+
} Page 2
THE CHINA Z MAIL, GUMONDAY, JULY 24, '1961.
Weekly survey of American economy
GNP HITS RECORD LEVEL
SCIENC
INTERN
But company HONGKONG The acid tests LONDON Biological survey
earnings show a decline
New York, July 23.
kong
STOCK EXCHANGE
By:
fur Own Correspondent
Business done on the Hong- Stuck Exchange morning amounted to approxi- mately $1,370,090, Noon quota- the morning's transactions:
tion and
Bhares Buyers Rellers 115 Bark. 400 103 50 405
The second quarter reports were almost all in last week and while company lot to be desired, the earnings leave a overall U.S. output of goods and ser- vices rose to a record level. Preliminary estimates show the gross national product rose to an annual rate of $516,000 million in the April-June period, up 2.8 per cent from the first quarter rate of just under $601,000 million. The previous high for any y quarter was $506,400 million in the second quarter of 1960.
units,
Hi Sank
|Lon. Arg} Ex. Dlv
Uk E. Asis Allied
170 401
300 101
100 4 293 100 or 208
200 304
1:50 11.00 Invesi... 24.70 23 2000 24,80 Where ...
13.10 1390 2000 13.20 Wheelock
3.10 2000 27 3.125 H..
10003.JU
While U.S. economie perform-; del year with 5,375,000 ance in le second quarter this. This would be more than ten per Deck
Taikod Duck cent under the 1980° model out-provident put which totalled over six mit-K Hotel UK Land Ion cars.
110
year reached new peaks-the in- dustrial cuttput Index for June, for example, was a healthy per cent of the 1957 average and
point below thei unly about B pre-recession high the re- sults, when applied to the whole Arst half of 1901 were not as in- pressive na some Industrini quor- iers had hoped for.
Telephons
SHORTAGE Industry spokesmen kald that
July sales notwith- IK G low early standing, there was certain to be a shortage of new automobiles in the next few months, particular-
This was demonstrated best inly if there should be any labour allmen
the earnings reports, almost 51 of them down
compared with
the same period of last year.
SATL
Trouble as a result of current contract negotiations in Detroit
Jardince
:
Cenitent.........
Dairy
113
33
7416
735 3.123
100 ## 70
100 # 781
1ve up 75
100 75
200 13 0585
500 22.00
53 555 3120 5515
22.60 22.70 1000 12.00
of Britain's
crisis
measures
London, July 23.
On the eve of Britain's latest series of crisis mea- sures, the immediate reason why she has to put her house in ordet is that people will lose confidence in her if she does not.
The acid tests of the measures will be how for they encourage } successes and efficiency instead of sheltering fallure and efficiency, what they do to stop the wage-cost pressure, and how they can keep up the invest- rent boom in successful indus- tries.
There is a ense for eating social investment so as to expand industrial investment but the old game of cutting productive capi- tal spending is up.
TEXTILES
WEEKLY
REVIEW
New York, July 23.
Of course, it is spending, and Cotton grey goods markets some officials still regard all inflationary. but spending a
sensible people now recognise that this form of spending to the only anil-itiflationary hope now adays,
Both the Bank for Intern 250 de 27.70 tional Settlements and the 800 22.00
have spotted
28.49 28.00 800 20.00
that the countries with musi dydamism as a result of high investment have at least as much price stability as the sluk- glah countries, and getterally more,
HIGH INVESTMENT,
0.05
4000 1 22.70 United Nations 0.10 1900 8.10
0000 5.05
1000 60 0,30
2000 0.05
2000 4 8.05
500 * 28.70
200 20.70
03 4152 4122 BĐS New 2.623 2.475 10000252N
4435
43 5000035
WITH 30000 và 2.5i
200 yr 42
250 42
GOT
100 B1
100 a 8015
100 103
106 200 134
37 371%
203% 4015
About the only exception were Car Imports meanwhile scor- oil companies, which theed a mild surge in May, accord- whole showed ttle change, and ing to delayed statisties publish- steels, which last year were, hite by R. L. Polk and Co. The by the strike and by comparison May total of 34,374 car Import Really this year registered substantial registrations (actual sales) was HK Tram goins.
the highest
months, in seven comparing with 33,344 units in April and 44,218 in May 1980.
BRIGHT SIDE
K.M.B.
HK Elec...
