THE CHINA MAIL, MONDAY, FEBRUARY 20, 1961.
Weekly survey of American economy ANTI-RECESSION MOVES Mixed reaction London Wall Street HONGKONG
among business community
New York, Feb. 19,
The Democratic administration's anti- recession measures, admittedly in- flationary, were being accepted this past week with enthusiastic support among the more liberal of the U.S.
stocks
advance
London, Fab. 19.
A burst of end-of-the-week buying pushed stocks into higher ground last week, ravorsing the normal Fri- day fall off despite the end of three-week account.
•
business community and with resign Britain's improved overseas
ed grumbling conservative
necessary evil.
the among who view them
Both liberal and conservative elements
agree
more
as
these
measures will have the desired effect within a few months of lifting the economic face of the nation.
20
cont per
Dealers traced the upturn to trade figures for January, Wall Street's performance was a spur and with t new resumption of Ave-day week working in two major car plants.
stocks
resume rise
New York, Feb. 19.
The 1981 advance in stock prices resumed this past week after a one-week pause. Trading con- tinued active.
Where the previous week's activity centred mainly on two General Electric and issues, Westinghouse, last week's ac- tion was spread throughout the volume list. The week's business
The list accmed to go was down partly due to the through rotating leadership os gloomy shadow of the Federa- traders jumped from one issue tion of British Industries' indus- to another.
week The buoyancy in prices in Electrical trial survey of previous workers said they would refuse which showed orders falling off the face of a continued bleak to install Japanese electronic The Financial Times index end-economie and business back- parts in their products: a mid-ed at 321.8-only 0.8 higher than ground, and renewed tension
week ago, but this per- with Russia folied to keep in- west city has directed Its pur-ja
concealed # climb vestors out of the market, chasing agents to buy only U.S. formante goals; the National Retail Mer- from a low point for the week chants Association says stores of 317.8 on Tuesday. The 1980- are holding fewer fairs of in- G high was 342.0 and the low ported gods because they are 203.4. conscious of their "elvle respon-
ibility.
Of mure interest-and coneers; by in some quarters-are some fea tures of the Kennedy admin
now tration's economic policy, becuing discernic, which busi- no analysts say will in the long run lead to indirect price controls.
is
WIDESPREAD
and
Actually the reverse has occurred since these develop- The administration is seen by
ments give further support to the iden that a new burst of there analysts ༢ working
Inflation is just around the towards altering the Inner tra-
corner, one broker declared. ditional
The #11 mechanisin
Any Increased tension with American economy towards a
TRAVELLERS
Gains were widespread | the Soviet Union always gives subordinating market scat f
and the blue the defence shares a lift, through the a inchatlans for setting prices- An unidentifled oll Arm such as the time-honoured one reported to have been switching tips took a fair share of : misalle gap or no, the group is
well sald to be destined to lexs
remain of supply and demand and comes overseas travellers
to U.S. rises. Steels fared
than most sectors on company among the favourites for a while petition--to public interest.
on the industry's longer. comments The berals agata welcome planes; Swissair has been
saying 41.5
surged this trend and point out that it! Washington trafile has dwindled outlook, but breweries may well be the only answer to as a result of directives to upwards on a 12-year high for new inflationary pressures. The Federal agencies that employees output. Motors edged higher on
resumed
papera production, conservatives see in this polley | "fly-American".
while plastics and their an attempt at curtailing
Pan American Airways es- improved
counters started freetum in trade.
timates this trend may bring it snipping 20 per cent more bushers. And revival.
CLUES EMERGING The price control polley has never been spilled out as such, But the clues are emerging from the numerous certumte dire tives and documents that leave Come out of the White House over the past month.
If this pricing philosophy is successfully carried out in prae- ten, the anlaysts say, I wil have a long-terin effect on prices of all kinds: Industriai proiluets,
MOTACY farm cumuotities. ferens, labour costs.
