theatro analysis
of a patient's breath has been made more efficient
under
A hydrograpille survey inter In the voyage
confirmed that the cold water in the dopths flowed from the south through the cut in the ridge.
Instruments towed astern of 1.he research Vessel on articulated chain were lowered to varying depths down to 100 fathoms.
sut's
Measurements of currents at
Current
the Equator indicated a strong two knots, beneath a somewhat flowing east at about
now mothod weaker current flowing in the direction at the sur- opposite
being developed in Britain at the Royal College of Rosearch Surgeons. workers hope the method will
face.
Later measurements made with parachute drogues and current meters showed that the strongest Bawy was at a depth of between 60 and 100 metres (about 197 feet to 828 feet).
givo onocathetists finer control of tho patient's condition thon is possible at present.
Tests made of the counfor-1 Development is the result of
current showed that it had co-operation between the Col- similar temperature and oxygen lege, tire Shell Research Centre characteristics to the Cromwell and Briush Oxygen Company, under-current acroas the making a prototype Equator in the Pacific Occan.
Scientists reported that the cur
who are apparatus.
When a patient Inhales anrent was a "complicated stream, onatsthelic he is breathing a not simply a broad, shollow rib- complex mixture of gases - bon. partly fresh snaesthetic and In the final phase of the partly expired gases purified and | cruise, samples of the sea-bed
life at depths used again, Precise knowledge and marine
of of the composition of this in 4,008 fathoms in the Romancho haled inixture would greatly trench were taken, as well as help the anaesthetist but until samples of the deep water. now a rapid analysis has not Photographs of the bottom uf been possible.
the trench were also obtained. Royal
College research
Throughout the cruise biolo- workers in anaestheties knew of gical campics were taken by work going on at the Shell both trawls and plankton nets. Research Centre in the use of n-Reuter. new technique-gas chromato- iraphy. This entails the injec- tion of a small sample of gas mixture into one end of a long tube containing special chemienis so that it emerges at the other end as separated Kases which can be mensured and identified
Co-operation between the two research teams has produced a machine that can analyse o patient's breath in half a minute. The Tritish Oxygen prolotyp is about the size of a table top television, set and work is now going into reducing the size sa that the equipment would at conveniently on an anaesthetist's trolley.
A
Super lightweight woollen cloth
dreas
London, June 11. "worsted taffeto" cloth, spun from finest quality Australian moring yorn 70's quality-and weighing 4 DX to tho square yard, has been doveloped by o British firm proparing to the Canadian market. Laboratory experiments are
Colours and patterns come in still being made with samples pastels, shot effects, small check of breath sent from hospitals and hounds-tooth.
but the College
ento:
It reared. recearch team they can be custom produced.
hopes that the equipment will soon be standard.
The wool-dyed fibre randers the cloth washable; it pleats The method can also be used well, does not shrink, and resista
the
amount
of wrinkles. The patterns are vir anaesthetic dispersed in the tually exclusive
to
measure
patient's blood and tissue and dress lengths
as only thre
(max, width 30
this may prove to be an even inches) are woven from cach more Important application. LPS.
Advanced radar trainers for Norway
The rest are used for men's tics, shawls and scarves.
Its creation by refred Brigadier John Henry Wood was inspired when touring North America in 1946, he found him- self surrounded on all sides with unaccustomed central heating. Tho latest navigation
This started the idea of a schools to order compro-super Ughtweight woollen cloth hontiyo radar training warm outside, cool inside, and
good for travelling. simulators
Docca
The cloth is produced displays are Oslo, Bergen hand-operated wooden Yorkshire
and
with
kind in Norway.
on
Haugesund, the pattern looms between 140 ta three principal training 250 years old, the only machines establishments of their capable, says the Brigadier, of weaving at the very low warp Henalons required for cloth, of Two Deeca marine radar dip the quality.
Mr Woods retrat from the plays, one true motion and one azimuth stablised relative mo-services after the last war; aged.
He entered the Toxico tion, will be used at cach
Department of Leeds Univer- school. The simulators are of alty in 1946 as the eldest student versatile and realistic type with there, Three-and-a-half years two separately controlled later he had developed his cloth ochoer, each showing as own and set up the first hand loom ship on one display and as the in Walruste, York, under the
name of the York Weavers. further target echoeg
Today, Mr Woods hao available togethwr will looms, six girl weavers -- who' count line presentation, true cost £300 apiece to train for 18 motion, simulates radar inter- months and a co-director in ference and sea ciutism-LIB, Rire Eva Maria Ginther-LPS,
target on the other.
Two
ATC
14