Fare Z
THE CHINA MAIL. MONDAY, AUGUST 7, 1961.
Weekly survey of American economy
SCIENCES
A SOBERING REAPPRAISAL BEL
New York cotton review
Now York, Aug. 6. Catton futures trading fast wook started the now 1961-2 crop season with the accent
prico steadiness, although over- all activity continued On the quiet side.
Оп
Sensitive to alternate flurries of trade and commission house buying and selling, prices see- sawed narrowly to finished the period nine to 23 points higher, or 46 vents to $1.15 a bale higber
than the preceding
week.
to
In
Predicted sharp upturn not in evidence
New York, Aug. 6. Economists are having second thoughts as to whether the increased U.S. defence spending will produce a sharp business upturn and prolong the economic boom. Their sobering reappraisal was prompted by the fact that the overwhelming majority of the American public, however, concerned over the Berlin crisis, has shown no tendency so far to indulge in a buying apree on items that might become scarce or unavailable in a time of real national emergency.
coming
added
PTD>-
LONDON New York stocks
MARKET GAINS
London, Aug. 6.
A single electrifying force
Industrial
Bont
stocks
simultaneously pushed go-
vernment bonds to now low points.
soar to all-time record
as
New York, Aug. 5.
sogring last week and Stocks soared to all-time peaks this week favourable economic statistics, earnings, corporate developments and government actions all sharpened the bull market's horns.
This was the new Trustee In-
vestment Bill, a low which per- its trust managed to switch up and fixed interest securities Into
to half their funds from bonds
The market got a slight assist early in the week by would The nouncement that Britain would negotiate for entry Into the European Common Market, but this was minor compared with the big boost from the
law.
new
TEXTILE
WEEKLY REVIEW
New York, Aug. 6. domestic cotton gray goods market recently has undergone a quick change from gloom developing optimism.
to
The past two weeks witnesses
500
Both Standard & Poor's stock index and Dow-Jonca 30 Industriais closed, out the week at record highs on continuous buying waves broken only on Wednesday when American Telephone was threatened with an anti-trust suit.
Fire appliance can
pump 16,000 gallons of foam a minute
A new fire appliance which can produce 16,000 gallons of foom a minute, or alternatively pump sea water from two 700-900 gallon-a-minute pumps, is now standing by for any emergency at the Puerto Miranda installation at Com- ponia Shell de Venozuela Ltda.
Y
Shipped out by the UK num
Scammell · Levits Lld., It is built on
210 p.
engined chassis, and has cup-Package boiler can run ment' Atied by The Pyrene Company Ltd., of Laidon.
on waste materials Two separate self-contained dicat engines are fitted, cach A now packaged bollar has at which drives two turbine 700-800 gallon-a-minute Are
been specially designed pumps made completely from gurumetal so that sea water eau Ge used.
by a U.K. firm for solid fuct firing..
While trading volume over the five-day session was the best in
The unit, which, will even zun and nut The foam making equipment on vegetable waste more than two months, it was well under the May volume consists of four Pyre mund-shells is delivered os д сом- peaks when speculative fever the-pump inductors with A plete, compact, self-contained ran rampani and provoked a dual purpose foam-water moni-| unit which is quickly and easily Federal investigation of the martor. A monitor of 1,600 gallon installed and requires no speclai
a-minute capacity is mounted foundations. directly behind the cab and is capable of iravorsing a full cir cle. It is controlled by a shut off valve on, the rear panel and a foam-water control at base.
DEFENCE STOCKS
And although a hugo $5,500 million was added to big board papar values, the climb had lit-
its
The manufacturers claim that the boller, named the Vekos- Powermaster, gives a constánt emetenes
more than 80 por cent when buralog wide range of fuels without the use A 650-gallon foam tanks of economisers or superheaters. mounted on the chassis, but So that the boiler does not emit required, compound can be it into the atmosphere there drawn directly into the system is a built-in multi-célt árrester from an outside wurde, The with a double firing system of tank itself is replenished by collected grit.
equities. It has been freely fore- coat for months. The Royal as- sent for the law made the mar The optimistic outlook much | additional $750 million Early in the week, several in evidence lost week also was on by the Senate and which Ket forgot July's less to the gold reserves the biggest plunge" for deliveries were pushed into dimmed by the result of a poll the president did not request 10 years-and ignore this clouds new high ground for the life which showed that most buying will be of great help to many on Britain's economic horizon. of the contract, but the up-
Demand focussed on indus- turns seemed to invite sestiered executives throughout the na-basie and subsidiary industries.
tion were in nn mood to in- But the impact will be less trials and, in a market only hedging. Aso, lechnicians ex-
crense their current stocks. than originally foreseen. Short of thinly supplied with stock, when pressed disappointment
On top of came the an-n large-scale coflict, the nation's prices shot upwards both on delivery falled the May penetrate the 30.15 cent level, nouncement that steel produc-economy will be dominated by anticipation of trust buying and 1. Despite then when trust managers A resistance point which has tion last week declined 2.2 per two major factors: been reached for three times cent and that the past week's the rapid growth of population moved in.