These clubs show that administration intends to use its weight to
parted
that
re-
Its
of this there are
#
New York
cotton market
STOCK EXCHANGE
Our Own Correspondent
SCIENCE AND GINEERING 'Stitch gun' is new surgical sewing machine'
London, Fob. 19.
Business done at the Hung: A new "stitching gun" for the stitching
kong Stock Exchange
用
morning mounted to approxi-
mately $3,740,000. Noon quota- ilons and the (ransactions:
morning's
Shares Stuyat Balleta Salme HK Dank
ISTO 1680 201005
ILK Bank
34 of 1303
35 + 1890
10 no
10 1975
10 1815
J610
10
2000
40 48 292
(Lon. Iteg.)
Lombard Wharf Talkoo Bock 7455 IK Ga... 18.19
755 1200 75
10
DM w 10,30
100019.30
2500 10 10 10 1500 19.10 1000u 18
300 19.10
210 19
1700 * 10
100
19.10
Wheelock..
12.40 12 1000 12.70
DODO de 12,00
2000 121
10000 125
3000 12.40
5000 12.40
0000
$2,40
133
131
40 47
HK Dock
New York, Feb. 19. Cotton futures finished the,
week on an
easy, hote ofter churning restlessly Provident while traders awaited the HK Hute!.. government's 1961 crop in Lond.. support announcement.
After establishing New seasonaÅ highs on
eroja tho months,
market backed down irregularly to anish the period met 11 wer to 10 points higher, or off 85 cents 16 up 50 cents a bale compared with the preceding week.
TRANSFER
new
10
500 à 47 100 47 150 85 02 0015
130 100 120
YAUMATI HK"Tram ..
New
30 30%
Ch. Light ..
1IK Elec...
up of arteries after operations for removal of thickened diseased lining has been invented by a
surgeon in the north-east of England, greatly simplifying the complicated series of hand motions at present necessary to pass a needle through the tissues, with a
continuous "over and over"
stitch.
The only really skilled move-¡ placed between two small hold- ment the "gun" requires is that ing jaws at the end of the pistol so that it is held near the thread end,
of introducing the needle at an
exact point on the ariery.
The needle is then
inserted
The new instrument has al- ready been used successfully in by manual movement of the over thirty major arterial opera- gun through the two portions of slitching 1000 19.0tions and has shown great nd-the artery requiring 1000 or 18.00 vantages over previous methods, and when the trigger le pronnad. During clinical trials the in- two grasping jawy move forwarj strarent has proved highly se- to grip the needle Heze the is point end, at the same time the fable and dropping a silich' an unusual- occurrence. These jaws gripping the needs at the trials also established that little thread end are released and re- practice la needed to familiarise | tracted. The gun can then be tho needle and In surgeon with its use and that used to pull
the gun saves much valuable thread through the artery being time during long and dificult sitched, operations.
The present Instrument is ad- justable for use with either a straight or curved arterial needle but it has been a successful that a new model is being designed for use in handling larger and stronger curved needles muitable for other types of operation.
When the trigger of the Kun is
the pressed it provides réquence of movements required to carry out the stitching. First, a needle will thread atläched is
1000 0415
00醇有
2000 83
DOO # 137 200 129 600 2334 500 & 33 1000 33
300 J
600 31
1000 // 31
1000 30
700 300
1300
3010
500
*000
30 3314 2000 #381⁄2
1600
HK Tel.
15%
Allled Inv.
Ca
8
CB14
301
1.35
NEW FRONTIERS As another broker put it, the market again has turned its at tentions to President's Kennedy's new frontlers and seems to be enthusiasm 40- looking with
Activity sinceened consider - the foreign air-itnes naturally Textiles and tobaccos showed ward the prospect of more co-
elal welfare against umemploy-bly toward the end of the protest, saying their purchases
and stores were
period when traders thought an of American goods would make strength them ret spenders in the Schining retail sales and reports in a happy frame of mind, what and the export subsidy rate
buoyant despite January's de- ment
Investors certainly must be arouncement on the loan rate and beeause
with the generally bad business was imminent. passibilities of diminishing US. that clothing and footwear shops faced a rales downturn after
| news out last week. earnings.
