1961-04-17 — Page 2

THE CHINA MAIL, MONDAY, APRIL 17, 1961.

Weekly survey of American economy

SCIENCE ANII

SLOW UPSWING INDICATED ENGINEERING

Unemployment | LONDON issue must MARKET still be solved

New York, Apr. 16.

FIRM

London, Apr. 16.

Day (April 17) and lower profit margins reported from several Icading com- panies combined to brake buying this past week. Despite a slip in prices, solling stayed small and the undertone was very firm and a tendency to edge upwards showed late on Friday.

All major economic indicators-with one The imminence of Budget

exception-this week tended to corro- borate earlier feeling that the recession was almost over and done with. They also made it clear that the climb to renewed economic vigour will be slow. The one exception was unemployment which still kep! gaining and which—more and more experts agreed --would require a long-term radical sulation rather than the short-term post-recession patch-up jobs Just what that new solu- customary up to now.

cent,

A

Wall Street prices

at highest level in history

New York, Apr. 16. rising stock market this past week, finally con- firmed what other leading indicators and many analysts have been saying for some time: that prices are at the highest level in history and thin is indeed a bull market which begon last autumn.

even,

Sharp rise in Japan car exports to Malaya

By Gregory Wong

Kuala Lumpur, Apr. 16, The era of European domina.

tion of the motor vehicles market in Malaya is fast coming to an end. Asian manufactured torries, cars and motor cycles are speedily yet stendly making wide inroads into this oner ex- clusively European reserve.

Lending this challenge to Western inonopoly of the focal motor vehletes market are the

manufacturer the Japanese

with issuce their comparable styling in- the

The

Whether the bull is sill In Stucks advancing in the week the weaning state or approach- and others declining were virtu- that Indfeating log an early maturity is a paint ally holly debated in some quarters, | "quality" Issues (those in the The Inter opinion seemed to Dow-Jones average) received a Monday se a cracking pae:

have an edge when prices failed bigger upward play on with prices touching it tew

to stage follow-up on Mon- whole; a total of 1,457 tion will be, was still up in the air

all line hick for the filth sese | day's brillant one-shot break-crossed the tape including 064novations, this debtsion in a mw, then reaction st | through.

gainers and 562 losers. New highs Markedly prominent in Estimates of an April swing had hoped in offset

by in and the index gradually fell

34 while streets of Kuala Lumpur, end in tret

ware revised upwards against German property setzed

back.

Instead the list milled about were scored

increasingly noticeable on the from live per cent again to in the US. during the war.

EL

hene what

allt !1

or turned easier for most of the 10 touched new lows.

Ampex lod the market in Singapore highways are the yo and 12 per

·tween TW

balance of payments position of

week despite the prognosis of Weekly ingat production has

formal resistance barrier activity with 325,300 shares, ris Datsun cars and light lorries. America right was the initially

of popularity

the ing 2% to $26% following news Activity took rising stell L.cen

for four

modest, yet increasingly in:-

overhead.

however, providing that a big investment house pur- Japanese vehicles is sharply straight weeks and the rise was

portant Buy American"

nosedive, expected to continue.

"Travel American"

of 25 per cent on them as policy. 1

technicians with a favourable chased the steek in the quarter rising in spite of the heavy duty

ended March 31-UPI. unofficial

effect since

the Kennedy Ad-

against 10 per cent duty of exparity the ministration tark

their, British counterparts, over dia-

travel Jitary. ield Bures have bem

Official American air carriers overseas continued at the start of the

- April

steel eapncilyin erly one aspect of this effec-

atid

which now should reach 60 per cen

tive measure average pereclated down from originally the

scrund

travel only cent.overnment

ti hould be around 63 per This is the under 85 per cent various non-governmental or-

ganisations

private predicted earlier and serves as

On the basis pureening of

quarter

in Cas

omen.

showed a

it was a wick of bit eam-

no Good vaults from DAN TANAH, the teay and of the elcetrical Chine.ring industries underlined the expected goed performatice in these sectors

The lui ression giving their leaders strength.

slight swing but not enough to Tim; indus- The Financial

remove the market's new- dipper 2.8 points trial index

caution amid rising try: the week to end at 348.8, found

bualness Indicators already The 1960-61, low is 305.9. Profil

discounted. taking was in evidenes here and heavily

Included a fourth consecutive there and disappointment

steel output, timon optimists

some weekly gain with

car production scheduled the highest level of the year, resits produced falls like the W/ dip in Glaxo Lab, to 05/0.

higher retail sales and housing Volkswagen

Papers starts, among others. Conversely, Bowater dealers claim, for example, that

a 3/- lift to German cars sold results gave thera each of the

and even

has

raninder that the recovery is business. Hoi te be slow. The rais As for "Buy American," Im- reason that the ear industry i porters are Bghting back as the is st not taking enough of a campaign bit of the steel markel,

ENCOURAGEMENT Perhaps the biggest encaur- in the week's official agem.nt

from the work statistics came

Euro- The key we.k yures. meter

activity economie

of

EYEWS.

here puts about $1,000 into the salaries, American economy in American taxes, shipping aid outlays for Steel. Importers of Japanese transistor radio and TV sets dispute claims that American Their sales on the

showed a gas in March of 12 market create unemployment,

60%.

in advertisements the success of Japanese

expanded

to

minutes. The labour work week They argue now stands at 39.1 hours, conta tinuing a trend that began in transistor radios here provides Amerlean Tobacco gained frac January. However, it is still 30 minules below. year ago levels.

