THE CHINA MAIL, MONDAY, SEPTEMBER 11, 106.
Weekly survey of American economy
SOME PRIVATE DOUBTS ENTERING Businessmen not LONDON Blue Streak at Farnborough
so optimistic as official view
New York, Sept. 10.
Officially, the U.S. economy is "moving into
STOCKS
GAINS
London, Sept. 10.
brinkmanship
ovor
Berlin, four Russian nuclear blasts and con. tinued uncertainty about the homo economy cut London stock market activity to a low fovel last wook.
new high ground" but privately there Soviet are some doubts about this. The official estimate is a quotation from the Federal Reserve Bank System's monthly re- view for September. Private businessmen, noting the prevailing caution of the custom- er, the Berlin and nuclear test dangers and the near certainty of inflationary pressures resulting from new automobile industry con- rise in industrial stocks. tracts and the planned steel price increases, are outspoken in their doubts.
elf bummer Bel ns wary nervences will go to leef next etsinners, the egonomy will the month.
Severo?
The
in true tuin," one executive was quoted as saying. others expert new government! Was Instivated control as a result of their fears
government's campaign primarily by of a new inflationary Butionary preseres and the mound in the US. ecomony. ternational situation.
Costlier steel
"I don't think the economy b #ping to take off." sale anther Another reason, publicly extention "There is nothing in ! stated by President Kennedy The inthetrial world today that last week, was that costlier steel is not an plentiful supply," products would price themselves but of the world market and
The government, unveile, tip the scales of the delicately entities Ka enmpaign augalast! haluneed
a steel price merease in Orte- ber. A presidential Counen
U.S. international payments position.
|
These factors, however, did not check a steady but small
Price changes were mostly small but where they occurred they were mostly upwards.
Sentiment for the status quo was helped by Wall Street's advance, new strength of the Improved
pound and Britain's gold and dollar reserves.. Hopes of a casing in the seven per cent bank rate were already stirring, but in well-informed fannetul quarlers the bellef was that there would be no change until mid-November at the earliest.
Blue chips
Most blue chips were gainers on the week Including British
Dunlop, Imperial Chemical and Rolls-Royce.
published a report charbeitur The President, apparently, American Tobacco, Cortauld,
did not speak too soon. Die day after his press conference, the Federal Reserve System an- manted the first single major
to steel producers Lill van corn at an annual rate of bes tween seven und 15 per cent after faxes without increasing prices, even Dwugh wage Brutliow of U.S. gold this year:
HONGKONG STOCK EXCHANGE
by
Our Own Correspondent
Business done on the long- kong Stock Exchange Morning anofinted to approxim-
Non qual ately $1,300,000.
thons and the roorning's trans- Alons
Mazes Buyers Sellers
Govt. 396
Lover Insta
1K k
20 102
BK AB
(NEW!
Sales
960 20 CA
$150 million in the week ended last Wednesday. The totul out- How so far this year is $315 million, the total stock un band $17,452 million.
The steel Industry seemed unimpressed. 1 said. in eitect. The odds are strel prices will 1 after October" 1 by be- tween four and live dollars 3 ton.
Stores were star performers, Woolworth up 4/3 to 34/9 while groups like Great Universal Stores and Marks and Spencer showed good gains, helped by record July retail soles.
Over the week the Financial Times industrial index added 4.4 points to 313.3 compared with the year's high of 365.7 and the low point of 301.4.
Government bonds stayed very firm and managed to tack on small fractions although de- mand dwindled. War Loan 3 per cent closed at £53-7/10, up
Industry spokesmen sald rea- sons for the rise are improving husiness climate, record high Industrial production, rising ur- sters on dirable goods and good | 1/18th on the week.
utfak for new car sales.
With the car Industry strike threat apparently side-
ned, the car makers pushed ahead with 1902 models, by early this week they had assembled nearly 180,000 of the new cars, a' substantial gain ins now mudel production compared with a year ako,
The stret industry kept pace by seuring is 8th weekly out- But Kuth and holding its weekly pontjait above the twa mitilon
11.30 ton level.