Observers felt this
Industrial production and per- "buy 1960's exceptional trading.
were reported Over the week British Ameri-sonal Income American" campaign, like others in the past, may only be short can Tobacco jumped 2/11⁄2 to down again in January. Steel!
Evening-up in the spot March Cement the 867-. Unlever gained 1/15 to production last week managed a of duration, anyhow, until
gain but mast steel delivery meanwhile supplied a balance of payinent is restored. 104/71%, Courtaulds were 7d slight Moreover, they say, certain im- better at 43/10%. Dunlops were offieints do not see any signi- trading feature. The spot month ported gooch:
Brilish Motor Acant change in the market developed more resistance and foreign ser- unchanged, but
until April, thefees such as airlines will always Corp. rolched 3d to 17/1
Liquidation In advance of frat Dalty And the steel industry's prime i notice day on Tuesday-Febru- | Watson ..... have a basle, appeal to Ameri-
Leading olls moved narrowly customer--the car Industry—ory 21. But, they force below levels enns, no matter what.
a shado casier on and ended
isn't helping the situation múch which the market would normal warn, the next twe years or to
Some trade shorts ccmmer.cod tough
either. Passenger car sales for may
going for balance.
the first part of this month were to transfer part of their position running 30 per cent behind aia March to May contracis, in- year ago, and production last dicating a willingness to hold week was down sharply.
their certificated cotton for while longer, perhaps in the hope of merchandising some of it during the spring months. On that account some observers Sales last week amounted to felt that fewer March tenders 23,021,955 shares, or n daily are now expected than was the average ol 4,004,301 shares, case a short time ago. compared with 23.272.220 shares to 4,854,444 shares per day a Open contracts in March al their week earlier. Sales have aver the weekend was approximately Git-edgeds reversed recent downturn and investment aged over four million per day 34,000 bales. The certificated
Realty ... comment thus far this year. This is in stock rese to a new high for the buying on specialist gave
bonde sharp contrast with 1000 when season, reaching 45,00 the government
bales, Star Ferry to 11/10th sterling there were only 10 four-million plus 2,990 bales awaiting inspec- rises of up
Int'l. Invest. 13.90 bands share days. Foreign Friday,
tion, giving ሰ potential of ix. & F.E. proved no market.
There also have been three 48,505 bales compared with Invest Rubbers
selective five-million share sessions so for 44,839 bales a week ago.-UFI. attracted buying and rmed; tens were this year, against only one in all quiet and moved up on Friday, of 1900. --UPI
13 bear.
mean
The emerging pattern this: several foreign businesses.
It may tak twe years, de- Industrial prices will be held
present estimates.. down, farm prices will be pushed; cording to higher. Long-term loan interests before the present recession is wil be lowerei, short-term checked, leat ground regained before any real economic money burrowing interests wil and
domestle fronts:
be kept from dropping. The growth in the United States will "price" of much union organised, pash the country into balance of labour-its enstantly spiralling international take-in and outgo. At Arst glance, checking the wage cloins--is to be restricted: The price of much unorganised recession, though It's long but sill is the first of the two tasks. labour is to he raised.
General consensus still that Inspired by
of a the idea
by next summer the U.S. should "national purpote” in economy as well as other branches of be well on its way out of it. America's national life, the of life began to appear on several This past week renewed signs Keunedy administration là ex- pected to carry out its price control policles by all means
STEEL OUTPUT at its disposal short of official
Steel output last week war-Ume price controls.
1,524,000 tons, the This new policy of "limited Panded to plained economy may tave its est in late October. But the Increase reflected a rise in order irst test in the new labor rou-
trom steel users other than the tract talks coming up in the
industry. notably automobile industry later this construction steel.
heavy year. Business analysts feel the
Heavy
contruction contracts ndaninistration will be reluctant for the first seven weeks of this to leave the Jabour contract dickering to the car manufac-year total $2,000 million, 11 per
turers and Waller
var
Gold mining ended lower over the week and atirac'ed little business. In contrast tins forged ahead and ended firm helped by the good outlook for the metal.
