THE CHINA MAIL, MONDAY, OCTOBER 16, 1961.
Weekly survey_of American economy
SCIENCE AND
STEEL PRODUCTION HIT ENGINEERING
Car
strike did LONDON
perceptible damage
New York, Oct. 15.
The strike at Ford Motor Company is all but over. However, in its not-quite-two
STOCKS
EASE
London, Oct. 15.
Stocks went into reverse over the five sessions after the
short-lived rally that fo! lowed last week's bank rate cut.
The rentisallon hit home that
other loosening; of the current domestle squeezo.
the cut was not a forerunner of
WALL STREET TEXTILES AIR POLLUTION
'RESTING COMFORTABLY
New York, Oct. 15.
The stock market this week was "resting com- fortably," almost stalemated in fact,-against a background of equally bland business news. There was some selective de- ¿ mand in the industrin) ist, how- ever, railrend shares climber to!
A series of gloomy, reports outlook painted by the Federn fter
weeks duration, it did perceptible damage to the economy. Steel manufacturers say October now has to beton boardrooms and the dismal
written off as the month for the expected at netin Industries (PBI). major recovery in steel production. In fact, plus strikes and threats of labour steel output ist week declined for the first derned the depression. time in 10 weeks although it still held just above the two million tons of ingots level.
complained bas
at
that nut £12 had! General
Steelmen were faves with the after effects of the General Motors strike Last month Th well as with the new strike Ford. They
Motors: Gunmetal scheduled overtime work make up for Just time. E been exficeted that Motors would boost product ta
· considerably after the strike bait ! this has not happened! In spite of fairly or appetite on the part of the American ConsNET
for new 1002 moxiels.
Durable goods
Elsewhere lik the economy, encouraging news began to come at last from the durable sector, Manufacturers' new orders durable goods rose thurply August to the highest level over two years
While it may be too early
to say so, the Jung la inven-
incest in several
considerable
while "defensive" hasues cont- tinued to make new highs.
To many this performance
WEEKLY REVIEW
New York, Oct. 15. Although now business in cotton grey goods dave- loped slowly last wook, brokers reported o quic. koning inquiry for a wide rango of both standard and specialty construc- tions,
A price gap of 1⁄4 to 1⁄2 cent and their highest level of the year doesn't make sense, but we can't
Tort, and help it," be brokeraghy house rea yasil separated layers reliable utility section, marked, "that is what has been sellers generally, but some up- timists thought the breach would bounded up to a peak not seen going on for many weeks and
there is bo
narrow shortly and that market sign that the can- might be on the verge of the first ilustries aver thirty years.
The narrowly erralle indus-phasis is changing."
Reflecting somewhat the in-
big buying move since inte July. trials.stl remained boxed inside:
Motor Company The Ford trading range of erensing isillusionment with month-old
cyclical stocks, the Dow-Jones Strike helped hinder activity In about 20 points on average.
industrial heavyweight fabrics, The business
average s work background, Irulustrial
the reluctance of unexciting to dropped 4.94 to 730.31.
Rails along with
to pay the while apparently
vesturs, did serve us a calming gained 1.03 to 151.77 and ulli-some consumers influence compared with previous ties rose a seant 0.04 in 127.17, higher prices recently named by weeks of auto strikes, govern- both averages eosing late in the some weavers of sateens, broken twill, drills, wide sheetings and at intervention," and the of week on prot-taking. weys troublesome international
osnaburga. 57 * ' ! 2 .
The Financial Times industrial Intex plummeted to a two-year low and lost 14.7 points on the
the heaviest work,
ions in single week since August Jest
fter the Little Budget, finished at 280.9 with Friday drop the smallest of the week. On October 12, 1959, the index was 285.2. The peak this year
tories could very well Braz Galid expectation on the part of dealers of increased foreign car sales in the fourth quarter as a result of the non-avall- i was 305.7. Ablity of certain types of American-inade automobiles.