Kam
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115
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135
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NUO 36 200 38
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601 739 10282 201
fel, the industrial ground-
I work for a higher
economic
Dollor stocks made a mixed showing. not always
sharing New York's buoyancy. In foreign bonds Japanesë improv ed but Greeks eased,UFI,
Economic News
from Japan
Tokyo, Sept. 10.
plateau was here if the run- The bearing department of suner and the international situation co-operate. And that was a big it Financial news- |papers are full of surveys show- ing. The consumer about ready to expand his purchases.
But so far, these
stirvoys have but been borne out by the facts, About the only aren where the consumer showed any Increased reariness to part with his dollar were savinia bonds. apparently as a reaction to the
the Japan Exporters As- sociation has decided to invite a group of Austra lian businessmen to visit Japan this November as part of its export promo- Fion programme.
Towering above all other exhibits at the Farnborough Ale Show is the former mis- alle, Blue Streak, how the prospectivé main stage for a European space satellite Jauncher. Alongilde is its' Belly Royce rocket motor, which at present produces a nea "level" thrust of 137,000-lb. and is beingʻ built up to 'give' 150,000. A mirror has been fitted beneatis 'the' bake of thự Bike Streak launcher, so chable 'vitors to see the mechanism.
WALL STREET
MARKET
DECLINES
New York, Sept. 10.
Most Wall Street observers last week agreed that the first post-Labour Day appraisal of the stock market was indeed a gloomy one.
Prices were lower overall and the fact
market that popular averages touched record Ingh
*miid-week ald little more than serve as a hollow victory Uc fore swift disillusionment in the last two sessions.
Exchange rates
Toshiba has developed a high- 10402275 international situation and can pick up images for colour big wire
sensitivity image orthleon which The research head of che response to a guvernment en-
bous noted ・ carliér Business was done
in the local paign.
television at the same intensivity | that the Dow Jones Industrial unafflelal exchange ot light as for black-and-white Averske In August savings bonds sales television, instead of the 3-times heights and while this was fine.us. dolar (per $13
was rising to record momig at the following rates exceeded redemptions for the drst time since
March. The brightness required by ordinary the rest of the market was not Stesting roter iper
doing so well margin of sales over redump image ortaleons.
lots was $15 million, the total of sales in August was $383 allion, the highest (or any August in live years and some "counter rollback movement" better, cleven per cent over August
33 361 $300 331
400
35
500 345
1000 1 346
the tru
1900.
1000 125
50333
HK Zlec
XD
351 3
100
200413%
JIK Tel.
29 4,375
14.241
Sales
were to reflect
U.S. bonds refunding offer
Washington, Sopt. 10. The U.S. Treasury has on- nounced the terms of an adyance refunding offer involving $7,600 million of two issues of out- standing bonds moturing In 1970 and 1971.
Pleasure cruisers with fibreglass fitting
London, Sept. 19. Reinforced plastic has been used for most of the interior fittings as well as for the hull in a new range of 20-foot motor cruisers designed for use as fast sea
fenders or for coastal or inland cruising.
Tale
Built at Cowes, Wight and designed by naval architect Frank Bundy for knots, the speeds up to 25 cruisers, styled and planned by E. Smid-Morrla, are avaliable In three versions-da 21 day cruiser, a two-berth cruiser, or
four-berth cruiser. Known as the Island 20 range, a special feature is that In addition to the hull, deck and coach root, all the interior bulkheads, lockers, berths, scating, partitions and so on. are moulded in glass fibre rein- forced polyester resin.
Positional drilling machine on display
A positional drilling machine specially designed for gu- tomatic working from either punchod tape or dial setting, produced by o UK firm, is being shown at the 7th European Machine Tool Exhibition or Brussels.
