THE CHINA MAIL, MONDAY, OCTOBER 2, 1961.
Weekly survey of American economy
SCIENCE AND
CONSUMER INDUSTRY GAINS ENGINEERING
TEXTILES WEEKLY U.S. people have
The
New York, Oct. 1.
cotton gray goods
market assumed a more two-sided appearance last week after a prolonged period of inactivity..
Settlement
REVIEW
to pay for raw cutlon a. year
agu.
no fear of another recession
Cotton sales yurn spinners General of the Motors strike Jined with anti-reported a frm price situation, others lately inve eination of large scale govern- although mem defence purchases and the tapered off, indicating weavers The U.S. increased cost of raw culton in satisfied with their coverage boosting prices. brokers plained.
Industry lenders predicting higher prices because of thi
cotton in raw
and operating expenses, warned garment miskers against postponing coverage too long.
advance other
D
1
Satisfied
j
this time. Supplies were re- ported heavily booked for the Best quarter at 1962, but some spinners have been hesitant about booking that far ahead. They felt prices will be higher after the year-end holidays.
Rayon grey goods sellers ex- pressid disappointment over the stow demand at this time. They felt a pickup in the demand for finished goods will have to came before grey goods activity revives,
New York, Oct. 1. consumer goods industry is moking slow progress to normal after last year's recession. Current buying is higher than at this time last year, but still quite a bit below 1959. According to a survey
NEW YORK STOCKS RECOVER
New York, Oct. 1.
The stack market last week, indecisive and
in a state of nervous tension, managed | to calm down and largely recover its balance by the weekend,
+
merket
smail changes desplie movements
this
risc steel price averages sible werk-to-week autumn when wage increases go same extreme into effect. The price-cutting touched of when
to affect fever also continued industry begun the scrap copper market and gasoline prices dropped far the Afth tune in two months in the
Midwest.
the aluminium
Popular by the University of Michigan, the American people do not fear showed another recession in the foreseeable future. Whether the economic polleles | buying of "old-new" cars, there of the Kennedy Administration is no stampedo. hud any effect on the recession.
Was predic- For whether #
dying a Huns for friner prices on finish natural death, the vast majority ennvinced Americans seem Heo nyin sheets fel through Infor
the tie at a recent influx of that the present administration
ILT'
FL
Etsewhere,
previous
ان
feel
now Cars
observers Non-industry
estimates that Industry possible 7,000,000 being bought in 1962 are over-
The compact optimistle. originally introduced to recover ground lost to small foreign
Cars,
cats, may prove the industry's
uncertain, more and conditions
Leon Lowenstels, Chairman M. Lowenstein & Sons, he, takd
of 350 mueting
Kurment manufacturers here last week, that statisties spent for them! selves and that the price trend
definitely upward." pointed out that a year ago the
is better equipped to cure the Baste 80-square prtut cloth con- Japanese grey goods, converting
bilsey 19 cents it
coraplined. Substan-country's economie fils than any struction sodal at
of these imports of its predecessors. tjal amounts "Today the mus yard.
are said to have been bought getting only 1784 cents a yard. While weavers have been
At the same time, there isBle-saver this year. With world Courtla for
nrter delivery.
andi-constrierable apprehension over Seme doranslie WEAYUTS ceiving 14-cont a yard tess for
sperate pro- the international situation and their production, the price of cater they cannot
cotton has been risbu tably a these gig at current the unpredictable effects
prices und are switching as prolonged cult war.
University hivch as possible to fancy goods.
According to the
surve "many Mich!xun
This year Chrysler has cut the of
about job price of Valiant compacts by an people are worried
1.88 average
per
and cent, security or employment oppor- tunities. No longer do they Bulck has cut compact prices,
with largely as equale defence spending
a result of intro- bigher employment and general during a smaller engine. Most Instead they think other car prices are unchanged prosperity,
rasy steadily.
The average price of milling inch raw
designated
|
21
grey goods may self them here nuished form without indi-
their eating
wenving origin, brokers suld.-UPI.
at the 14 Converters who buy Japanese
Spot suntern markets now is 33.50 cents pound, or fully three cents a pound more than the muffs had
P.O
ORIENT
LINES
S.S.