For the Arst five months of Yaumati On the bright side of the this year, car Import registra-Light economy, housing finally agema tions totalled 153,151 or 0.07 per to have woken up and in June
cent of the U.S. automobile mar- passed year-ago levels for the ket. This compared with 224,803 same time this year. As in many
foreign car registratiorts, In the other sectors of the economy, Arst Ave months of lost year. here, too, the advance was an
The penetration of the U.8. car exception rather than the rule market then was just over eight because in June hausing activity | per cent." usually falta off.
Construction of private dwell- ing now runs at on annual rate of 1,374,000 units, six per cent above May and seven per cent above June 1980. The pick-up in housing came just in time, for economists have been worrying about this particular aspect of
the nation's la.
42
2000 or 30%
244 30 100 FF 30%
500 4 035
40%
500 00 4015
650 403%
156 40
400 40% 1000 or 40% 43007.10
190000 1100
2.05 720 11.70 12.30 0.00 1.00
1.10 1000 1.05
Textile Hased on the May rate, a Nanyang projectlan for it whole of Amal Rub 1001 would Indicate total for. Rub. Trust
511 Dock eign car sales of Just below Inti Invent 100,000.
1K Mine Humphreys Mocan Elec.
XD Metal
Lane, Craw Sincere Construction
car figures
310 20.00 27
13.00 14.20
1.023
03
49 501
10.70
The May foreign were significant for another rea- son: Volkswagen still dominated Amay Cann.
of course, but ils the market. penetration was unly 43 per cent, compared with the peak of 52
Steel picked up too, as fast week's output ended a string of six weeks of declines and revovered more than half the per cent in January. Not since
ground lost during the Fourth
jast October had Volkswagen
of July holiday week. The out-had to settle for such a small
put was 1,800,000 Lone and the proportion
of the overall for-
outlook for the rest of July eigh car market.
May.
was for a low buk nieady rise. Among those who gained in While housing atoris and steel May were Telumph (o climb of output
cheer to the 22 per cunt), Renault (15 per brought
(eight per overall picture, new automobile cent), English Ford
Benz (three), sales in the early period of July cent, Mercedes proved a disappointment. They Volvo (2%), Austin-Healey (1.2 fell about 15 per cent behind the per cent). Fiat declined and Opel selling rate in June and were, in and Simen felt completely out of fact, the lowest this year with the top ten ratings for the exception of early February. Newcomers replacing them were
The car industry meanwhile Metropolitan and MG.-UPI, turned out the three millionth car of the calendar year last week and made final moves for terminating 1001 model pro- duction. Having hit the Dve mil- llon mark in 1961 model year assembiles during the Fourth of¦ July holiday. the industry ex- pects to close out its current mo-
P.O
1001
UNIT TRUSTS
First Hongkong Fund: $1.32 (buyer) $1.40 (seller).
Second Hongkong Fund: cents (buyer) "$1.03 (seller).
ORIENT
LINES
R.M.S. "CANTON"
EMBARKATION NOTICE
Sailing for
UNITED KINGDOM
8.30
Exchange rates
Tusipas was done in the morning at the following rates: V.5. collar (per $....... Sterling notes (per £11.
unitoulal exchange market
Australian notes (per £1 Japanese yen (per 100) 2. Cambodia coil (per, 100) French new frane (per Indonesian rupiah (per 100) Brazilian cruzeiro (per 100) Argentine penu (per 100) Belgian frano (per 1001 Korean wan (per 1,000)
tation 1.000) Chinese (per 1). Taiwan yuen (per 10) Thai baht (per 1003 Burmese Kyal (per 10)
...
The
Bank of England
STOCKS WEEKLY
REVIEW
violently
London, July 23, Stocks plunged
last Monday then surged upwards for three days before telling off Friday in thin trading. The remarkable behaviour seemed wholly due to nervous- nces over the government's
on
| long-profuised action to get the domestic economy beiter balanced and bolster the pound abroad.
Market sources said to restars apparently paid little
A
of oysters in
New Zealand
Wellington, July 23. biological survey of oysters in the Foveaux Strait is to be undertaken by scientists of New Zealand's Marine Department to discover how many oysters can safely be taken from these famous beds each year without over. working them,
attention to mounting tension Cutting steel nearly
never
over Berila de troubles In Biseria. Their focus was the Impending measures at home. Hits of a dividend "freeze" were spotty during the drove industrials down hard on week under review. Fair Monday to set the index at a new low for the year. Then fed quantities of print buyers believed that the alide clothi word sold but was overdone and went out for second hands ware traded bargain. Business was
sald price under heavy and dealers at prices slightly
tmovements did not reflect the the previous lovŏfs.