Coppers fell back on Tuesday urul failed to make a comeback. In diamonds De Beers lost 3/9 over the five trading sessions to 152/0.
on
(x-
cent above the year ago level. Reuther's Car sales have been Improving powerful United Automobile Workers if there are any signs
of a further wage-price spiral emerging from the talk 3.
climb
4 new
Record high
Washington, Feb. 10.
a bit during the last week as u The number of workers draw- reguit of belter weather. Some ing unemployment benents rose dealers have showed gains of as by 64,000 during the week end- The administration is reported ch us 20 per cent on an in- ing February 4 to a record high to feel that if U.S. domestic car the same week in January.
dividual basis compared with of 3,358,400, the Labour De.
Fartment reported. prices
allowed to are
However, biventories of new This was about 27,000 above further, there may be flood of car imports from abroad of 1,028,140 units, just 10,000 during the week ending April unsold cars still stood at a peak the previous record high set which would only 4ggravate under the all-time inventory re- 12, 1958. America's balance of payments cord set lost July. And car
states reported position. In fact, what
The makers decided to trim February Increases in the number of government intends to do, these output still further down to workers drawing jobless bene- reports say, is to freeze domestic 380,000 units from the originally fits.-UPI. car prices at present levels even estimated 430,000.
ut the cost of freezing wages.
Forty-three
Commissions
The cute! forcepat for One instrument of imposing this March output a 400,000 but even "public will" on conventional if that total Is allained, Örs! business methods will be the quarter output would only tatal President's advisory committee 1,274,000 units, or nine per cent on labour-management policy, below the original goal of 1,4
Chicago, Feb. 10, Toon to be created.
Members of the Chicago Board infltion assemblies.
Car output last week dropped of Trade have approved in- creases in commissions on grain and soybean futures transac-
The
fxg
intention
MORE COMPETITIVE
administration's price under the 100,00 level for the probably fourth time this year and re- 1.7 what Kennedy had in mind when presented a 37.8 per cent drop tions, effective from the start he appealed to businessmen from the corresponding week a earlier tata past week to help | year ago,--UPI,
him flight inflation. The latention Diso riems directly from the new
president's
nake com- world
Bank of England
desire
to American goods more petitive price-wise in
markets.
Cotmelding with this export-
Jo the
growing of "buy - American”
pushing plans
number
campaigns at home. Here again
statement
London, Feb. 18.
The Bank of Theband atteinent reads an toime:
prices have to be competitive if for the week ended Febriary 15, alch campaigns are to succecel,
These are some of the sainpics Public depasta .......
Notes in circulation .. 22.205.234,00
of what "Buy-American" incais yate depoella ......
in concrete terma:
Kinvernment securflee
Forestpr
An apparet store trade group Other mourites
te urging member "diores to cut ratio pureliaso2 of imported cloibing!
_13,000,843 343,929 371 434,096,240
48,994,800
FUPI.
Retail ales showed a slight plekup, but rail and truck load- ings continued to be adversely affected by snow and lee.
The
averages
Dow-Junez
30 in- Anished the week with dusirinks at 051.87
12,00 up at 144,32 points; 20 ralis
up 23.08: 35 utilities at 107.56 of 9.10; and 65 stocks at 220.50 up 3.31.-UTI.
Australian bid
to improve trade with Malaya
Kuala Lumpur, Feb. 19.
Sugar Act
question
120 60 30 1500 2914
18000! 2000401%
1000 4G
Britain testing for
non-toxic gas
100 45%Experiments
000
1000 4 457
BOO G
1000 (09
100 5019 4500 (+ BA!: 100 000
9.00 2000 36
2000 05 3000
ara
to be
carried out in Britain to produco non poisonous gos for domestic use, The
Release of the trigger reverser the action of the jaws to that the instrument is reset rendy for the next stlich.