ORCADES
SAILING FROM HONG KONG FOR SYDNEY VIA MANILA THENCE TO UNITED KINGDOM VIA SUEZ. EMBARKATION: The ship will be berthed at No. 6
SAILS:
BAGGAGE:
HEALTH:
Pler, Kowloon Wharf, entrance at No. 6 Gute. Nuvy Street off Canton Road, Passengers should embark between p.m. and 7 p.m. on Monday, 2nd October, 1961.
The ship is expected to sail at Midnight, Monday, 2nd October, 1961. Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 Gate, Canton Road, between 8.00 a.m, and 5.00 p.m. on Sunday, 1st October, or between 8.00 a.m. and 1.00 p.m. on Monday, 2nd October, 1961. Passen- gers should only take light hund baggage that they can carry them- selves for entering at No. 6 Gate on embarkation.
ALL PASSENGERS MUST BE INO- CULATED AGAINST CHOLERA BEFORE EMBARKATION.
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.
Telephone: 35211/9
P. & O. Building, H.K.
PO
ORIENT
LINES
s.s. CHITRAL
SAILING FOR UNITED KINGDOM via SINGAPORE,
more people are expected to buy of the cheaper compacts who might have decided not to buy at all if the only choice were the Stan- dard "Big" cars.
of it more in terms of inflation, from last year, or very slightly increased taxation and austerity.higher.
23
of now As a result, sales homes, ears and such major Consumer Reals are alow, with purchasers would-be many toking
" "wait-and-see" at- titude.
Isig There has been drop In home sales. Added
"Wait-and-see" brigade The
wher military reservists are posting purchases until they will be deemed to uniforis,
tri
now whether
In no hurry
is
The building industry having a mild boom in bomb shelters, but not nearly enough to offset slow moving housing.
Another major industry with problems is textiles, with men's!
reporting wear manufacturers store buyers for next scasua conservative. The being very
л series of price cuts.
Aluminium is highly competi- tive with steel in many markets fu and the move was expected All but close the door on a pos-
New York
cotton
market
New York, Oct. 1.
climaxed Cotton futures
another week of quiot and mixed trading with prices
to
One large brokerage house said it liked the way business activity was rising and noted a glimmer of Improvement in the International situation. Another sold it felt betler the near about stocks over term but bearish over the long term. With stocks prices so high now and with the econo- mie recovery still in its early singes, the feeling went, It was easier to recommend short term gains rather than stocks for growth.
Improving
Technicians took note that the Dow Jones industrial average. which had been running way ahead of the overall market, broke below the much-watched
level
therefore in- and 700
lower prices. even dicated After the average met support the 690 Armed around level, one big wire house sald the technical pleture was im- proving and that a "base" wos forming for an attack on the 710-720 area.
and
on the defensive. After ste-sawing over narrow continued hot summer weather units in the forepart of the
eut sales of heavy-duty period, the market tended clothing, and buyers have high
Sofle, nud nt Friday's close
UIT 24 inventories and are buying a tire banged Ly
to $1.20 ittle as possible. They seem to paints, or unchanged
planning to buy sparingly and more often, only when all war han the preceding averages, Industrial stacks dip-
be
solutely necessary.
in-
wook.
According to the Dow-Jones
ped a minor 0.30 to 701.21, ralls lost 0.32 to 143.96 and utilities rose 1.33 10 122.44. The much
Inclusive Standard more
up exactly one cent.
Among the happler U.S.
Pressure of quidation in the und December dustries are those which Rol nenray October
along
Ir- With aboard the foreign subsidiary deliveries,
and ginning aclivi- show that foreign subsidiaries harvesting
dwagon early. Official figures rainence of the peak season for Poor's index of 500 stocks moved and branches of U.S. Brms sold tles, combined to inject uncer- sts - $23.600,000,000 worth of goods wirlies and encouraged
fered selling. overseas last year. This was an
cent increase of 12 per 1959 and 29 per cent over 1957, the first year such figures were tallied.
over
Sates of 1982 model just on the market, also have been slow so far. The publie is but in no hurry. Interested, Stocks of 1961 models are down
This three-year increase to a more manageable 350,000
whopping 29 per cent cumpares well with 575,000, but price cuts also are five per cent increase in ex- smalter, and while there is some
port of U.S.-made goods In the sume period.
from
Just year's
LONDON
STOCKS DROP
industrial complex.