True volume of trading—even Demand for 45-inch good wasco, in threa
the Index days brisk 05 supplies tightened soared some 12 points, before Broadcloths were bought in sub- losing a single point on Friday. stantial quantities, Cotton yarn The Financial Times Index in-clased the week at 313.5 a gain markets were slow despite dlestions on the price increase of 0.3 points Across the five for the fourth sessions but still was well be- deliveries
low the year's high of 385.7 set in May.UPI.
on
quartet.
has
only
TRADING RISES Trading picked up sharply In
twice sald that International
credit arrangernents cah
buy ilme for needed structural some sections of the synthetic reforms and measures designed market. Acetate toffelas were for dynamism and competitive- | active
ness.
ав жете dacron-cation mixtures. Tricots sold in large
The EIB has said it several | volume for delivery in the near times. So has the German future.
Bundesbank, the institution Wool goods markets were
that could otherwise put the slow. bailiffs in.
Burlap prices declined as a re-
Mr Per Jacobsson has hailed Dritain's high investment be-sult of profit-taking in Calcutta. cause he had previously been Spot and affoot lightweight were afraid that the heavy burden off 20 points and heavyweights remaining from the war would were down 40 points. affect Britain's vigour.
Hemp prices fell as much as Lord Plowden and Sir Geoffrey one-half cent a pound as buyers Crowther have similarly re continued to show little interest marked that Britain has nol in accumulating supplies. Sisal made nearly as much progress prices showed no change as both дя was thought th escaping buyers and sellers awaited in- from the stroll-jackel in which | formation as
and to the size she ended the war.
quality of the new crop-UPI.
If the Chancellor's measures score heavily far alerling, tho hest might turn back on the dolier. Uncompet{ilysbéém là of the common problem
countries Gazlish-speaking rather than a spectío Brithh problem.
Meanwhile, the manipulations of the Dollar/D-mark exchango local rate do not greatly impress the this foreign exchange markets. Last winter the Bundesbank deliber- Pately over-paid for dollars. 12.77 After that stunt, the
valuation of the D-mark sit 920 the dollar straight down to a 1.17
Outside jower 3,40 much
1.40
res
2.00 Germany, It is still on its loo
floor,
0.00
1,02
Lit. other major Conunental
3.40
centres.
forward
Canadian stocks
Cotton weekly
review
five feet thick
The Burvey will attempt to establish the exact location and extent of the beds and the form and control managemchi necessary, to produce a maxi- mum yield,
It is expected to take several years to completo.
They are gathered évěty year between February 15 and Bep- tember 30 by fishing boats which ply from Bluff, the Dominion's southermest port.
London, July 23. Stool up to 55 inches thick can now be cut in a frac-
A sen harvest of oysters worth tion of the timò previous- anything up to £450,000 a year ly taken by a new method dredged from the restless wd- ters of the Foveaux Strait; which adapted in the Hudders-separates Stewart faland from field (Yorka) works of the southern tip of New Zea
land's south Island, David Brown Industries. The method was used as the first step in the manufacture of a very large fabricated wheel. The steel forging from which the wheel was made was circul- ar in section, five feet lu dia- metre, and three feel thick,
The cutting of the centre boss by, propane/oxygen flame took best known only 40 minutes, in which time a central 31-Inch, four-tun core had been removed. Molten metal from the one-inch wide cut was poured Into a specially prepared kit.
The finished bore, which the company said had an exception ally smooth surface in a good condition for subsequent mo* chining, tapered less than three- sixteenths of an inch over the full three feet depth.
In preparation for the job a 11⁄2-inch hole -was
Bluff oysters-raw or dooked, with or without chips are the of the very law typically Now Zealand foods.
Up to now, only Bluft's 'velet- an oystertmen have had any in- 1imale knowledge of the oyster
beda. The auccess of each-boat's dredging, activities still deperids on the skipper's skill and expert knowledge of where the tichest areas are to be found and how they can be worked.
Since
the first oysters Were | dredged commercially, · more than 70 years ago, a considerable Hrilice industry with far-reaching off- through the three-foof thick shoots has grown from an ever- forging and the metal was pre-increasing market-Reuter.
heated before actual cutting be- Now York, July 23. P. Cotton futurds retained, fair | gan—LPS.
gains last week after now high itaring into ground. The higher prices attracted new hedging and profit-taking, causing
a somewhat moderate reaction. The new buying was stimulated by adverse weather conditions and increased actl- vity on Borne Bections of the belt,
be in
Harvesting, in the early pro- ducing areas, has been delayed by unwanted rains and the crop New York, July 23.
