THE CHINA MAIL MONDAY, MARCH 27, 1961.
£i* °
Weekly survey of American economy
SOLENTITANI
UNEMPLOYMENT ISSUE ENGINEERING
New York closes mixed
on nervous selling
Wall Street's bull market turned cantankerous
the symptoms indicating nervous selling.
New York, Mar. 26.
late this past week with
The market finished on an This strongly implies, it said, Irregular note with industrials the market is in un important closing lower on average, ralis|"top" arch, and utility slocks higher on balance.
servers
Eleven of the 15 most nelive Issues were worth $27 or less, another point noted by techni- clans who were lamenting the market's "poor leadership."
Volume for the week under review, picked up slightly (help- Although a good deal of thejed by the early sessions) to 20,- The market breakdown pre- aclling was attributed to the 084,035 shares from 20,481,401 sented a pleture of 1,459 issues situation In Laos, some ob shares a week Carlier and com-crossing the tape including 462 noted that Industrial pared with 10,233,609 last year gainers, 834 losers and 123
which alocks had to follow the good at this time.
did not change, New new lows highs outnumbered price, action of the rails, which finally cracked an old recovery
by 348 to 19-UPI. level to confirm the bull market signal heralded by in dustriais earlier.
Even so, the rall spurt ap- peared artificial, coming on the beels of a wire house "lash” predicting the carriers were ripe for a boost. Some of the gloss was removed late in the week when disappointing earnings re- ports were released and prices dropped sharply.
SIGNIFICANCE
The market also took Jin monthly. accounting of shurt zales and found the figures ac- tually rose slightly just when everybody expected them
International Business
Ma-
chines dropped 28 points largely because of market letter advlee that the price was getting too far out of line. ABC Vending rose 10% points on a two-for-one stock split.
Raytheon rose 34 points after a Wall Street house sald the stock hadn't risen as much recently as others in its fick.
Endorsement
of cheques
The Exchange Banks' Associa- A possible dilution of earn-
tion wish to remind members of inyu
catised
Minneapolis-the public that the Bills of Ex- Honeywell
to drop
54 after change (Amendment) Ordinance it registered
million of $20
1980 which was gazotted on 11th debentures and 230,000 shares November 1960, comes into force of convertible proference stock. with effect from 1st Apr 1901.
Low-priced Rhodesian Selec-
The Ordinance deals pri- not tion Trust led the market imarily with the question of en- to. But the real significance, as nelivity with 406,200
ali shares,dorsement of cheques and one technical service pointed out, adding 4 point to 1. Follow- is the fact that the daily trading were Fairbanks-Whitney up
member bumics of this Associa- tion Ing volume declined for
have been requested to the 14 to $11%, Lockheed, Aveo up bring fourth consecutive month and to to 19% and American Motors
the terms of the Or- the lowest level since July 1948.
notice, of their up to $20%.
SECOND HONGKONG FUND
dinance to the
necount
holders.
Selling Price: 8th August, 1960 --- $1 Selling Price: 16th March, 1961 - $1.43
FIRST HONG KONG FUND
OFFER OF 1,000,000 UNITS AT $1 PER UNIT
PAYABLE IN FULL ON APPLICATION IMPORTANT
The offer opens on 20th March, 1961, and closes not later than 28th March, 1961. Applications must be received at the offices of the Managers, Hong Kong Unit Funds Limited, P. O. Box 690, Hong Kong, or 7th Floor, Alexandra House, or at The Hongkong & Shanghai Banking Corporation, The Chartered Bank or Mercantile Bank Ltd. during that period.
ALL SHARES CURRENTLY INCLUDED IN THE TRUST FUND ARE SHARES QUOTED ON THE HONG KONG STOCK EXCHANGE.