A British firm of surgical In- strument makers have been in close touch with the Inventor during the development of this new stitching device.
Under licence, arrangements with the National Research De- velopment Corporation they are pincing on the market a model in stainless sleel which has successfully completed clinical trials. A slightly modified ver- sion is available for left-handed Surgeons...~LPS,
Conveyor system that almost thinks!
Chaiman of the GnA Oil, Sir Henry Jones, hos said that short of supplying the entire country with natural gas It would take a long time be ford all homes could have a gas
that was non-toxic.
But he expected to see pro- gress towards this in the next
lve years and more
in the next ten. Sir Heiry
prostresa
teverbed
the
300061330 problem of actidental deaths by gaspolcoting as part of s much larger local Erblem: the problem of old age,
$15
2000 à 1.35 1000 9.55
Textile
8.20
2000 4 $2.00 010000 i 11,30
ย
5000 8.40 1000 @ 1,40
1000 18,43
4:00 6 0.40
2000 1.35
1375 20
Nanyang
+
13.30
6. Rubber 7.15
FL Trust B.13
L
1000 13.40 75% 4000 67.39 1000 7.30 830 3000 BIS
1000 or 8.35 0000 8.30
0000 0.20
2000 2,15
15000 w 2.123
224 100 6 229
14 1000 a 14.10
2900 si 14
17.40
1000 17.40
TOOG 17,40
Gilman
3.40
1000 1712 3.45 000 3.45
10000 V 3,425 2000 4 345
New York, Feb. 19. Congress will move "as ox- peditiouslv 03 circum- stances will permit" to extend the United States Sugar Act beyond its March 31 expiration dato, Congressmen H. D. Coò-: lay,
Chairman of the
House Agriculture Com- mittea, told a meeting of
the Sugar Club.
This
A 21-month extension is nced-
to wind up a five-dayed to permit the present Con-
• visit to Malaya tomorrow gress to towello the rugat legis- and fly to Bangkok. iatlon in the Ught of changi
***
Sungala ... Union. Humphreys MACIO Ele. Lane Craw. Vibro
2.20
of 7,000 heme deaths in 1959 in England and Water, 201 were from gas polsoning and 84 per 2.16 3500 12.172 cent of these were
caused by
17 1116
28.20
4715
2000 81%
Bus laps being loft on. The Gas Council regularly
Check old people to
called
On KET In stallations in their homes.
making protests
New Has
London, Feb. 19, U.K. conveyor maker has recently displayed on in- tricato conveyor systom that almost thinks for it- self. The whole of this system is being shipped to Moscow for the British Trade Fair in May.
The conveyors collect, hold, store, transport and present any type of material needed at a certain point of a factory of ssembly line at excetly the right moment. 'This is echieved by the conveyor (known as the Flowmaster) being automatically
controlled electrcasically operate to a pre-determined pro- ramme, prepared and stored en punched tope for an hour, a day or even a week ahead.
Visitors to the demonstration
to
i were invited to decide for them-
sclvcs the sequence in which
200 or 17.40 were being developed at sever- articles were to be fed from the
al Installations in the country,
of
but complete Conversion the system was a difficult task.
10000 3.425LPS
0000 63.45
10000 à 3,40
2000
4
Special body
to tackle
wage-price stability
Washington, Feb. 19.
Plastics pressure
sprayer
storage conveyor Unes on to u feeder or main conveyor.
An operator then topped out the request on a teleprinter which automatically translated the requirements into punched lepe.
This was then fed Into the electronte reader which con- verted it into electrical impulses, The control unit interpreted the instruction from the reader, A now type of pressurised operated the conveyor control sprayer with a two gallon mechanism and checked that the polythene container Ideal Instruction from the reader had bėciz edfried dut before accepting for either horticultural or the next instruction.
London, Feb. 19.