Thei
this i th.
2
The morn Standard and 500 stocks higher.
exprehensive Pour's index of Wax seven cente
Top of list
to
Woolworth lost 2/6, Courtaucht i
'Better look' were uff 2/-, British-American Telineen down 274. Lancashire This week, the Ford strike This, in turn, would mean Cotton lux 3/- and Imperial way virtually settled and foreign merease in U.S. puports genital Chemical 3/3. Dunlop surren events were relatively dormant, ly and a contribution to the deced only a small fraction after The Administration, criticised Activity, influenced by a bank how again worsening U.S. Inter its interlin report.
rerently for Its so-called "anti-and institutional holiday on national payment position.
Steelu engineerings, elce-business altitude, took on a Thursday, dippeel slightly latest available import guns
tricals and stores were heavier better book by giving the textile 18,172,076 shares from 10,240,792 for August do not relicet
hit than mant.
industry the right to deprectate a week earller, and compared trend so far. Loports for
Landing olls started
for tax purposes in with 10,906,010 inat year at this Olequipamient
15 years month, at sente $1,250 ml,
or less
time. instead 25 strongly but the breakdown of were actually eight per
Running at the top of the most the Bogdad talks between 1r years. below July, although still some
and the The inflation-oriented investor Relive at almost all week was fut thred per cuni above August Petroleum Co. (IFC)
British also learned that the President San Diego Imperial, closing eigh-Iraq Government hit
4 to $10 on 420,100 shares, Following were math period of Jomary-August Petroleum and Shell who both had tucked down from an early
Montgomery Shell pledge to balance the budget in 1961, 0.8. aprts were running have a big stake in IPC. 13
Word to 24, Mesabi Trust up H. F.scal 1983 and that taxes will shipments of durable goods by at an annual rate of $15,698, 4/9 to 13370
not be raised Immediately to 4. General Motors off and menufacturers als climbed, The 100,000 for the same period last dipped 2/0 to 41/9,
Standard Oil of New Jersey up foreign {31
bonds
avert this red ink. But trials in Washing- i rise in new orders was inter- year.
stock In general,
prices jireted as nasuring further
this Japanese ended a shade higher
Oil ton are apprehensive lesa
Honolulu
sobret 10% among the heavy cyclicst in- trend the feverseti. in the re-and Germans managed an im creases in manufacturing
to $97 a share aller 3 provement.-UM.
dustrials were a 18c lower points vity in the nurth quarter of mahing tannths this year.
Federal Court rejected n guvern- this year and the Best of next
ment move for an injunction to bar the sale of Honolulu's nssels year,
equal les $101 share. Other takeover candidates also were strong.
and sales
" 1900. For the
in
it- neti-
elite
Their apprehension steps from the fact that last week the US. Expressed in statistical terms, Treasury gold stock resumed its! the Federal Reserve Board's in- downward trend with a loss of
inillon. Scre dex of durable
manufactures $101 (ulstinet from The Industrial money, at least, was known production index is currently have gone to Britain and
of
This
to
other
at als the ame level as the Forupean Decounts just before peak month of January 1906, the British bank rate was cut
and a bait i when the index rearland 180 per 1rtan seven to six
cent of the
1947-49 average per cent.
base. The index dropped to 153 | in February this year and then Started climbing. In August, the latest available mouth, was aimest koek at pre-recession
yels with a rending of 170.
Auri: 1.
Related in tials apprehen. sion was another development is week which puts the U.S. lextile Industry on LL favourable footing in is tight against foreign competition,
President Kennedy has order. tax officials to allow faster ixule to fepreciation
and
TOUGH
Some
BATTLE ON BATTLE
U.S. FOREIGN
POLICY EXPECTED
Washington, Oct. 15.
Tabacen; strong early in the week, dropped sharply later following
million news that a dollar cancer suit ngainst Lig gelt & Myers would be up in Court again, Ford sank 54% des-
pite the strike settlement The company declared
Paying moro
Apparel buyers kept probing the market looking for price con- cessions, but weavors generally held the price line, complaining they are now paying $17.55 bal more for a bale of raw cot- tor than they did inst January.
MONITOR
DEVELOPED
London, Oct. 15. A new instrument which continuously moni-
tors the pollution of the atmosphere and triggers an external alarm should a predetermined level of pollution be reached, has been developed by a Bri- tish firm.
It works without the need to
machine
refer to a conparator or the t visual exminination of a deposti Automatic finishing cd stain on a filter paper, It can, in Tact, delect colourles paritetes with equal fnelitty.
Shown at an exhibliion run- ning in conjunction with the annual conference of the United Kingdom's Clean Air Society held in Brighton, southern Eng- land) recently the equipment is for foent authorities and Arms concerned with smoke and fume emission.
כון
A
London, Oct. 15. fully automatic · point and sproying
stoving machine for finishing such items as toys and fancy goods, hardware, accessories and components, has bean developed by a United Kingdom engineering firm.
motor similar
A compact unit designed to provide high work output from mited door space, the machine is tally enclused dust settling on newly palatal 10 prevent
work and is cusily operated by unskilled labour.
ہوں
The
stcam
Basically the standard instru- ment consists of aller paper ach its drive mechanism which rvels the Blter paper past an aperture through which air is drawn by a diaphragm vacuum tmp. This crentes a pressure tifferential across the Alter paper which increases as parti- cles in the air clog the paper.
These pressure fuctuations gaused by pollution of the air
manufacturers say that ean he recorded externally on
any form of sloving can be in- strip recorder und also corporate, including infra-red,
external operate
alarm | forced draight or a combination sigual by a pressure senstive of both, using gas, electricity, oil switch that can be pre-set to de-
the
heating tect any desired level of pullu- medium,
extract The paint tion.
system, which has a water cur- The sensitivity of the Instru- lain rear shert combined with ment is such that its applica-effelent
waler scrubbing by Lan in the detection of air jets has a filtered air inlet, pollution 8 witle, from early The unit
br linked to detection of leaking ters in a metal pre-treatment equipment chimney exhaust to monitoring | fer complete prcecasing wili- pollution levels in A clean on handling, and is suitable for atmosphere.
Incorporation in existing pro- The development of the ins-duzion Hnus. All units tra trument has been taken a stage custem-built and can be дра further to detect very low con-anged to gult individuel shep centrations of chloring in irisouls and process times. They The basle monitor is used in Thread
association with a device that dust on produces a detectable contact with chlorine.-LPS,
The average price for middling Inch culton at the 14 southern markets this week reached a new high al 33.60 cents u paund. This represented a cumulative rise of 3 cants a pound from the low of 30.00 cents a dealor's
made in mid-January, pound, Moreover, the current price is 26 nabits $1.30 a bule-more average government than the support price for those points.
Possible competition from low priced Imports of cotton fabrics continued to be an averhanging uncertainty among the mills. One spokesman said that if he were diven "an equal deal" on raw colton prices he could com- pete with Imported fabrics, He admitted his mill lost a "good deal" of business in ducks cloths to imparts, only because foreign mills can buy colton B1⁄2 cents a pound hellow prices available to American weavers. E. B. Shaw, presidented American Company Insisted the job controlling textile and apparel imports is 18 from over.
the usual 75 Cent
dividend Quarterly Instead of the hoped-for boost
or stock lit
of
He proposed a plan to lack 8% more A tough legislative battle on US. foreign trade
International Business cents pound back on any goods policy is expected in the 1962 session of Machines gained 11% to 571 aering the U.S. made from
American cotton. following a Congress, but experts said that a clear align-new record high. ment of protectionist versus liberal congress months. Retail
on events yet to men apparently depends
FITL
All
occur.
However, the consumer stil failed to play along with the rest i of the economic trend. Sales in September declined $18,200 million, a dregs of one tuachinery, rutting docks on per cent free
Both the "useful life" if such equips durable at non-durable goats ment for tax purposes from th
trade circles Are! present system of adjusting this time shared in the drip in present 25 years or lenger to 15
csis unlawaiting the outcome of Great tariffs have failed to meet the gears, and in some purchases.
problems import Betain's bid for a place in the competitive to twelve.
Patrupean Common Starket, the faced by many U.S. industries, renction of the Commonwealth. including the testile industry. countries.
more definite De said that voluntary export sel indications as to how the Con-costrol agreements adopted by non Market external tariff wall some other countries have no: sigtit affres the United States, been a satisfactory means pro-
factor retarding a A secont
fecting U.S. industries, and are Arm outlook is the fact that the opposed in principle by this or Krouedy Administration is still ganisation, studying the proposals to be made en the next Congress, and has not yet announced its pro-
The art that
maruzfae- ear turers have been holding back Rapid technological develope
9 far rein reaching recordnents and the need to production levels on 1982 models; foreign ecrapetition were
as reasons behind this - whether herause of strikes or
meet
eit
ch
Tere
**
for reasons of apparent business which, retaomic analysts caution was begmning to have feast. may be only the first of a
The series of senilar measures a tightening influence o
industries. new car market in the United volving different
States this
week. Inventories UPI.
were only just above sales and
frequently the prospective cus- Tomer esuk lindi the choice
ear he wanleti.
Car imports
This situation,
of
Car
Bank of England
statement
il il persists, could very well mean an open- ing for it appreciable improve-
London, Ort. 15. ment in the foreign fimpart
The Bank of England sinte market which has been firm all muent inr the werk ended Oct.
ulong but at levels drastically 11, reads as follows: below the record year of 1950 | Nater to virealities
Puhtle depusa even 1000. Se far there
been only
one
www.
has privato dells Judication of cusuramant preuristes this on inervase to sume 43,000 | ither semurilles units in new foreign car haven-pla
tories held by dealora.
WE OFFER
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in440.348
3.4
-UM.
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C1
1 aut Interested in inventing In H.K. Shares. Please send me without obligation your free booklet "Guido to HK. Stocks and Shares."
Nome
Address
Occupation
gramme.
Mr Strackbein said that the affected US. industries Included cullon wool and synthetic lex- tiles, garments, non-International Aetion by Congress next year petroleum producing compattles; 15 necessary because the recipro- sume selors of the steel indus- cat Trade Act, diret approved in try. such as barbed wire con- ! 1934, will require extension crete reinforcements bars, o before June 30, 1962 if it notnails: sporting goods, electronic to expire.
shoes, Congress will thus manufactures, ilsheries, become a forum for general de- tableware, bicycles, pottery, ear- boles un trade policy in the light | pets, glassware, tile, lamb, ply- of global changes in the free wood and wine. world commerelal pattern.
Speculation
Protection
car
in earnings for the mine
Callon sales warn spinners reported a broadering inquiry The analysis of 1.438 issues and strengthening prices. traded this week under review included 832 gainers and 638! Hard Abres continued mixed, losers. New 1001 highs were with burlap steady and hemp and reached by 148 while 45 stocks: nisal ensier: Burlap handlers touched new lows.-UPI,
reported scarcity of light-
here weight constructions
and withheld quotations. Spol The strict Hraliation of buying | to all-in luts handicapped the
situation in sisal and hemp.
New York cotton market
{ו}
Woollen fabric business settled down to reordering after a good Initial action for spring fabric selling, brokers reported,
Converters of man-made fibres were reported considering a bocat in selling prices to com- pensate for a recent increase in wages allowed many dyers and Anisher in the Paterson area, Seurres estimated finishers costa may be boosted 12 per cent a yard Immediately and three per cent taler to cover the higher wages and fringe benefits. UPI.
Replanting scheme
Colorbe, Oct. 15.
the re-
Mobile crane
with 4-ton lift
of
can be supplied In Hame-proot Korm so that all classes material can be handled,
of
Controlled application paint, cutting overspray waste to the minimum, and consistent process time for fash off of Folvents, sloving and cooling, is ensured. There is no scrup variable human prising from
tement control and no risk of
work wwe!
being painted mishandled,
The mechanicul traverse has of stroke adjust- a full range ments. One or more traverses 12-foot turning can be fitted to a unit with radius and will travel at complete beries of motions, in- nearly 18 miles an hour, cluding verdeal, horizontal, are
spraying and internal coating. has been announced by a
The unit can be designed to British firm.
stave
pre- spray and
U
London, Oct. 15. A new mobile
crane- which can lift a four-ton load, has
at
13
At a demonstration in London determined output rate, with the crane, a diesel-electrle type the work
set at three-inch
of three- proved its manoeuvrabilliy by pitches or multiples hoisting a saloon cor unto the inch pitches. A special feature root of a 25-foot high building of the design allows the ting And then swinging it round 180 of a selective sproy device to
the car degrees. After
had prevent spraying on unloaded been lowered the 50-foot jib | work carriers.—LPS,
was reduced in minutes to 20 feat by rumoval of three of its rections.
Now York, Oct. 15.
closed the
The full-circle slewing ripe, Cotton futures
called the 'Coles Ledin", is the weck on a note of weak-
first result of a current develop. nc after swaying inde-
ment and expansion programme ly a frin
which claims the cisively over narrow limits
largest cruno range in the world in a quiet dealings.
-cranes wblets have handled At Friday's cluse the list ruled He believed also that the nt eight to 33 points,
everything from gulled missiles or 40 revent downturn
to famous paintings. cents lo $1,65 a bale lower than 113 Meanwhile there wide imports muy be temporary, and the preceding week.
The ng-ti
control 'Ledn' speculation that President Ken- thất eventually the U.S. car a A larger government
la one-man operated, can elimb crop nedy will recommend a fairly infustry inny need more prestimate thin
ono in three-and-a-quarter expected, and a Jong extension f the present | teation,
work in Burrow gradient and confused interprétation of the Tan, with brend authorily ta Mr Strekbein speculated that Agriculture Department's mellon
alsics. nake tarii cuts which would it alignment in the House of reducing the 1982 nereage allot-The Ceylan Government'a
Power for bolh crane motions dive the United States a botter Representatives are not strielly
ments, were the dominating in- scheme for subsidising
and chassis travel is supplied by bargaining position if the ex- controlled by administration duences.
with planting of rubber ind
a four-cylinder Ford diesel ternal tariff wall of the Com- measures, a many as 250 mein-
Hitre
eapaelly engine of 3.01 The planting allotment for high yielding varieties 1 to be mon Market should seriously bers of the House of Congress next year was cut 1.0, per cent continued until 1968, Rubber developing 62 bhp, at 1000 Menace
United States export might align with the "preler-
[To this year's level to Cominissioner 1, Mahadeva sall
r.p.n. Maximum torque is 158 trade.
tonist" skle.
18,101,718 acres. n reduction of today.
B/L #1 1500 r.p.m. - The presumption that greater He does not believe, however. 356,706 acres. The action was
the power in tariff-making will be that
The scheme originally devised The engine, morirted In the legislative struggle disappointing to those who had a 1950 was lo cover 200,000 ought for the executive branch would lend to any general re-teen pressists for an Increase
chasala, powern a mechanical of the government will run into vision of particular commodities Elsewhere, traders took a bul-
Geres by 1962. of this, 160,000 the polllien counter-viow that tariffs by the traditional mblod
acres have been replanted. jab view of the reduction. along 'Tho require et log rolling." many U.S. Industries
sehome is costing the (exchange of with lateness of the current trop Government 20 million rupees a more tariff protection against pulitical support to satisfy Iceal Arason, and the Increasing rate pear, of which 15 million comes imports from foreign countries and sectional opponents) suck of producer impoundings under from China by way of economic which have much lower costs of provaled before the adoption the government loan programme. nld. production.
of the reciprocal trade pro- The "protectionlet" view | grammne,
New control will he representest at con- He sold that a test vote in the ! News that the Agriculture De-Ceylon la about 700,000 acres gressional hearings by a non-House of Representatives on ex- Innriment also hopes to propuse and annual production is est- official "nation-wide committentenglus of the Reciprocal Trade a new government control and mated at 100,000 tone-China on Import-expers policy, of Act in 1959 had disclosed 100 price support programme for the Mall Spocial, which the chairman is Mr Omembers favouring more protec- now crop nt the next season of
IL Strackbein of Washington.tion to U.S. Industrien, le Congress came in for spectat al- a voleran in political battles said that many of the 140 mem- tention. related to the tariff nyalem. fern etected to the House inco
The total area under suber In
Oversubscribed
Kothmand
Travel Transmission in addition
Drainage systems in pitch fibre pipes
London, Oct. 15, Plans to market compfoto
drainage systems using pipes of all dimensions of pitch fibro with wido ranga of fittings of paly propylene were announced recently at the opening of now pitch fibra pipa plant by Bowater Flexpipe Ltd., Eltosmoro Part, North Wost England-- sub- Bowater sibiary of the Organisation.
TAM WING CHEONG
The company claims that the
to the generator, which plich abre pipes to be known drive by a gearbox power-take-as Flexpipe and
Da.
operates bott
made feet lengths are two
ten
fcul
anch
One comblaed pllo! awlich longer than the standard pitch the bolst andre drainpipe and as a result slowing motionn and another re easier and quicker to lay,
are mado The pinca
from cingiz switch, tho dericking ne Hon. Tho twa-motion switch pregnated sure processed un- has been designed specifically der heart and pressure to make for this crane and it is etalmed them strong, light, smooth
resilient, that it will ensibla operator tu
I is claimed they will doly the hand- specd commiderably
attacks by nelun nnd nikalia and ing cycles. Holsting and der will not crack or corrode. Ease riekinst aro at all times govern of handling to duo
to low ed by a member of anfely do-
b. per weigat vices.
fool, One optional dlovice in
The ample system for coupl- autoratle safe indicator which | Ing
pipes also contributes lo continuously weights every lond high rates of laying drainage and weens the operator both systems. The company ham mat visibly and audibly of any len-up a technical service agency deney to overload the crane. It for helpin with probleme of sutomatically prevents the foelig drainago sobernas. Kn
been re- g of an unsafe lond Irrespec- Inuiries have already
~LPS
at pipes-2.7
ometal crop The Ocluber 1 In a United Pross Interno-that me are more favourable esilmale for 14,344,000 balta tional Interview, Mr Sträckheln | to protection.
chowed an
increase of 72,000 noted that the European Com-
London, Oct. 16. Mr Sirackbelts said that in 1935 bates over the previous roport anon Market will land to free the House voted 201 to 200 to for 14,202,000 bales.
of Pati Mall trade mimong the member cam- deprive the President of the
(Molay) annotinced that when Gimings to October 1 were teles, tit tariff wall against power to tver-ride recommen-reported at 2,083,400 running as closed on the pubile offer ottaide countries Including the dations concerning tariff changes lintes, the amallest on record, re-
of 0,310,000 shares of Malay $1 | United States.
which were made by the United (presenting only 180 per cent of at par, the offering was three Hos bollavad that methods States Torist Commilealers,
oversubscribed. The the crop comparett with 254 permes
There follownd by tho armotalium | proposal was Inter defented by cent ginued to same tune fast were 135,000 application tive of the position of the Jiberived from oversens countries, branch of the government in the 1200′ to 180,-UPT.
China Mall Special. year,-UPL
L.P.8.