TRUSTEE: HONG KONG & SHANGHAI BANK,
HONG KONG (TRUSTEE) LTD. APPLICATIONS MUST BE FOR A MINIMUM OF 500 UNITS AND THEREAFTER, IN MULTIPLES OF 100 UNITS FORM OF APPLICATION
Not
To: HONG KONG UNITt funds LIMITED
I/We hereby apply for
units in the Second Hong Kang Fund, at the advertised price of $1.00 per unit, in accordance with the conditions contained in the offer and subject to the terms of the Trust Deed dated 14th March, 1961.
I/We understand
boing.
1/We enclose cheque/money order/cash for $ payment in full for the number of units applied for. that the money will be returned to me/us in full If no. Units are allotted.
I/We declare that I/We am/are over 21 years of age.
SURNAME(S) (in English),
(Please state
Mr., Mrs. or Miss)
OTHER NAME(S) IN FULL
ADDRESS
SIGNATURE (SÍ
Telephone No.
Date
the case of joint applications all persons must sign. Corporations should complete under the hand of on authorised officer whose designation should be stated).
SPECIMEN SIGNATURE (5)
NOTE Free Information booklets are obtainable from fooding Banks and members of the Hong Kong Stock Exchange or from Hong Kong Unit Funds Limited 7th Floor, Alexandra House, or P. G. Box 60 (Tai, 28103).
CMP
Problem remains though recession is ending
New York, Mar. 26.
HONGKONG
As the current U, S, economic recession neared its end, the biggest question mark still unanswered was unemploy-kong ment.
STOCK EXCHANGE
Our Own Correspondent.
Business done at the Hang- Stock Exchange this morning amounted 10 proximately $4,800,000. Noon the morning's
transactions:
Shares Buyers Bellece
410
Economic data released by the Government and quotations and
industry over the past week pointed to a halt in the downward drift of business. Indus- trial production halted its decline and stabi- lised at 102 per cent of the 1957 level; housing starts picked up, so did new and used car sales, so did steel output.
The
number of
KK Bank
Dishwasher deals
with over 1,000
items
an hour
London, Mar. 26. An automatic dishwashing machine for the small caterer has been produced by a United Kingdom manufacturer of dish and bottle washing plant.
Balus
425 la 434
145 410
20 42 418
50 416
70 410
but
. Lon, Reg. Whart Taikoo Dock 141⁄2
330
352
70
200 74% 400
a year Cas... 20.30 20.40
2002030
A
These indicators sup- porbed the view that al- improvement in
1920 & 29.30
100+ 2014
1300 6 20,40
workers over the preceding month
drawing unemployment cheques still 10 per cent below
though the
710 @ 20.38
30NO : 14.60
economy may come sooner than Wheelock. 14.40 14.00 2000 1414
expected, it is likely to be re-Provident
dropped too, but still represent-l'ago. ed a record for the early March period with a total of 3,460,500. Also many of those who have been drawing unemployment pay are becoming ineligible after a certain period of weeks, depend- ing on where they live. This, quite apart from the more tirari two million jobless who for various reasons do not qualify for unemployment pay.
latively slow.
Cheerful news was produc- ed this week by the balance of International
payments situation. For the first time since July 1959 gold holdings in the 1.5. actually gained- a modest $11 million.
Blow- There was a marked down in short-tenn capital This Jed movement abroad..
Cut-
XD
ន
1000 20
040 28.90 1000 @ 20
22
471% 40%
73
76
600 10
44
Hotel,
IK Lond Ex. All
Yaumati
XD
HIGHEST RATE Economic analysts noted that the current recession, although viewed by many as the mildest of the postwar period, produced the highest rate of unemploy-government analysts to estimate ment
thirtles. since the late
the expected payments deficit of Tram the United States for the They also noted that the un-
rent quarter to be much employment rate has tended to rise even in recent periods of trom the $1,200 million incurred active business.
in the final quarter of last year. Some even went as far as to the $610 predict a drop below million deficit in the first three months of last year.-UPI.
As an example, in the 1951-53 period of high activity brought on by the Korean war, the rate of unemployment held at just below three per cent of the total labour force. In 1955-50 the rate rose above four per cent, In 1959-60 It averaged 5.5 per cent.
This realisation opened the eyes of those who believed un- employment was just a reflec- Llot of business slackness.