In addition to these revolu- ationary dentures, a demonstration was given of the final link in the chain of automatic proceses necessary to automation, the transfer of a component from the conveyor to and from a' re- presentation of an autoinktic The completo yelo being automatically operated and controlled by the conveyor,
agricultural spraying has boen
by developed British fight. They are the first in the Unit- ed Kingdom and belleved to be the first in the world to use polythene instead of metal for pressurised spraying.
The manufacturers have 50mizéhine, employees and about two-thirds of the 35,000-a-weck output of sprayers 21 different types of
go to 30 countries,
This conveyor tystem with in in order to prevent | President Konnody last weak
electronic control provides that R. W. Swartz, Australian | cistotle conditions Int The set up a special com- This new type of compression last ink which, without human connects the Tow Parliamentary Socrotary domestic suyar Industry.
mittes of top business sprayer has the metal plunger Intervention,
material stores with the process- for Trade, was scheduled
and labour union leaders fitted to the top of the boldle.
All the operator need do is ing machines and carries the to tackle the problem of pump it until he feels the gres-product through in various wage-price stability and sure bulld up inside the bottle. stages et assembly unili fi fakes study the general econo-He then releases a control tapite anal form. of trading on February 17. The
conditions in Caribbean supply-
Safegitards are incorporated so mic health of the nation, and the liquid sprays through a During Increases are as high as 33 per
bla visit here,
detachable 20-Inch nickel-thai should a component exited Swarts
ecaferrod cent.
ing uteas, Mr Copley wald, with
The new advisory committee plated brass-angled lance with for by the tape not be avaliable on labour-ringement polley out any more pumping Increases The previou
in Mohahed Khir Tharl, Minister
Warning that there was no will be composed of the socre-
in the storage conveyor, the tape grain rates were in 1930 when for Commerce and
The lanco lo fittêd with fine will remain stationary until the Industry, Ume for controversy, he in- taries of labour and commerce, spray, coarse spray and jet. It required component available. comminglon houses
other requested and
top government
dicate that part of the delay plus IB publie members. the risen to cover the higliet cost | oftelais. of Handling futures transactions.
Labour Becretary Arthur J. Can be operated with lengths of This ensures that only it cach | bli now has been caused by Swartz sild ho wan inter- The Increases do not affect rested in improving Australia's owness of the Congress in Goldberg wil head it the first tubig ranging fromf six feet to sequence and operation 25 beh correctly performed can tile de¿ transactiona in edible olis, lard, now tinfavourable balance
«rganiring. A change
Mr. in pro-year and Commerce Secretary 30 feet.
Newton - Mason, alep or sequence be, Inlikates. oposal for axlarion of the law Luther Hodges the next, on an
managing director of the arm The speed az which the tape is cotton or soybean meal~Chilka | trade with Malaya, Mall Spec),
Last year Malbyn bought wilton is loolted to, allemaling basis.
The southitler will retom said the plastics Industry, had fed into the reader and, therefore, Mr Cooley mild, indicating that A£18.8 million worth of Au
mend polletes for labour ant belved a grant deni in producing this speed at which the requences traliah good, Australia ur- this will be in the form of a
controlled by the chain spérd of chased more than A£17.5 ml- revisiot to be suggested by marcinent in the promotion a bottle strong enough to take operations are performed, is
of "free, and responsible collec- the high pressures, Hun worth of goods, mostly sub-resident Remedy presumably ve bargalaing
This sprayer, has already been'} tříd mains conveyer, co thắt when Denmarkt stop the reader stops and presidential authority to limit peace, adind wage ital price cold la quentity to ber and tin, from Malays.
of sugar from the poles, lighter wandards of for lime working. It la just one the controller: does not release Swartz will visit Hongkong. importa Manila and Singapore before res, Dominican Republle, China irving leuk - lineraaleck producs of the many urds it can be shit any more componenta" to tho turning to Australia.-UPI, at Speelui.
| mala conveyor KIAMS,
Unit
trust
First Hongkong fund; Buyer prite! 31.33. Sailor price: $1.31.
tivity!" API.
inthisthal
to LPS.
No comments yet.
Private notes are available after approval.