at
Recent favourable weather for maturing and harvesting the crup
pick-up in nedge sell presaged ing, although other observers felt a large percentage of the new crop ginnings are being held back by farmers for entry under the government loan programme.
entries through Actutul lor
totalled andy September 22 150,832 bales, but impoundings act expected to accelerate
That sup- ginnings increase.
as
Europe was the biggest sub- sidiary produeer, with output of $9,300 million in 1953. Canada remained the biggest sition was supported, traders aingle country, but rising thought, by
steadiness of the more slowly, from $7,900 ml- Į spot market. lion in 1957 to 58.700 million
in 1959 and $8,300 mlilon Inst
year.
price for mid- cotton at the 14
markets rose to
The average dling incl southern spot
The other biggest single 3.50 cents a pound, represen!- nations for U.S. subsidiaries lasting a premium of 10 points-80 your were the United Kingdom, cents a bale-over the average
Activity climbed to 16,550,- 424 aharta from 215,916,210 a week earlier and compared with 18,852,810 a year ago. Montgomery Ward, the most actively traded stock, dipped points to $30 on turnover of announced plans to merge with Interstate Department Stores which sank 4%.
340,000 shares.
The company
Apparatus for new lighthouse at Ghana
London, Oct. 1. The__apparatus for a now lighthouse at Takoradi, Ghana, has recently been completed by the U.K. firm, Sino- Chance, to the order of the Ghana Rail- way and Harbour Authority.
HONGKONG STOCK
EXCHANGE
by
To be installed on the sum mit of a water tower, the new light has a lens of primatic optical glass rotated around and electric lament lamp by electric motor,
an
an
The whole apparatus will kel housed inside a traditional typel lighthouse lantern 7 ft. in dia-" meter together with gome ingenious safeguards. These Include
automatic lamp- changer which brings the stand- by lamp into focus if the light Falls, and if the motor rotating the lens falls a further molor will start automatically. Should Business done on the Hong- the mains supply fall a standby
power plant will restore kong Stock morning amounted to approxi-supply to the lighthouse within mately $1,730,000. Nuon quota- the morning's und llons transactions:
Our Own Correspondent
Exchange
this
3 14 342 340 340
Shares Buyers Bellar HK Bank
Balog
330 -5-10
20 342
Len. Reg. Allied Inv, HK & FE
Inv. Rights Wharf Cu. Wheclock
203 200 9.05 P.40
21.80
5.00
350
Old
New JK Dock
Taikuo
Cli. Prov,
HK & 5. ito!el
HK Lend
11.30 2000 11.70
4000
6000 try
11.2011 000
Local P. & P. 29.00
Really www.
**rans KMB XD Younati XD C. Light
ទន់
1000 717 3100
110
200 114
103
200
600
1000 201 000231 400 301%
100
300
2.20
24 5000
10000
200 .3774
10 111
110
35%
300 3512
200 de 3315
900
35
251% DEL
50
20
200
3572
GA
Telephone 1010) (RIN
40 40
14.10
Patric
Among the first Ave actives were three motors, Studebaker of General Motors up point and Ford down 114. The das
troup received an early t when GM reported a full selle- ment with ear workers and # late dip when the Union threatened to sizike Ford next
#contract Tuesday if signed by then.
wasn't
The market breakdown of 1,- 448 stocks truded last week a predominance
with $4,715 million, West Ger- government loan rate for those showed
Australla localities. many $1,835 million, $1,085 million, France $085 mil- Hun and Brazil $870 million.
of losers-734 against 570 which rose, New highs for the year were reactied by 61 Issues while 133 plummeted to new depths. -UP.
Open interest in the spTo draft coffee
contract had been
decided to Others traders
pend lighten market holdings
view of acreage Latest U.S. company to seeking a clearer European affiliation is Dupont, allotments for 1982. now awaiting Spanish govern- ment permission to bulid a fungleide chemicnis plant at St October
to around 8,000 Banigo, in cooperation with whittled down
weekend. De- Inditestrias Aragoneas, S.A. of bates at the
livery notices issued thus far to date amount to 10,400 bales. stock totolled The certicated
the late 08.052
bales at
Madrid.