Many analysts now believe that... the refusal of the un- employment rate to drop be- low five per cent since the end of 1957 is the result of Водо long-term structural changes in the compositien of
.
LONDON CLOSES
STEADY
London, Mar, 26.
134
138
X.D.
331
Light
31 1200
34 504
1c63 Ch.
Einettle
301 302
The B
2000 vir 3331⁄2
Telephone
X.D.
44 4422
43%
A new electric blanket
London, Mar. 26. now electric blanket, which the makers claim will be an
outstanding In the do- development mestic appliance field, is being shown, to the trado and press for tho first time at the Electrical En gineers Exhibition,
Known as the "New Minor," the machine will handle the washing-up for up to 125 meals an hour, which works out at something like 1,250 pieces of crockery and -cullery every sixty minutes,
Operation is simple. A rack of tableware is inserted into the machine. the counter-bilanezd doors cloacd and the control switch turned on. A warning light shows and for 45 seconds the tableware is subjected to a powerful jetted detergent wash- ing treatment of 145 degrees Lon-Fahrenheit delivered by n TH- don, which opened fastvolving arm below the rack. week.
It is being marketed in two
colours, one side being pink, the other aky blue, contrasting silver-grey binding all round.
coral
with
1
· JET ARMS
Tals
15
tc- and
is followed by a satin second scalding rinse with fresh
to 100 svater at 180
degrees Fahrenheit, delivered by
ofcve volving, jei arms below the rack. In addition to removing all trace of the deter geal the rise leaves the table- ware hot for self-drying.
An attractive and highly in dividual carry-hame box inkinight blue decorated with bold pink and blue squares, has been created to give even greater point-of-sale appeal.
It is designed primarily as an under blanket and 4 "safety-sen" welding technique is used in its construction.
stew Ejection of the completed rack is by insertion of a new load. Treatment is automati- The element, which la water- cally controlled by a tiner prooted, is placed between operation in conjunction with a fayers of a specially, developed, colenoid valve. totally incombustible, cellular material. This is endlosed in flameproofed feceed rayon outer
covers,
An electronic process is then used to weld the entire assembly G.I. Cement 07 0714
2000 @ 6015
into one, inséparable unit in 2300. 07. Dairy Farm 40% 41% 1400 40
such a way that each element 1500 4014 "rum" is held firmly in in
IDO' of 41
curately aligned channel.
the labour force with steadily An early week buying spurt Textle
increasing automation and
production efficiency playing their vital role.
say,
Watson Allied Inv
40
11.30 11.40 3000
3000
11,40
11.20
4000 r 11.40
8.10 8.20
that carried the index to Amál. Rub. within 0.6 of the all-time
Nanyang
13
6.95
7,10 4000
4.50
3000 8.00
high subsided Wednesday Rub. Trast and the market paused
8.10
BS 2000
8,05
3300
8.10
4000
r 0.10
for a breather and a bout HK Dock
110 1000
of profit-taking. But in- ́dustrial equitios still end- ed the week firm only 2.3 points under the highest- ever peak.
This would mean that a "hard core" of unemployed in the United States would become a problem to be Ilved with and tackled. Just how this could be dome is not clear yet. One thing is certain, these analysts that relief measures cur- rently proposed by the adminis- tration and slowly enforced by
Wall Congress cannot remove the hard
regularity followed core, only its temporary out- Street's hesitation and the growth caused by
temporary launching of new issues which business stackness.
tled
estimated £00 up un They believe that what is million and which helped stem basically happening to the US. the buying flood, but the week labour force is this: new produc- proved the market's most active ilon processes and new
ma- since January one year ago. chinery tend to increase the de-
made Good company news mand for new. skills while subfor, buoyancy, slowly improving stantially reducing the demand exports and the decline in im- for unskilled work. The mea ports were
factors, together K & FE aures that would solve this pro with better home demand for clima
.... ibia blem would necessarily have to
4.30 of Gilman... maintenance curs, the
From Peak Paith be quite different from the gen- virtually full employment and
100 eral methods of business stimu
Partly Paid 40 lation currently used by the
news of a heavy order book for
Star Ferry administration.
the machine tools industry.