Industrial plant in the pest two weeks.
car production dcelined 20.2 America's
of its at only part the cent over
kets. Port nga previous operates Four news fuctors dominated per
capacity, and 2. attention: market
The week's figures. [
there will be no The majority of experts who mobilisation, government's first crop estimate
for have predleted a sharp increase sizeable drop in unemployment, of the season, scheduled Tuesday. (2) The rising treat in buying as a result of larger brought about by automation.
This assessment in business In the spot market. (3) Quick-defence spending are
raises again the ening activity In the textile around to the basic fact of U.S. circles
its constant blam of Federal spending in the markets. (4) Ramifications. economy despite
field, which .some
FAST ADVANCE an expansion in buying to the tie in common with the similor- the Berlin situation.
growth in post-war years, civilian
fastest pace in 18 months, while ly large market galas of last Federal spending represents presidential advisers claim would
Ail in all, stocks staged prices moved higher on most spring, The crop report on Tuesday only 11 per cent of the grass best stimulate ceonomie growth.
their fastest advance since Octo- unfinished fabrics made for both will indicate the probable pro-
national product. Even with
opinion But political
Iber 1850 when they forged apparel and industrial uscs. This time, with some support yield duction the
per acre,
the inclusion of local and state
sharply divided on this tame,nhend on news of
Prime "The abrupt turnabout has from the defence stocks, mar acreage under cultivation and
spending the overall govern-
ди pressure is growing on Minister Macmillan's conser been attribuled to' two manket leadera come, from indus ginnings to August 1.
ment contributing to the gross
President Kennedy to drop vative party winning
the factors: (1) Berlin political com-try's most distinguished blue for the national product is a meagre 21 Raw cation exports
some of his controversial bills. general section.
with infiaflenary im- bloods. Names like DuPont, Al- 1900-1 season, which ended per cent.
such as government ald to The Financial Times
indexplications drawn from the mill-on U.S. Steel, Ford, Chrysler, off from the Scammell's power steam pressure or water tem July 31, according to the New
public schools,
11 to jumped 22-1 points on
buildup programme. (2) General Foods and R. J. Rey-un. The total foam output perature and is designed for York Cotton Exchange, totalled
In other words private spend- balance but increased defence week to close at $28.0 against The creeping rise in raw cotton golds were at the top of the ist. (using 10X branch pipes) is operation within a ring range of 30 per cent to 100 per cent 6,635,774
7,182,191 Ins is
the year's low point of 301.4 cost bales v5
10,000 gallons a minute. spending. still the predominant
over the past several
of load. At all settings the fuel bales in the preceding session. motor of American ceonomy.
months and the possibility This pressure is motivated by and the high of 365.7.
Scammells say the equianent and air is maintained in correct The defence For the first day of the
spending fears that
civil best day was Thursday when unchecked
even higher cotton costs under the index jumped 8.5. Friday the government
is highly flexible in operation, ratio and will consequently рго- support exports authority-a pence-time record spending would increase the new 1901-2 season,
the rise was 5.2 points.
and either of the main pumps operate at low loads with a Inflation, although totalled 18,484 bales vs 12,816 or $40.000 million, including danger
The gains covered the board gramme for the oncoming 1001-
can feed any of the foam equip-high degree of emelency.. crop. bales reported for the corre an extra $3,500 million demanded the deficit in the current fiscal
ment. and many second-rankers in-
Isolating valves for sponding day last season. UPI. by President Kennedy and an year will be 6,300 million only
ercased along with the blue Market analysts at the week-
supplying water and compound Fuel is fed automatically by chips,
end were wondering how long
to each unit, and the inductor means of a screw conveyor from for the higher Gold shares stayed quiet but it would take
valves are mounted on the rear existing bunkers, hoppers small costs of unfinished goods to echo
panel of the vehicle.
coal' storage. It is fed through Some Washington economists moved upwards under
the crown of the boller to a around the President are quite demand helped by some record back at the retail level for prepared to go beyond the pre-mine output figures. Coppers dresses, shirts and other apparel sent deficli level on the ground look much the same path. Tins! items, as well as for household a week earller. Advances out construction with storage space air from a forced drought fan
ran into eastern buying helping them upside,
DEFENCE SPENDING
Canadian Pacific
OFFERS
LOWEST FARES
TO
NORTH AMERICA{
ECONOMY
$308.40 LESS THAN JET FARE"
44 INCHES MORE LEGROOM
/FIRST/CLASS
$513.90 LESS THAN JET FARE
• SUPERIOR INFLIGHT SERVICE
LOUNGEAIRE.........