IC-
agreement
London, Oct. 1. Stocks rank to a new low for 1961 this week. Thoy finished less than a hand- ful of points above last year's low, though the pound was riding high in foreign exchange markets,
The squeezo
Washington, Oct. 1. Chief factor behind the de-
An International coffee study July cline, Apart from the
Non-ferrous metals, opart port.
group named a 10-nation austerity measures here, Wus
On Friday. the Department
committed on Friday to the contraction in profit margins from in, are feeling the squeeze
announced the
draft a long-range coffee signalled by Imperial Chemical of lower foreign demand. Do- of Agriculture
but September 15 parity price for Industries, Britain's largest mestic soles remain high,
world prices are dropping, with cotton at 38.83 cents a pound, agraament that would in- foreign producers often able to unchanged from August, but 33 clude producing and con- Several leading groups had al- | undercut domestic producers. points over the mid-September
suming nationE. Symptomatie of the ready reported a profit squeeze,
-parity of 38.50 cents a pound. The agreement to be drafted but ICI's performance always dustry's situation is aluminium).
exports for the would include the United States Raw colton a market yardstick. Trading Aluminium Company of Canada
throughout August 20 and would repince it present wenkerud white Investors await suddenly cut its ingot price totalled 801,210 vs 283,123 bales international Coffee Agreciment
pound. to EMBARKATION: The ship will be berthed at No. 1 ed ICT's half-year results. When about two cents
there appeared the decline bring 31 line with the world reported to the same time last (ICA).
to the New ICA Secretary General Jono Pier, Kowloon wharf, entrance at No.
drafi Oliveira Santos said a price. Aluminium Company of season. necording started 1 Gate, Salisbury Road. Passengers
Amerien had to follow suit, cut York Cotton Exchange-UPI,
agrement will be ready before Tines Industing domnestie inget price from should embark between 2 p.m. and 4
the end of the year and will be 24 cents u pound and
turned over to the interested p.m. on Wednesday 4th October, 1961. rint Index lost nine points on 26 to
the week, with Friday the making sunilar reductions in its
governments for their study, — bluckest day. This set the new mil products. Reynolds Metals The ship is expected to anil at 5 p.m.
low at 207.1.
Kaiser on Wednesday, 4th October, 1961. was 305.7.
Aluminium is under pressure to Should be sent to the Hong Kong No section escaped the slide follow ault. Kowloon Wharf Co.'s godown (en- and many
PENANG, ADEN, SUEZ, PORT SAID
SAILS:
BAGGAGE:
HEALTH:
and GIBRALTAR
The Financial
trance at No. 2 Gate, Canton Road), Electrical coch
hammering.
between 8 a.m. and 5 p.m. on Tuesday, four shillings 3rd October, 1961.
ALL PASSENGERS MUST BE INO- CULATED AGAINST CHOLERA BEFORE EMBARKATION.
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD.,
P. & 0. Bldg., HK.
Tol. 85211/9.
Censon
Exchange The 1961 high will do the same, and
+
rates
5.201
15.00
12,00
1.50
9.50
..
1.13
1001
5.25
1.50
2,00
Copper in facing Himilar blue chips took a
Bunion was done in the foca but has ruled out ICI, Associated situation,
exchange market this cuta in the Immediate unveil dipped around price
murder al the following rate future, though long-range plans for increased prices have had to us duffar (pur 01) Losses of more than two be
Sterling sites iper £17 act back indefinitely. De-
Australia noter (per 215 Alillings hit British-American elining sales abroard have forced Japanese ren (ver 100) Tobacco. Courtauld, Rolls Royce world prices down Union Gaintedia riel per 100) and Vickers. Unllover tumbled | Mintere for onu, announced rene new frame (per
Brazilian cruzeiro par in dd to just under 134 ahillings, price cuts last week and the Lon-Argentine pero (per 100
don Metal Exchange quointions Korea inwri (per 1,000) have slipped. Foreign producers talian ra (per 1,000) are now in a position to deliver Chinese JMI (per 1)
Taiwan yuan (per føj copper here below the U.S. prien tu bolt (per 100). laf á1 centu`a pound,
Bymree kyat (per 10) Pielen rüper Iper 10) Zine and lend producers here: Maenis potsen (per 1) have been wueezed for Rule Nwegian krone (per 100 tire, and still are pressing hard in penu iyer 3). Hin pare Straile (per 1) 20 for tariff protection in addition | Swiss frane (pag 13 jangga
"dulles
and import Nothwendim guildor (per 1) quotes.-UPI,
Agreed merchant
rates
Swiss Francs maximum sell-present ing 70-7/10.