The mouldings are bonded logether in conjunction with resin bonded marine ply atif- feners and the whole is design-
is capable, with o' six- ed to provide a unit of consi- station turret head, of drilling derable strength. Multiple holes of 9/18-inch diameter in seellons of moulded buoyancy mild steel or 4-inch diameter chambers Incorporated in the
in cast iron, and aise tapping 10 design give positive buoyancy and provide additional protec- Whitworth thread.
a maximum capacity of -inch Lion cruiser and occupants
in case of emergency,
The hull Es
When
fitted with a single composite spudle heavy duty drill head laminate of glass fibre chopped the machine will drill holes up atrond mat, Duragins woven to 2-inch diameter in mild rovings and Crystic 405 polyes- steel, ter resin. The woven rovinga are orientated to give maximum strength in the direction of expected stresses.-LPS.
The manufacturers say that the high degree of accuracy provided by the automatic con- tro), and the savings made possible by the elimination of marking out and the need for
a remarkable production poten- Hai.
Degreasing plant for drilling jigs, give the machine
A
machine parts
The drill head is mounted on 2 cruss Tail borne on dwin columns with power rise und
degreasing and washing fail to the cross rati. The plant for machine parts machine is capable of carrying which has recently proved out any number of positional successful in the UK, is changes to an accuracy of plus now available for export.
or minus 0.001-inch. The table is 42 Ins. wide by 66 Ins. long Aimed at speeding production and has and cutting maintenance costs of 60 ins. It is designed to sup-
a longitudinal travel. it consists basically of a mild port components up to 5,000 15. steel tank fitted with a hinged weight. lid and divided Into three com- partments one for washing, the unit is powered by a 14 h.p. The cross rail and drill head second for seitling sludge and
motor which permits rise adu the third for clean solution.
fall of 64 inches Mulli-sprays distribute a hot
minuje. degreasant at high pressure in Adjustable top and bottom Umit sufficient
volume 16 quickly switches can be provided to en- cleanse even beavily coated able pre-selection of rise ánd continuous circulation of the cularly useful for drilling at parts: The action is alded by a fall setting positions parti solution. If necessary a rocking different levels. mechanism can be incorporated Automatically operated lock- to give the spray jets a reeling devices are provided on all procating "wiping" action.
traverse movements to lock the Grease and dirt are carried units during drilling. from the cleansing chamber to a On the six-station turret head sump that can be emplled easily, model the drill head has a 6- The degreasant chemical solu-inch stroke for each of the tur- tlon is returned to a reheating ret positions and provision s The Treasury's advance re-
compartment to be pumped back made for fast approach normal funding offer is open to holders to the spraye, Heating can be drilling feed und fast retraction of $4,700 million of 24 per by gas, oll, steam cult or elec- for each station. ceni bonds with Anal maturity
tric immersion heaters.
The depth setting on March 15, 1970' and $2,900
for each plant can be installed station is accommodated on million of 24 per cent bonds quickly and the firm is prepared hexagon turret which indexes with final maturity
Apecia! on March to submit
designs to automatically with the 'tool 15, 1971.
meet specific requirements.
As well as the standard mo- the turret spindle is from 110 selected: The speed range of Holders of either of these dels, tunnel types can be supr.p.m. to a taximum of 4,000
them for plled with a cleansing chamber
*.p.13.
Holders will be able to ex- change these bonds for three Issues of existing bonds matur ing in 1980, 1900 and 1990'
The
issues can exchange any of three issues of Treasury at floor level into which can be outstanding. These bonds all run bogies loaded with ctfulp. carry coupons of 3% per centment to be cleaned. For mass No. 5 Morse taper spindle and production requirements there fois nited with precision bearings.