Exclusive
with
Canadian
Pasilly
9 INCHES MORE LEGROOM FULLY RECLINING SEATS NO MORE THAN JET FARE”,
*** Round Trip- Hong Kong/West Coas
Fly Canadian Pacific
less than half of the 12,500 million hole of the Eisenhower administration in 1959.
that fle Soviet economic menace reflected in the draft Communist manifesto must be met at the cost of a sprinkle of inflationary spending.
DEBT RECORD
But the concurrent announce ment that the national debt last week reached а record $293,173,704,084.02 is likely to tighten the congressional virg on civil spending and reinind the President's panel of bright, young economists that though it proposes, Congress disposes.
"No, longer need we wonder exactly
Kennedy what Mr meant when he urged a rush to the new fronder," commcated wryly the Wall Street Journal, We have just reached a new
frontier called $203,172,794,084.-
€2."
now
plexities,
thetary,
The
Shell led most olls into higher ground, gaining 4/5 ori. the week to 127/- Döllur stocks followed Wall Street's example and scored gains over the week. Rubbers often edged higher but teas were little changed.-UPI,
IMF loan for
Britain
ai
fabrics like towels, sheetings, drapery fabrics, ote.
IMMINENT BOOST
mill One big Southern
011-
Earnings reports kept pour- ing in and, except for the oil industry. mbet statements
good showed
improvement over the presént quarter. In addition, dividend doclarations began reflecting the rise in lä- dustry profits.
A tal of 1,404 issues were
traded this week--~10 more than numbered declines by 830 to 407 with 183 issues closing at new highs and 44 at anew lows for the year-UPL
nounced an average Increase of 2 per cent on all ferry cloths,
for dell series through the best of 1981. BANK OF ENGLAND effective August 10,
Beyond that date, prices are su "under study," the manu- facturers said.
Elsewhere, brokers expected
an imminent price boost of cent a yard for most combed
STATEMENT
London, Aug. 8..
colton fabrics, including lawns, The Bank of England state- broadcloths, sateens, etc. Some ment for the week ended Aug. bag sheeting prices were up one 2, reads as follows:
to 14 cents a yard. Some belt-
ing duck sellera buosted prices Notes in circulation. several cents a pound for any Fable tapolis thing wanted beyond December. Private deposlis
Government, securities Washington, Aug. 6.
The cotton sales yarn plcture Other securities
but the undertone Receipt was mixed, The International Monetary was steady to firm. Individual Rolls
Fund announced agree spinners reported Increases mant to make available varying from one to two cents while others were the equivalent of a pound, US$2,000 million to help noking the same price for spot and nearby as they wanted for Britain's balance of pay-the last quarter. Thus buyers o the new drop in
ments position.
were shopping around looking for the best buy.". Knitting steel output last week, Accord-
The announcement anid Bri- trade activity has increased sub- Ing to the American Iron and
toin would make an immediate stantially. Dress goods also Sleel Institute, the steel milis drawing of the equivalent "bf showed sirong activity. Buf 1,818,000 tona US$1,000 million in nine cur- the anchor in the weaving yarn
would have the groups
was still for the up-
wage
The yearly change-over to models ard uncertainty about the outcome of talks i Its best client, the automobile Industry, blamed
have
melted
In the week ending last Saturrencies and
chary'
This was 3.3 per cent right to make additional draw-holstery and drapery counts. less, than the 1,853,000
tons Ings up to $500 million during Hard Abres were mixed. Bur- the week before, and, allowing the next 12 months.
lap prices armed' somewhat, re- for the July 4 holiday, the lowest
reports at new The immediate drawing will sponding to output since April.
Argentinian in- Cuban and be made as follows;
Major steel makers, who $450 milion la United States quiries at Calcutta, and reports haye been predicting that currency: $270 million in Deut-of floods in West Pakistan' areas. August would be their best sche marks; $270 million E-UPI year this year, arò carefully French francs; $120 million In forecasting that Business may Italian Ure; $izo" millich in pick up in September.
Netherlands guilders, 390 rgillion Asphalt plant speeds
in
They believe that by that in Belgian tranes; $6 million in time the drawn-out wage dis Jopanere yen: $75 million pule will have been settled in Canadian dollars and; $30 mil} automobile industry and carlion in Swedish kroner. producera will come in
This is the biggest drawing the large orders in full force. Auto- Fund has ever allowed mobile producers have
with
bean
wary to restock before knowing the outcome of their negotia-
workers union. ·
REPLENISH
road development
of
An asphalt mixing plant made by a O.K." engineer- ing firm is helping to development speed road sthomos In Nigeria. The Fund said it would re- flons on Hew wage and benefit plenial: His holdings of each of
In the 10 months before contracts with automobile the nine currencies lloted in an Nigeria's Independence celobra: 70,000 amount equal to one third of the tons, it produced over
accurately graded The steel industry is also drawing made by Britain in that tona anglously reminding customers currency, The Fund kald it material to help prepare the that this would be the best would ute 4000 reillion of its Federal capital's aftecis for the lina to place orders with Oet, 1 gold holdings for this purpose.