Macão Elec. 14.40 those Among that have tentatively been dis-
Over the week the Financial Vibro cussed are -mptaved employer- Times Industrial index gained 1.6 340.6 worker relations, such as re-
ended points and training of workers, revision of against this year's high of 342.3
at
100
101
A 100
200
er 102
103
Renity
21 2.023 8000
7000 2.543
10000 de 2.4TS
2200 1815
203
21,40
ne-
The water in the wash tank arid retreshed is replenished during each operation by the entry of the rinse water which overlow to Westr.-LPS. also causes surface scum to
This welded channel construc- New Gyro compass ilon produces on attractive
itá
quilled finish to the, blanket, giving
springy, surface which is most comfortable to lie upon, and 1 lateral strength that positively resists rucking and distortion,
However severely the blanket is deliberately or accidently misused, rucked or folded, it is impossible for any two sections of element to close together suf- ficiently to cause everheating.
The blankets are fitted with five posiliort liluminated swilches (three heating ani two "off" positions) and models for 200/220V and 230/250V available.-LPS.
New
Conveyancer
fork lift truck
arc
A.. now Conveyancer kork
passes tests
a
A stringent test period
involving laboratory simulation of arduous servico conditions, the rough and tumblo of months of "road testing" in
lorry and six months' practical work- out DA
the regular Newcastle-Orlò run-has been carried out by UK firm, Sperry Gyro- scope Co. Ltd., on a new Gyro compass. It is for all classes of vessel, tugs, trowlers, linors or
super
tankers.
Q
lift truck with a Perkins Known as the Mark XX, it is dictel engine will be similar in size and general ap-
10 the Industriot pearance
well-known Mark E. Gyro compass which the
It supersedes. British
the among equipment shown to Russians of the Trade Fair in Moscow from May 19-June 4. Conveyancer
Fork
Two versions of the unit have
been made, master, compass.
One to bridge incorporating
penalon and other benefit plans and the all-time peak of 340 BANK OF ENGLAND LyWarrington, Are Truck two ropcater dinis, one being of
so as not to penalise workers who change jobs, and tax in- centives for business investment which, in turn, would create new jobs,
RECEDED
Breweries, which cartice had ben rising on talos-over bid hopes,, toolt
a beating while foods and tobaccos receded over the week.
As the first quarter of 1901 Deared. Its end and spring omci-
Steels moved up late in the ally arrived, the Impression gained strength that the econo- week, both shipbuilding and mic improvement, up to now
STATEMENT
18,693,992
generally predicted for. the se- and a stocks improved with Notes in circulation... £2,230,082,981
and textiles. Among the cond half at this year, muy up- blue chips Dunlops, Rolls Royce pear In the second quarter. and Bowaters Improved, Amung Supporting the feeling were the locars were Associated Elec- these Indientdin:
trical, British American
Publie deposits Private deposits Government. Other securities Receipts Itatio
384,530,140 44,105,00 ot.370,471
13.0
-UPI.
+
Agreed merchant
rates
the enlarged scale type, and ning to exhibit a TC8-24 series transmission for up to eight -
four
and
GENERATOR
V. truck fitted with a cylinder Perkins Four 102 diesel penters. engine, developing 58 b.h.p.
The second version is a master 11 2,400 rpm. It has a 6,000 Lordon, Mar. 26.