Borrow
markel - thin
The
j Australian nojes (per £1) Japanese yen (per 100) * *
Cambodia artel (per 100) feeling is that if
French new france (per $) Jupancar
machine-industrial average, sewing
Indontale staplah (per-100) bulkders are planning
rently, says things were never Brian cruzeiro (per 100)
Argentine peso (per 1007 what Karwan hwan (per 1,000) against the American and Swiss the other half of the market is | Harlan Hire fpee 1000)
Chinese JMP (per 11
this which cur-
6.714 16.87
1.00
3.14
27,00
706
0.004
7.00
1.48
30 will auction $2,500 million
1.00
1:30
of tax anticipation bills malu
140
"roll-back drive" against doing, is would read anywhere we jums (per 10) Japanese articles by turning out from 653 on down. That is, Thal bait (per 100) newer. cheaper models and almost 70 points below whoře Buseen kynt (pée "10]
It is now.
Pakistan, supee (per 10) For the first eight months of using terms of payment,
Atecno palaga (per (1) This year, sales tütalled more
Norwegian krone (per 10) Philingine bein (per 11 Singapore strada (per 11 Sws Trad (per 1} Netherlands cuter per 1) West Gman D-Mark (per 21 Cuban pero' (per ·1)'...
23 17.00han $3,100 million with sales
20.70 730 u 20%
2000 rẹ 45
Old
Rta
J!K Gas
Ginan
4.33
1000 4.4
2000433
:
2000 435
Jardines
23 23,60 1000
211
200
1001
60
234
Cement ....
Dalry
Textile
Nanyang... Aber
Steal industry
Yoshitaro Olhara, président exceeding redemptions by $31 of Ilokkalda Coal Mining and The President on Thuracy inlion.
Steamship Co, told newsmen he "red" the stod indualry to Last year, in the recession, had reached agreement with the held the line on prices the consumer boosted his bank Indonesian Government for eu!-autumn whch new wage boosią this 23.40 ADvings account rather than ting up an agency of Japanese go into effect. For at least one
spend on more Koods. This businessmen
100 or 23.10umer had reached
for económié co- analyst this was
23.10 has led soine economists to the operation with Indonesia to dication that the country la in A further in- 21.40 conclusion that the U.S. con-
level break the deadlock on' the for a period of
"profile" co-operation where his wants were satisiled Detalls
issue are to be worked out gross
prosperity Bcoming sales and Entional product But in-
GO
3524 3014
128344
1000 or 30
1000 3514
3500 30
0.00
G 2000 G .03
200
13.40 12
3.70
I. Trin... N,713
Local PP 2900 29.80
Jane, Cinw.
Lane, Crew.
(FI)
Asia Nay... 11
Mine
City
Hotel
economic
and that whatever gala in with Indonesian kry industries without a corresponding donsumer purchases is shown Mindater Sarci who will visit
by statistics, would be dite Tokyu in October this year." crease in por store garnings.
mostly to the proportionate rise
in population. This, of course,
is not true but neither is ap * 29,00
Threć
★ * petroleum redning
The Dow Jones industrial only 30 average, comprising
200 29.70 parently the survey which companies. Nippon Oil, Showa blue chips, last week declined a puints out that the consumer Oil and Niupon Mining, have highly representative 9.20 polnis has to spend more every time naked the
to register at 720.91.-UPI. domestic petroleum production - producing companies for a re- the_industrial [creases-pur even the personal duetion of yen 1,000 per kiloj- Income curve-goes higher. tre in the crude oil price for
40
240
ader.p
703 or ab
700 280
799 E
UNIT TRUSTS
Firm Homukong Fund: (buy) $124 (sic).
91.10
So far, after this last recen- the latier half of fiscal 1981. alop, li hi hot and there la
dné handy net of statistică; i
Brovlug this: Consumer credit The Finance Ministry has re-
fell $75 million in July. Figures ported a continued deterioration
Seat sold
BID TO IMPORT SOVIET OIL
Tokyo, Bepi, 10. A leading Japanese petroleum company Bed-ta with American interests said i was interested In importing Soyle all
Mr Shingo Floks, Presklent of the Maubishi Oll Company. Bald he believed it would be in the nationstaterent it herenned Importe of Soviet ull could help Japes to sell large amounts b aleel tubes for construction of of the New an, sil" vipeling across the
New York, Bept. 10. A memberalikp
The Treasury also announced
a conveyor-type plant.-LPS.