In "London, a spokesman for Now it is currently producing at for the opening of new wago Inike in the steel industry and the Treskury said the drawing surfacing material for Awolowo- the threat of a strike--and with watch Would bring Priisin's re- road, Lagos; n= 24-milgrond indrenseant steel prices virtually serves up to c1,411 million, was linking the city with lyr waveldable,
repayable within three to Ove sidonuet Juburb in Ikdyl.”
The plant in part bz' the 'big But, no "Iron Age" pointed are. 11 is subject to a service out, steel buyers are not being the total drawn and interest cently set
charge of one-half per cent of asphalt production depot to
up by Taylor Hampelfed by an psychological bharges are sind payable is a Woodrow (Neria) Ltd, or roal influence; there is little silding scale. eviderte of a summer bulldub an a hedge against higher price
a national emergency, or the potential market lightening..
The stock market. Ihat wreck İ'rgata a tresponded largely
favourably to Preddent Kennely arms bulldog programme-Up),'.
Ogledi
at
The Fund mid the standby When working at full. Dres- arrangement would" FIVB w sure" the machine (a: "Btarmix speciño guaranie"" of further 38") turns out Bd tone of finely support for Héliala's virprie graded: bituminous asphalt a to maintaid theʻmiibigift of four and on the Awolowo-road placing and the suretli pra- the material is loldalun moje exchungo Mabilly ERE« perature of over 250 "desregr grally—Only MAI"#"ogin]. Fabrinhøjt!
means of a 25 gallon-a-minute The unit is controlled by
pump driven by a power take-
10.
Bodywork is of all-steel vortex chamber supplied with
for all ancillary equipment, In- and the fuct is thereby dis cluding the four at lengths of trouted in an even pattern on 31⁄2 in. suction hose. All the the firing bed lockers are fitted with internal
A-
lighting, which operates The ecmbustion nection and automatically when the locker the heat transfer areas of this
boller doors are opened.
are designed in cordance with each other's characteristics and careful attention has been paid to the need for a Low
rear-end temperature in order to minimima of fouling and the possibility 'bird nesting" of the smoke tube ends.
Best total
¿
FIVE YEARS
Delrolt, Aug. 6. July new car sales in the U.S. ware the best total of an month this year at 410,082 units against 429,005 in the month lest There are no moving parts in year, Dow Jones reported today, the furnace and It is estimated that the grade will have “a General Motors and Ford minimum "Ulto" of five years, 33.000.10 production was higher than last even with the use of low ush Mail content fuels. The makers
£2,415,349,003 13,340,000 312,000 701 4159.816.140
32,800,040
усаг levels. China UPL Special.
#A visitor from Hongkong to the BSA factory, at Small Heath: Birdingham, wat Mr Anthony Raptis
Tetor of thi||British Bicycle Co, which sells : Ichines in the Colony,." "Hara, in a camer of the Small Haith showroom, he is discussing pollen
the Elm
14 Janet Piractor of Levetus 14, the LEA
consider this an important feature from the point of view ́of boller avallsbility and malp-"
tenance costs.
The rate is of a V forma- slon and of loose section,” Fie bárs are manufactured from two per cen chrúma Iron: Under- fire at is delivered to the fuel bed through !uwan-ncék · alr This has porta in grato bars. the double effect of providing in imsoth and well' distributed air the fuel bed, thus supply to reducing the tendency for blow. holer, and it also completely elimina.c riddlings through the fito bara,
tho
The baller does not require employment of a skilled Bremen and it will run for sa Jong na ten hours at full load without attention To desazh eft! this line takes about threa minutes, and' in, a, tofal' 'of Kúp minuica the unit can be ruhalrig téálh at maximum pulpuí,“
In the event of a power failure It is possible to the the boller by band in order 16 provide cótinuity of steam supply. The air for combustion Would" be induced by a natural drought and 'dompira ar provided to byptog
multi-0:11 grit Pergubern Bo that 'm'presstike | direj serces the boiler would! be [roduced, A
the
Another festure ja that durida the annual Shapećtion of the unit not necessary`15: Tế» move the Heart cho quế căn be watered through the tre đoạn of the boller for inspection and ab the roar there laro odlegante access doors for the renioval of |arly specumulated gm. 122
"Although speeldently designed for walld fuel ning His boller cán be quickly converted for pit or gây tring.. "Allkinativelift
bquipped" for "ský kombli pf. cil/ga/tõlla" dias "azing a