compass located away from the The Bank of England state- capacity at 24 inch load centre, wheelhouse, incorporating trans- ment for the week ended March
A feature of the Conveyancermission for up to eight re- fork truck is the torque 22, reads as follows:
con-peaters. transmis vertor drive, a fluid sion eliminating clutch
and simplifying 362.127,700 gear change,
driver control,
A now type of unit construc- The Mark XX, is to be sup- tion tammission is used,
en-plict with a .400 cycles per abling the main sections to
berocond motor generator with a removed separately, and
abchotee of inputs to meet nothal sence of a propeller shaft Oh- requirements. The reporate ables the Perkins diesel engine mounting of this component to be installed low in the chassis makes it possible to include the giving a lower centre of gravity transmission unit and terminal and more, slæblilly,
blocks for the repeater.clrcuits Power developed by the en- teach apparately twitched and gine la transferred to the driv-fused) Inside the lower part of Canadian Dollars, Maximum
ing oxls. by the vortex circula- the tinsele, thus eliminating Dellar stocks had a mixed Selling,
tion of oil between an 17-3/32, Minimum
enging the need for néparately, mount- appearance but plus marks Buying, 17-11/32 T.T., 17-13/32 driven Impeller and a turbine.ed repeater panels old outnumbered the minus signa
The turbine is coupled to the associated cabling. The cm- Over the wook.
General
driving axle through two cholas.
ploymult of 1 *transistor Motors were four..points .pp
of opkcyclic gears controlled in-ampilier in, place of a valve on, balance and both hell
dependently by hydraulically-
Saves space amplifer and Standard Oil, NJ, gained
operated hand brakes for for- makes for reliability, in service. while US 8teel moved $35
ward und reveme direction of pouite lower,
travel.
Operational features inclutte The most is operated by provision for setting. in speed hydraulic jacks to oblain
and Intitude corrections by! and till motion, and pressure is electrical mbatia in such a way provided by a gear-type pump, that Master, and Repenters, all engine driven by aliaft pass-read (the same) true courses. ing through the torque eonier- fer and gearbox unit.
A small pickup in auto-Tobacco, Imperial Chemicul dud moblie steel buying is British Unilever. strengthening the mild Improve- Gilt-edged lost ground on ment in the steel market.
Friday after a gloomy week in Car makers are stepping the bonds, War Loan 31⁄2 per up Aprli produellos cents dipped 9/10ths on the schedules after early March Week at £57% and Consols sales showed a promising In 24 per cent off the similar grense. Preliminary plans call amount to £42. for Apell sovemblies of 415,000 unils, only some 10,000
Above
the Indicated March tolal but 10 per cent more on a dally production basis, in view of the fact that April has three lass working dayn,
paper
D.D.
Exchange rates
Burner was done in the locai imonietal exchange
Th market morning at the Dilowing ratengja US. dollar (ver, $3)
-4.94% 10.00 Sterling notes (Der 41)), Australen notes (por. 413. 1.70 Indonesian Rupiah) (per 100) 32 26.45
New orders for *
board, widely used us Foreign bonds were listless and phckaging material for mang mainly die, with Chinese and products and generally conel Greek lens showing carness. dered a key Indicator,
have
In mining issues, gold fonders since drifted downwards in the wake. allown a very sharp rise the end of fear your.
of South Africa's quit the Com- Slam eats (der 100) Durable goode manufac-monwealth decision. Coppers, Dimespore (Straits) fibros pales rich now höllsvity Forged and with orders Improved in February Rodelan Saidetion Trus the for the first time" in several standout on US buying of tho monitim. But both "werO allicótintern, while, other, topper well below year-ally lovelan
kenderm gained strength. In dia-
Unit trust
A similar slution was nonde De Beers saw 10% Algod --#iri: Hongkong* Fund; -*
In privité homliva alsets | infily and the albok-aided the ↑ Duyer) Price, 1134; Seller 'up seven, por cent in February week at 1870. 00, UPI. Filem #143.
เ
and
The, flist new Matic XX Gym
Body work of the fork, track i compasses are scheduled for de he been styled to give a clean | livery, in the aüliên, by, fuch and attractive, appearance, time furtier vósting, will have THERE I 6 hinted bre-class been completed in M. y. Bthing. canopy for quick inspections, and | Costle on the clington full-wath bờngh wõột tờ kive] Capktowi rbute, covering. Iurko- - extra driver comfort with robes chailgen, of: Intimida In-hoth
from both sides.
Humlebhërës, ALAS
a
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