HYO
KAL
37.50.
5.04
0.294
7.05
1.43
1.79
131
1.86
Wert German D-Mark (per 1) Cuban peso (DO? 3) malam.
141
0.30
UPL
A strong case for Japan
London, Oct. 1.
The Economist nald today that Japan seems to have a "strong cano" against the embargo here
on wool cloth Imporis frcen that nation.
Commenting
on the recent
British wool textile deputation to the Board of Trade on the matter and the current Anglo- Japaneso trade talks in Tokyo, the weekly magazine noted
Britain
exportm £3,000,000 worth of wool textiles to Japan while Japan also is increasing
I purchases here, of wool tops.
UFI.
Gilman
:
3015
4100 40 500 10
150 1450 111480
80 15
10.00 19.00 11.
.. 4.03 4.075
21.00 Jardinka Cenwat Dairy Farm 143
Watson Texilic
Nanyang Amal. itib,, Rub. Trust Lane, Craw. Ania Hay,
J.
ខុន
400
23 3050 22.00
*
35
150 / 36
500 354
500 382
200 39
500
23
200 354
0.00 1000 or GED
2000 5.00
30
1.05
500 30% 2230 of 100
5000 + 2
10123 30c 1123 40c
Cily
Hotela Di
Sincere
a few seconds,
Two flashes of
niillion candle
the
over half a power will be given in quick succession,
The firm say it is the sixth modern electric-Bghthouse In- stallation they have supplied for the Ghana coast in twelve years and the marine navigati. fional aids along the coast and most up-to- now amongst the date in the world-LPS.
Canadian firm awards
scholarship
Q
"H
Alcon Asia Limited recently* presented its first scholar- ship to a Japanese studens; for study in Canada, oc- cording to an Alcan Asia Ltd., spokesman.
Mr J. Baetscht, Chairman of the Board of Directors, Alcan “ Asia Limited, made the pre-m sentation of Canadian $3,500.00 award to Mr Koichi Kubota, a member of the General Affilia Department, MITI, at the Can- dian Embassy, Tokyo, in fa ceremony which was attend-1 Canadian Ambassauer by the in Japan, Mr W. F. Bull, and distinguished guests, (See photo, below).
This is the first time that ẬT: Canadian commercial frrn hi provided the opportunity. 181
Japanese students to study t Canada.
Alcan Asia Limited, a subKT diary
of Aluminium Limited;
world Montreal, one of the
largest producers of aluminium Ingots and other aluminiurn products, will award a scholar-
in
is n
ship for one year's Ellidy Canada to a Japanese student cach year, hereafter.
31, Mr Kubota,
wbu graduate of the Economics Department of Tokyo Univer sity, plans to do graduate work in Economic Planning at McGill University in Montreal. He has been with MITI since his
sily in 1953.
BANK OF ENGLAND graduation from Tokyo Univer-
STATEMENT
London, Oct. 1. The Bank of England staic- ment for the week endett Sep- tember 27, rends as follows:
Notes in circulation, 22,203,348,024, Public deposita, 14.611,274, Private deposita, 330,017.438. Government securities, 517477,054, Other treurities, 63,00501. Receipt, 23,517,271. Tielio, 3.0UPI.
Mr Kubota was selected for the award from some. 300 con- didates by the Canada Council,: which Wis assisted by thol Japanese Ministry of Education. the Foreign Ministry, the Gang- dian Embassy and Canadian 'scholars.
Alcan Asia Limited, whos bend omeo is in Hongkang, has offices throughout the Far East und Southeast. Asia in an area
Japan extemling from Pakistan..
Mr K, Kabota, a member of the General Affairs De partment, MITI, Tokyo, Japan, retrives a scholarship dena.. tion for post-graduato study at Medill University from Mr J. Hostuoli, Managing Director of Alcan, Asia Limited, at a s
Brobster, Tokra recent ceremony held at the Canadian
to
Left to righii Mir A. P. Bonfiel, Canadian Commercial/- Counsellor; Mr. J. Bontecht; Me Koichi Kubola: Me W. P. Bull, Canadian Ambassador: Biz T. Kobayakhlak