In some sections is two ar four Thompson and Mckinnon, weeks behind last season. Spot New York brokerago firm prices continued to improve and and members of the Now higher prices appear to
the offertig. York Stock Exchange, at-
One
believes source tributes the continued rise expiring July 1061 contract may In Canadian stocks to have given some clue to the action of the 1901-2 contracta. fears of more inflation. This, they say, is because of during the new CRSON.
final day of trading
the
On the
D.CS The origin and motives of actions of the Canadian Govern-
somo moderato but fairly ment in an effort to achieve a Interests were willing buyers regulor New York sales of spot swift economic recovery to in-of July, 78 points under Osto-.
budget deficits, ber. are crease. Its D-marke unknown. They may corse from reduce interest rates to oncour- the modest stockpile that the age. borrowing by Industry and Federal Reserve recently acquir-step up exports."
The Bent in a special bulletin
0.00
1500
$7.00
5.35
and
99
Pakistan rupee iper 201
730
Macan pataca (per 1)
3190
Norwegian Krone (per 30)
Philippine peso (per 1)
Singapore atralis (per 1)
Swike frame (per, li
1.33
153
142
via SINGAPORE, PENANG, COLOMBO, BOMBAY, ADEN, SUEZ, PORT SAID. EMBARKATION: The ship will be burthed at No. 2
SAILS:
BAGGAGE:
Pior, North, Kowloon Wharf. Passon- gere should embark between 2.30 p.rti. and 4 p.m. on Wednesday, 20th July, 1941.
Netherlands guilder (per
West Germna D-mark (per 1)
Cuban pero (per 1)
ed as part of the manipulation
in-
pr from: private American Baid longer term prospects for hulders as part of the Berlin Canada indicated greater
dustrial output with commen- jitidra-China Mall Special. 1.10
surate gains in corporate carn
Berlin crisis weakens New York stocks
New York, July 23.
The depressing effect of the Berlin crisis was given as the major reason last wook for a generally lower and gloomy stack market still confined to a narrow trading range since early April.
#10
Inge.
NEW CROP
Recent inirelissers from CCC stocks by merchants,
lils and shippera appear to be against Murent and quirements, amount of new hedging is op- parent in futures,
new! Only
SCILOT TO-
small
SOM
Fire research on show in Germany
The
ed.
Joint Fire Research
in Organisation Great the largest
Britain, now
of its kind in the world, took a prominent part in the recont International Exhibition of Fire Fight- ing Apparatus and Safety Equipment in Cologne.
wore
Dairy engineering exhibition
London, July 23. The Dairy Engineering Ex- hibition, (ponadred by the Dairy-Engincons' Associa tion, will be held in the National Hall, Olympiú, London from January 20 to February 1, 1963.
storage,
It will be the only engineering The main British contribution
the United King was centred round a working exhibition in model showing how the pro- dom devoted wholly to a com- display of modern vision of roof vents' or open-prehensive ings in single storey industrial equipment for the treatment of huildings may help to remove liquid milk and the manufacture smoke and hot gases and restrict of milk products.
Exhibits will, Include. 1116- the spread of a fro. Coloured
chinery, equipment and snelist- liquids were used in the modelles for the reception, spot
to simulate the flow of hot pasteurisation, sterilisation, bol- gases and the effect of opening fling and storage of liquid milk roof vents in each of the three and crcbm; the production and bays of the model on both largo packaging of cheese, butter Eun- and small ires was demonstrat-densed milk and powdered milk and the production arid packag- Also on the British standing of ice cream.
a number of stalle ox- The Dairy Engineering Ex- Hiblia portraying other aspects ibition will be a Trade Show of of fire research:---
special interest to all persons Automatle detection of fires concerned with the dalry in- In buildings; this showed adustry la dhy of its bṛañenét, Beat-actskive system and how or with the equipment user. its performance is related to the Omeints of government depart characterises of the building ments, educational and dairy fr approximated
search which it
establishments, Installed.
and 16,501,000 acres, which was
Fire resistance of prestressed students will airo be welcome Upwards of 200,000 smaller than
LPS. coficrely beams; how beams can Bad beds expected Plantings be designed to meet the fire- are three per cent larger thou
resistance requirements for Just year, but 16 per cent
various types of building.. ttian detallér
1950-69
Statletical analysis of res average.
daused by electricity; showing Futures closed the week quiet
how the escurence of clee- sitid steady, The Census Bureau
irical' dres has risen with the report placing June cotion con-
donsumption of electricat U.S. CORPORATE sumption at 824,144 munting dnergy, and the distribution of balos with about in line with the hazard between appliances SECURITIES expectation This compared | df various. kind, (cookers,
with 607,505 during the 20 space heaters, etc.) nad elec working days · Of Washington, July 23.