The single drill head unit has a
It has 12 spindle speeds 'rong- ing from C0 to 1,500 r.p.m. with six speeds from 0.008 inches to 0.030 inches
its intention to borrow roughly Redesigned tractor for The
$0,000 million in three steps
during the dext' two monthis.
Debt managers on September
ing In June 1962.
Near the end of September, An the Treasury will announce the terms of an early October offering of $2,000 million In'a Treasury noto maturing in
Spring 1003.
"One October 10, the Trea-
towing aircraft
perrevolution.
5 hp. spindle motor te totally enctored and fart cooled. A special drilling head can be supplied to incorporate' topping and drilling with 12 raten bi
aircraft towing tractor Reed nve tapping feeds of B, with
11, 14, 18 and 20 threads per redesigned super- Inch, and seven drilling ferds structure hat made of 0.027 in., 0.022 ins., 0.017 at this year's Forn: ins., 0.014 Ins, 0.010 ins., .008 borough Exhibition
Ins, and 0.000 ins, per revolu-
fi la "lhe_Davia” down potion of spindle.--LPS. Turbo Taskmaster, with radia- auty will fuction $2,000 million tor and bonnet styling changed of new one-year pills to te in a manner which gives beljer place 1,500 million of old bilis linea and more purposeful op cemlig due in October. Only pobrance. $350 million of this offering Will be "new" money, China Mail Special
Bank of England
statement
10.
UK cranes handle
American rockets
The mechanical specification remain unchanged, with power derived from a 12.5 h.p. fotir sylinder David Drown ́dlese} engine. Transmlision je Via: “a Droekhouterque converter Cranes designed in Britain which ensures a smooth fake-ng whatever the food.
DI
London, Sept. 3.
have been choson against Hato Nido competition from Anjoried to handle guided rockets and mis- illus in the United States. Accuracy and® ́ ́reliability were the two key factori governing their selection.
A
The Royal Alféraft Establish- ment's own feet of David Brown tractors which will be engaged
"netükl
towing duties throughout the Exhibition will be supplemented by one of the 950 Turbo Taskinaslets; identi- cat to that in the Exhibition, and a Turbo Taskınaźļór Buper, The latter is fitted with twin | 11 18 oluimed that they can 135551 R2 | Nat wheels," glóing maximum | ralio or tower a lood fractions Ethoalon up to 1,500 lb. dṛno- (of an thob with a 'gebaitivity for bar pull. Both machines have control unqualled by any other aix-speed gearboxes---LPS. | Crane-LPS
1ndon, Bept. The bank of England state mant for the week ended Sept. 6, tends ne Tollowa: Notes in ciroujition?.. «1,320,39,424 -depositasurat... 10,910,190 311211050 Government rurflies
hee ollit lapking for August. In Japan's foreign trade terme. York Stock Exchange los benhoviet Union. Thn J. Urop in consumer fy Export richs have tecchily | zulái today for $220,000, an in- debicuncas is the second lae been generally unchanged, but orears of $10,000 on the previous the business goudvorý started the Import prices have tended sale.
fe and is own company "Obviously,
might consumers have upward since the beginning of
give coraldoration → to beru playing it cautious, suld this year, and the ocean mucine
buying Soviet oil which Boals are currently $100,000 Eked about 20 per éént lower 10 | Kegjetacy "DI Coriumurçó, Me freight rates have also followed bid, and $225,000 asked.-Chinatharf Middle Eastern oite--China- Hegyipta
Lulber Hodges last weekUPI,, = Buliała tendency-KJD1, Mall Special
*Mall @pecía),-
Becond Lionskonu Prud: canja (buyer) Bd cunto (seller),
Kalle
20,000 330
LLUM: