1961-01-16 — Page 2

THE CHINA MAIL, 'MONDAY, JANUARY 16, 1981.

Weekly survey of American

American economy

CIENCE, AND

NO CHANGE IN POLICYGINEERING

Democrats likely to shelve

London Third consecutive Cotton Shock waves aid

radical proposals stocks

New York, Jan. 15.

As administrations got ready to change hands in Washington earlier predic- tions were confirmed this past week that no radical change in economic policy would be forthcoming for quite a while.

In the Bood of #task forre" reports addressed to Presdent- elect John F. Kennedy were a few economie eures which, if used, would indeed repersent a djurture from the past eight

since the

start of World War JI. True, the personal lax exemption was raised in 1943 from $500 to 3000. And in the henvy recession year of 1954- eared by the Xerean Armis- Republican shoptice the tax mute was cut from keeping. However, indications) 22.2 per cent of the first $2,000 weto most of these, if not all of tiel Income to 20 per cent, would be fled away to be con- after a £600 exemption.

But idered

only If things got this was generally considered

¡Jnsignificant. selicusly out of hand.

years

#

or

A good indication of this was į That a debate on the merits of general federal inemine tax cut to pull the economy out of current recession-one of the crorumie cures recommendet | to Kennedy-blossomed out in the first two weeks of the New i Year only to die down as sud- denty.

cut os

in the current debate, one of the most telling arguments against a general tax cut was

that those who benefit from it would be far from certain to use the money thus gained to make purchases and help the economy. On the contrary, they might considèr a tax cut as evidence of government alarm at the business allustion and Instead save the tax cut with some other money had intended to spend. Another

telling, was:

they

gain

London, Jan. 15.

The hint of the Chancellor of the Exchoquor that he cosing would consider credit on car and consum- ars' durable sales sent stocks upward in the last

weekly weekly advance review in Wall Street

New York, Jan. 15.

Stocks made their third consecutive weekly ad- vance in the heaviest trading in more than two years.

New York, Jan. 15. Cotton

futures developed

more activity this post Chemistry wook, but price fluctua- tions became more con- fused. While months remained steady now crop deliveries odgod to seasonal highs.

nearby

hour's trading on Friday to / sessions and ran the string of averages higher in the face of cents a bale from the preced-

push the list on to higher ground.

4,445,436

Earlier the market sagged on disappointments from the steel and ear industries, a govern- ment's hint on difficulties ahead and the Inflationary trend and bigger wage claim. Friday was until the drifting downwards

And that week itself was the Chancellor's reported hint spur-most active since the big turn-

red speculative buyers.

22,,1933.

as tangible evidence is licking Some market technicians that the economy is about to noted that the heavy volume of have a shot-in-ilie-arm through credit ensing.

economy for many years. It also pointed out that gains have out- paced losses every day but one since December 23, 1980.

chemical

research

and

London, Jan. 15.

not aerodynamics do usually go together. But as scientists move ahead on all fronts in their pursuit of knowledge about natural phenomona the recognised barriers dividing the areas of investigation

aro collapsing.

in its

wave.

At Friday's close the list Sales volume ran above the stock transactions since Christ- ruled net unchanged to off 15 all Ave mas has literally forced the points, or unchanged to off 75 four million mark in

four million days to six.

normally depressive busineas and ing week.

For pome time chemists at the pened is that in the relatively Sales for the first five-day | political news.

Evening-up in the

Emeryville, Callfomia, labora- long time required to heat these nearby trading week of the last three

tories of the Shell Development | materials to say 5,000 degrees PLENTY OF CASH March delivery, and switching Company (U.S.A.) have been centigrade, and then cool them, amounted to 22,227,100 shares

out of that

month into latex employing a technique, usually large amount of D formed or an average of

trade interests, found, in aerodynamie research Thomson Mackinnon offered Pooltions by shares per day, the most since

even though C may be the constant trading stations for studying hypersonic major prodier at 50 degrees. delly some other facts which stand. Provided 24,402,570 shares, or a

feature. ot 4.080,814 strares out in an otherwise clouded In-

airflow, to investigate the chemi- The only way to find out is to average

First notice day for March The most Im- of vesting picture. danged hands, the week

cal reactions of gases,

cut the healing and cooling time portant it sold is that people will be February 21. The open October 17, 1958.

This is the shock tube techni- to as close to nothing as possible, que by which a shock

The shock tube itself is an and institutions have plenty of, position in the spot month at cash available, and also a rather this past week, approximated

of -inch steel that 87,000 bales. The certificated travelling at speeds up to 7,000 10-foot length conviction

stock of cotton available for miles an hour. is used to heat pipe, divided into two sections. the Sales in the first week common stocks constitute The sharp rully had its origins over on the week ended July deep-seated

fas molecules

path to

One end is connected to a steel In professional activity but t

effective

against Contract delivery totalled 28,318 thousands of degrees hedge

in ml. vacuum chamber three feet in of this New Year totalled 14, must dried up selling. Market experts 302,074 shares, or an average of more of the creeping inflation bales, plus 10,410 bales awall-

lionths of a second. After diameter while the other end is belleve, however, that the Fri-3,500,068 shares in each of the that has characterised the ing inspection.

predetermined interval the gas, closed.

disc An aluminium day's boost could soon evaporate four trading sessions,

cham- molecules

equally Goporates use vacuum are cooled MODIFIED

ber from the short or rapidly with the result that n Market technicians supposed chemical reaction can be started high-pressure section of the the recent increase in the cerit- and stopped almost instantane-tube. The high pressure section la filled with a light, inert gas, indicate iously. flented stock might

THE PROBLEM

preferably hellum. Another heavier deliveries on contract, However, that impression By using this unusust techni-aluminium disc separates this was modified inter when selling que Shell scientists hope to shed section from the longer reaction in March developed come cen- some light on the many an- section of the tube which con- tral belt spot interests, who answered questions concerning, bins the gases under study.

deliverable high temperature and pressure, separating the high the

The problem is that the physi- chamber from the reaction cham- World cotton production and cal processes mixing, healing ber is ruptured by an electric Corsumption for the 1000-61 and cooling--tend to obscure the discharge. This causes a shock wave to travel through the kakes true results of a chemical reae- scasen are expected to be in

about 57,000,000 tion taking place in the usual ap-in the resellon chamber. Gas belanco bolos, Javing the carry-over paratus. The shock tube techni-molecules in its path are raised

these thousands or degrees But there are few in Wall

next August 1 unchanged at que overcomes many

perature in millionth of a Street who

20.300.000 boles, the Depart- ¦ difficulties, expect any near. term threat to last year's highs, tent of Agriculture reperiet. In

for normal equipment,

A second discharge, etcetron!- Consensis in for continued

Domestic raw cttion exports example, when a gas A reacts caily triggered at a predetermin- for the season through Jaffuary with another advance until the latter part of

B. a small ed time by the first one, breako 10 this month when

24 topotted by the New a correction

amount ot gas C and a large the disc at the vacuum chamber. should set in, losting until Yotk Cotton Exchange, totalled amount of gas D may be formed. The light or driver gas is

In fact the quantities of C may evacuated and the gas evidence of a spring or summer: 2,510,000 bales versus 3,301,490

under pickup in business appears being shipped to the same time

last season-UPI. UPI.

Over the week the Financial Times Industrial Index lost only 0.1 point, finishing at 311.5. A point rise Friday wiped out virtually all

losses.

of the

week's

HONGKONG STOCK EXCHANGE

Kennedy's conservative- miuded Secretary of the Troa- sury, C. Douglas Dillon, put aj step to the debates which he told a congressional hearing that i

argument, equally he does not intend to usd a gen-,

What good is eral tax

a recession-

tax cut to a man who has no fighting weapon and that the job and no

Income? And, only changes in the nation's tax anally, how will you ever get

be those in the Structure would

budget balanced if you earlier in Kennedy's eliminate more revenue? dientel

STEELS MIXED election campanign: The clo So, with

feeling a ceneral ing of several tax loophole: that the economy wil spurt up

Steels had a mixed week due second half of to short-time working in some now enjoyed by major cory again in the porations.

1961, hope of an income tax tut, which for a while appeared major milis, the steel board's

report that demand mure substantiated thun at any sinckening for lighter products time since World War II. now and that exports will be higher seems to be dead and buried and the gulaire in the car in again.-UPI.

dustry, Engineerings sec-sawed

Business dong at the Hong- but stores forged ahead, gaining

Stock Exchange this most from Friday's sharp spurt, kong

amounted to Shipings were beller on the morning

Noon week on the improving oulloalt. proximately $3,515,000.

and the morning's Oils had

erratie quotations

transactions; moments and finished higher.

Hopes thal

uranium now

Stares Buyers Beilets Rales conincts will give some gold

1445 1400 70 14.30 for 11K Dark. mines carnings boost made

21455 Armness among the Kafirs with sentiment helped by stepped. Lon. Beg, ..

מו!

These Include exemptions

corporate investment and profits abroad; the 27 per cent 12x exemption on depletion en- joyed by oil firms. The first is n provision that no US, tax is pold on earninga by American abroad until after companies they have been repatriated,

EXPENDITURE

Recent figures showed Ameri-

can companies more than doubled their planned enpital the

expenditures abroad in third quarter of 1960, in fot there was a 108 per cen! spurt in foreign Investmen:

and first and second quarters of 1900

showed gains of sunly eight and 32 per cent respectively."

This was the rort of thing. Dillon said, that was not in the interests of U.S. economy

at present. Tapping overseas pro- its of American corporations for a larger slice of the gavern- ment's tax revenue would one obvious way of compensat Ing the corporate tax losses at heine incurred by the current

recession.

Dillon's

outline

be

Urges

control

of U.S. copper exports Washington, Jan, tổ.

some

was

by

Our Own Correspondent

50 1450

1240 500

204

Talkoo

7015

76 2000 74%

of

000 500

Wheelock

.10.40 1015 00

23000 64 10.30

10.40

up demand for gold in the free Aala ...

Whart market. The Index gained here two points on the week. nearly A large segment of the cop the week but looked better on

backtrack Coppers

most por Industry has urged the day. Til: moved Banbwy Commerce Department to and also shared Friday's up- reimposo quantitive con- ft.

Greeks trols on exports of copper-

strong iri

JK Dock .. on alloyed scrap.

foreign bonds, and to be Department officials said they hopes of that country's associa- would take the request under tions with European common

consideration.

A spokesman for the grouJ

market.

were

Dollar stocks elored higher, sale that current scrap inven- Rubbers and teas eased.-UPI. brought tories are

at low levels, and

favourable comment from busi- that if there is an upturn in the Dera catiera who have been U.S. economy, US, consumers apprehensive of Kenney's whi

economie, policies. They agreed | shortages. now that there was no reason

to harbour fears but some still reserved 4 Mast and

see" position.

DIFFERENCES

The only

major differences

In economic thinking between the cul-going and incoming ad- ministrations

emerged

experience

Serious

The industry representatives In seeking the imposition st the controls said that the shorp exports ut upsurge in 1960

scrap portends grave shortages for the U.S. economy.

Total exports of copper rewi materials rose to $329 million

of

scrap, at-

in 1960, including $244 million

copper alloyed cording to the furc

portment.

fron

President Etenlunver's well slate of the union message.

Eisenhower justly

Commerce De-

claimed In 1950, total exports were

credit for a 23 per cent growth in

only $100 million, including $92

the nation's output of goods and millon In scrap exports.

Jervices in the past eight years

of his administration, This is

DEMAND

Department amelals said the

where his and Kennedy's econo-sharp Increase in exports result- mic advisers sharply diiter: the ed from increased latter clara the U. S. needs Europe and in part from growth of Ave por cont annual- lack of dependability ly to sustain its position of free copper

90urees

dem:nd in the

of other because

ot

NEW GOLD RUSH SAID POSSIBLE

Washington, Jan, 15.

10.40

119 122

200 or 120

200 119

120 119

300 60 200

Provident . 24.20 24,40 2000

HK Hotel.. 403% 41%

3000 500

IK Land ..

7034

#7

0:00 6

700 br

33701

Yaurati

Now

=

HK Tram 30 331

Ch. Light. 27.00 21.00

Electric Telephone

· 7430

1503 27.8

27 30

3015

177301 3000 u 392

G.. Cement 60 70

Watson e

B

6.40

Somo financial experts hord

today speculated whether Dairy Farm 11 3236

President Eisenhower's | Allied Inv.. ban on Amarican citizens holding gold overseas

might start a new gold rush on world markets.

The

order

announced last

world leader. At that rate the na- strikes and other situations. night was aimed at helping to

The Commerce Department alleviate the U.S. balance

had re- payments situation. It imposes

years should have gained 40 Trade Section earlier

flon's output in the past eight |

per cent, my claim.

Another point

ported that there

15

of

good on Americans overseas the same

of disagree chance that copper exports will regulations as those already in

ment is the 'budget.

Textile Nanyang.... Amal. Jtub..

7.65 1.70

13.00 0.45 0.23

3000 7.05

300

6.30

2000 0.40

Eisen- decline in 1081, principally, be- force in the U.S., and gives them Rub, Trust . hower stimated the budget for cause of decreased demand in until June 1 to dispose of over- - 1960-61 will still show a sur- Europe, whose Industrial boom sens gold holdings,

plus, possibly $200 million. He has shown algns ot dowing

also said he would submit a down,

714

7A5

Humphreys 25.90 20.20 Predictions about the exact Recity

budget for 1081-62 showing a Department officials gave no effects of the President's decrea

Este margin of surplus. esti-Indication as to their

maled of $1,500 million.

are vague as the government present itself does not know how much Bar Ferry. position on the proposed congold is involved. Not siy she lacoming trols,China Mail Special. democrato. The stale of econo-

LOWEST

my

at present is such that

lossen in corporation taxes can The Bank of England

not be balnied out either in

the currant or the next fiveni

yeat. Dillon himself said thin

In his outline and even hipled

at the need of raising tem-

statement

London, Jan. 15. The Banic of England state- porarily the present mational ment for the week ended Jon òt elling

11, read as follows:

circulation

The third major difference la Notra in

Private deposits..... Gaveminent securities other securities Heceipts nato

á matter of semantica, whore le deposits ...... Elschtower merely dismissed the current recession by saying in his meangs to Congress that "there is atilo rúdás" for cóm- placency the Democrats have maistently been using elronger langage.

The income tax delate brought up these interesting points! The United, Zaton. figs.[{ bol hat a fisi income tax cut

1.90 1.0253

2000 + 64G

2000 s 0.45

11000 B

1600 är 6.15 10000.00

0000 $45

11000 815

Under these circumstances, the market experts said, it is not surprising that the alight- est hint of a real turn in the

burlaces outlook could quick- ly spark a wide rally in any given group. Another broker is impressed with the slow upward progress that has been made steadily in of the Dow-Jones 0.3

· averages where fairly suff re- sistance to advance had been widely expected.

ים

reportedly own a large per- very rapid reactions. of gasen at tentage Block.

of

Seven countries will gain from

on Cuban

US. ban sugar

Washington, Jan, 15.

Seven Latin American countries, including Mexico than and Peru,

more stand to gain $100,000,000 this year in extra sugar sales as a result of a ban on all Cuban sugar by the United States.

វ

KAS

! To start the reaction, the disc

second,

pressur

in tem-

be so minuts that the conclusion study is cooled very rapidly cná is reached that the result of the left in the reaction chamber for reaction is the formation of Dier chemical analysis.

Actually what may have hap-

New weapon in

cancer fight

perts have Industrial

Ex.

Design and fabrication of the were engineering metal dises problems In their own right. Rupture must occur exactly the same way every time, at the

right time.

Each diss has a circle divided Japanese electronics

into alx equal party embossed on turned

on IL The death of the embossing experimental determines when the dise will vital rupture. When a disc bursia the fight It leaves a crown-like shape with sle triangular points on it per- pendicular to the dle surface.

Engineers at Emeryville spent a considerable time determining have the exact depths and patterns cle-needed and in designing and which bullding a piece of equipment is a considern- that will produce these dire

mochino into

in wcopon against cancer. Engineers at the Matsuda Labratory of the Tokyo Shi- baurn Electric Company built a giant 15-million tron-volt

botatron, scicrists user

Inte improvement on the gam- quickly and accurately.

fra

ray generated by widely- used Cobalt-60,

Seletizia discovered that the betation has tar lesy deleterious sido-effects than the Coball-60 gamma ray.

To build new Iraqi port

Stockholm, Jan, 15. Bkanska Cementgjuteriet, inrge Swedish contractors, have concluded a contract par with the iraqi authorities 10-

Under the action announced This same price will continue in try President Elsenhower, the affect on Dominileán sugar. United States is expected

The United States now pays to

for all sugar 2,777,000, about six cents buy

estimated

from foreign

pro-

The Toshiba belaren-soon to extra tons of sugar from the purchased Latin American countries. ducers, compared to a world delivered to the Osaka City

The countries which stand to price of between 8% to 4 cents a

University-is the first built recently Dominican sugar in Japon for medicine gain from the Cuban cut are, pound The Peru, Mexico, the Dominican will be botight at the world i

poses. Five tale industrial arms, gether with the West-German the other Latin however Repriblle

Costa price while Nicaragua,

are already using Arm Gruh und Bilfinger AG, Thn American producers would re-them to the nuclear physics ex-

and the Lebanese building flimi Rica, Panama and Haiti.

F. Kettaneh Brothers, for build- willceive the higher U.S. price. Argiculture Department

perimental field. POLICY announce the oficial allocations

The betatron has revolving in a large new port at Umm The tater.

The U.9. polley toward

the and agie-sayang devices which / Qaar on the Persian Gulf. Dominican regime is in keeping make it

to "beam" the contract is worth over Kr. 100,- U.S. action eliminating Cucu's with action taken

000,000 (£0,000,000) by the radiation in any desired direc- valid for three years, quota was consistent with Pre-American Minister calling for tion. Fuli shielding is incor zident Eisenhower's order last possible economic sanctions year reducing sigar imports against the 30-year-aid Trujillo porated to ensure absolute provires south of Burrah in a de- sert region. The port will be from Fidel Castro's regime by dictatorship for its participations vention of radiation leakage.

The new medicinal betatron designed for ocean-going ton bi 6 plot to kill Venezuelan pre-not"

only generates 15-million page and will, in the first stage, Before Castro came to power,sident Romulo Betancourt last

Electronvolt X-tuys, bul can have a modern concreto, quiny

about 700,000 tons.

Ex-

and is

Umm Qasr Is situated 80 kilo-

All the American Republics also generate electronie rays at of core on 800 metres. Can- have broken diplomati - the turn of a switch. fallotis will the Domintemer The machine can be applied Repable but no folut toană. Imafely to every part of the body mle measures DAVŐ been with a'far greater intensity than inken. A speclat committee the Cobalt-00 gamma ray. of the Organisation of Ameri- The electronic ray can also

the United States normally Jurie. bought from Cuba, about one- third of US sugar requirements. È

President Elschhowe plained the US action against tho Castro revolutionary | government by saying it has followed "a policy of deliberate holility toward the US" and for having commitled “alesdity 'Irl÷ 10000 # 1.90

4200 * 1.90 creasing amounts of its sugar 1031915 erop to Crenmimist countries,”

2000 GE Bij 20000 !

4200 73 1000+ 7.60 4000755

1000 25

10:04 13273

199

109 190

AUTHORITY

i

́ean Blates is now considering | be adjusted according

a punitive programine against mertounder of the almas tlie Trujillo regime,

the depth of the concor. Unofficial calculations of pos #ible sugar, alldeallons during this year" show the Dominicali Republle could seli as niuch as At the same thie, President 002,000 extra tans-223,000 tons Eisenhower said he would ask of these in the first quarter. 1150 Congress again next inbirth for

Mexico, also according to authortly to prevent the Domininofficial figures, could mit an 500 15.73 can regime of Rafael L. Trujillo blitt 700,000

2004 200 100 rus

Slor Farty

HX-G ... 1030. 101

11.40 1130 4000

MAY.

tons during

from getting any share of the 1961, one fourth of that during 1400 » 2020, Cubari quota cat.

first quarter; Paru, 078,000 Under the present law, the 243,000 1500

ip the Ard Dominican

2015

185 @ 30

1520

红 43

Press estimates" ranged from Tall Inwen $100 million (about £33 millions) HK F

.... 15.00 19.90 to less than $1,000 million (£360 Gamin 2770 211⁄2 1030 23 million) U.S. gold stocks are Uniont ubout $17,600 million (about Waterboat 20.30 £6,000 million)-lowest for 21 Array years.

Caining observers today felt Macro Elec £2,254,975,153

the new ban could even work, Lane Craw 321,62,416 against an improvement in the 311414.99 foreign exchange position

They thought foreigners might interpret the move no e, signs UPI of US anxiety aml rust To

40,100,1607

10.0

Unit trust

*Filet Hingkong Tund Buyer Price: $1.09, Seller Price:* $3,18,

Somo

| buy golů.

how

Exchange rates

Business Was done

flepubile

would

share with other Latih Amer! quarter,

countries in the re-

Perama could burst its suite

állocation of digar tembled by about 0,010 tons during the from the Culán quota for the Year Nichradia by about 140, Arat quarter of 1981. --

|000 tow, Costs; fles by stori

The Eltenhower, mutrinitisa. 0,08% tohi uni falu by sotne tok sought 'wulfiority from tha 1,732 10

ad

In the eat last Congress to withhold the Bhould any of these Latin unofficial exting market this There t alol doubt about morning at the following intas:—

Dominican allocation but Con- ftlerloads countiția hớt to able the orther would bo V8. doller (pef 911 vo****** *aza | Press Fefused to change the lɛw, bo nieel, their newly enforced Trendy officials Berlin futes (per 20 ****** 1100 Neverikolesa, file attigifilistration allocations, the US, would buy ch, f Bald they hope to roly largely indonesian Rupiah (per 1001...00 fished the price or the star grom other sourires

20.00 Fanikil from Dominicais pro- Biken and thalidiy : Argentina

101 | ducere by 345 reale per pound, and Chiongela—UPI,

Australian gates (per #13

on the-fusébiding initinofs of djam tichin (per 100) American citizens,Heuter. | Wingapore (Misalka).

13.05

to thr

struction further Includes wharves, an 18-inch seater con- cult to Basrah, a water part. fcation Diant, high-voltage transmission lines and, house for the worker unit other

stuff on the sltd. An entire and is later to be built up round

the port..

Photo shows the first betatron. Built in Japan. for treating cancer..