Mity and irical installations. and Exchange working days of June, 1900.
059,769 bales during the 25 Commisalon reported lo
Boot July closed Friday 84,46 day that now U.B. car cents, tim 18. points bo the porate securities offered week. Friday's closing rings for cash sale In the second was five lower to four higher.
-UPL quarter of 1981 totalled $5,100 million. The SEC. said this was an "all-time record volume," two
and
"Demand for Industrist raw
The USDA estimate! That materials and mitiorala will be enhanced," the report wild, and planting to the now defustic Ilsted İnternational
Niekel, crop Aluminium Limited, Hudsoni Bay Mining
Smelting, Noranda Mines, Taleonskriðga Nkket Mines, and Consolidated Mining and Smelting no cor- porations which should Venkai from this action Cha Mall Special.
Securities
The ship is expected to sail at ₺ p.m. on Wednesday, 28th July, 1961. Should be sent to the Hongkong & Hopea Heid rison for a rally; sive about the administration's Market ́ ́eload tilly to dedi with the Berlin Kowloon Whart Co.'s Godown (No. 2 when Gate), Canton Road, between 8 a.m.trongly week carlier but crisis and this, coupled with a quickly fathed in the tchnienily declining market, and p.m. on Tuesday, 25th July, wake of Communist pressary on does not augur well for the art half times the value of
the West Berlin out and wèdits shereh chances TOY
partial mobilisation by the United States.
1901.
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD.,
P. & O. BUNK.
Tel..20211/0.
ете
U.S. raw cotton
exports
altering in the fourth querier of 1001 and 40 per cent "larger than the previous record of siree id he $2,000 millon offeredi In the didn't ke the WOY short first quarter of 1987.
New York, July 18. FAW cuttan Exports by The French Tunisian squibble interest ngures have been drop- While 300 zhillions and br stripped in to Further unsettld ping (151,000 Murts lower. In |AT, and T., was included, the destination as telioried in ustes the investofa.
June, the big board reported) B.E.C. added, und quarter by the New York Cotton **
#qually One big wife hönse sig sj3 | forsk
nated volume was still record change for the 1901 abasan that was needed clear the evourities analyst polistat out for new corporate offerings as throul July 18: aif was, dhe intensive ware of that the short Interest ratio in 5,200 million; was raieed to welling to set the stage for, Kn | tms at Dew-Jones average pay for plant and equipment | suntinent" inspariant rebound,
value has in fact been · rising' and 10on, inkilan tepresented | Duped Another
respected | for tres consecutive montiis, kx|new working capital, China | Vidi" for "sessin vain. highly
Bame period last year vid Mali Epecfu)," analyst, kald lie was apprehen». FUPI.
„Anothér
Main
#300 ($1m
Paints tested against fading in Tropics
London, July 28. Britain, the world's fargest exporter of paintu, hai solved the probleme of colour fading" and "fun- gus" which vaxek trópicat - countries.
Saving of life is burning oll Inkers; drut of the problems recently dealt with by the or
method of antention wax n enabling lifebante to pass ately through a son of flames stre
Mr II. J. Godwin: Wolf, chair. rounding burning oil tanker, man of the Export Group of the Industry announced this Adequate protection from are paint Cute Uo achieved by vatne a recently at a reception given by tightly hiting canopy
welled the newly formed Paint Manu- facturers Joint Executivo, Cut- with water,
#i. Commenting on present re- search in England, an official spektan anlılı Today UK cientists are not only concen trating on problems of, Im
Last year the, industry export- ed directly: puins worth dI0% million, of which 20 percent approximately went to Cominen» wealth. countries.
mcdiale Importance to. Uo Dri- The paint is tested for “fast- Ext Are Agating services andness of Eufour and 1lability fo athers concerned with, fire pins fungus ki Dhe Dalian Paint Fla. vention, but are nisp carrying|search Centre. Tiba proteinju.
out fundamental studies aimed are particuikrly érteoutilered in ai providing a boste underkland». | West", Africa, the P42 Xhot and ing of the mutora governing the | the Caribbean: As a boruli ·· öf course and severity of a. tzt. | testa, mid-16P--Wolf, burers -15 Fre this work they are co-operate tropical countries could aga Ing with a
manufacturers number of other - promch" "Belch European countries.”—LPS With confidence,+LPA