A longer work

Can

of

market for American manufacturers week is re- similar radios, thereby increas-

thoting employment.-UPI.

1

hiring

sin garded as reliable factories are stepping up to duction and will start more workers soon.

Another

encouraging siga

March

Tokyo trade

and Great Universal.

These

On the market's credit, it should be mentiorted that two hurdles were overcome with

REACTION

HONGKONG STOCK EXCHANGE

Share

UK Bank

Boyers

424

Bellers

4.30

40 p 430

10430 TA ARE 30 426

50 % 496

Bank

Lun. Net)

150

Bk E. Am.

224

430

50%

400 / 7615

21.30

13.00 13.30 2000 15 30

2003

16.30

2000

15.20

1000

15 30

K Lock Ch. Pruv.

K & S.

ictel

115 118

RETAIL SALES

apparent success. The April tax Business done at the Hong- deadline and the neatly $1,000 kang Stock Exchange this morn- division, million in ship In the blue

fund-raising bying amounted to approximately British Unilver lost more than

American Telephone proved $3,500,000. Noon quotations and 4/16 160/3, Imperial Chemical relatively painles depressing the morning's transactions: moved 2/4% lower to 71/10% the market Fittie, if at all. Lancashire Colton fell back 5/- British 60/4. Dunlop.

British and MDTOR Corp.

One leading technical analys! Associat-

provided a clue to the current tions over the week.

state of affairs when he noted ed Electrical valuted to 17-.

the market's subdued resetion to Although retail sales stayed

the Russian man-in-space Wharf Co

X.D. leading buoyant in February

including achievement. Defence shares and Talk

did little, ik Ga stores gave ground,

the overall marker Woolworth, Marks and Spencer while a month ago, be said. an

XD Wheelock advance of half a dozen points on Steels, textiles, motors, the news would have been prob- shipping and plastics were able.

the Dow-Jones the In any case, across generally lower

week industrial average last week. Brewerken receded.

rese 10.04 points to 693.72, down Gold mining stocks gradually from an intra-day of 700.31 but of a year ago.

elimbed out from their all-time well above the 685.47 landmark car new

output The Fourth Tokyo Inter- low set Monday when the index set on January 6, 1980. The last Although see-sawed from werk to week

national Trade Fair open-plunged to 56.2 and ended the named level is now expected to week at 62.2 but there was little provide some measure of resi-- was generally higher and

here today for a 21- counted new car stocks,

day display of up-to-date This was

sent from 29 products new car inventory November

countries. first time in 15 months that the stockpile has fallen new car

An- below year-earlier levels,

was expected other 50,000 cars to be sliced off the inventory in

April.

was the

Hi]y

average

fneters workers.

anin

ارد

in the earnings This ruse y

85 cents to $90.71 bal was still

20 cuuta

a

weth

1,020,000 nt April 1.

the lowest

since Inst

Retail sales

below the

"and

fair opens

AL

AL

od

the

climbed for

Tokyo, Apr. 17.

1 is the first major trade fair In this country since the Japanese government announc ed plans to liberate imports of foreign products. It also is the largest fair ever held in Tokyo

enthusiasm.

Tins regained their upward course after a setback Thurs- day. Conditions were subdued for foreign bonds but Japanese non-assented were firm while Grecks ensed-UPI.

and six times as large as that BANK OF ENGLAND

of the first Tokyo fair held in 1955,

Many foreign countries have the new taken advantage of

government trade Japaners policy and sent great amounts

STATEMENT

London, Apr. 18. The Bank of England

state

of products, chiefly machinery, eat for the week ended April

12. reads as follows: Nules in circulation .. Publie deposits Private deposita Government securities Other securities Heceipts

the second consecutive month In March with the gain at- tributed primarily to increas- ed sales of new automobles.

salen volume March Felall was $18.1 billion, one per cent above February but one per

to attract Japanese buyers, cent below March 1960. The

The Soviet Union has not was reached In record hirb April 1960 with $18.9 billion. sest any products this year.

But Ghana, East Germany, The US szemed to be well on

Mexico and, Spair. The way to reducing its inter- Hongkong.

sent their goods for the Arsat national payments deficit more

been time.-UPI. than had This year

With anticipater.

exports steadily climbing and the gols drain practically stopped imports figures for Firthly showed a significant drop of 19 per cent from a year ago. The $1,045,900,000 worth of foods brought into the United States

month

lowest that

the was

Pince monthly total

August 1058. For the first two months

this year us

exports

of

"Us

execeded importy by more than $100,000,000.

Tois, and other developments,

Wellington made

experti revise their original estimates of the US paymeala Imbalager this year. It now estimated that the US overalt payments defelt in 1001 will be between

million $1,250

and $1,300 nullilun.

This was in sharp contrast with last year's defcit, of $3,800 million. Including a $2,000 /1- Ilon outflow of capital overacts which, like the gold drain, has been almost stopped now.

'BUY AMERICAN' Tho Vother developments." contributing to this payment? Improvement, were West Get znan agreement to prepay $587 million due to the US. on post- war Getdin indebtedness:" an- other agreement by Bonn repay on chedule, beginning 1900, the remainder of the post- war debt, amounting to $200 million. The German originally

to

HK Land

R15.

tance to decline.

Rails continued to lag behind Yaumath

Trom the pack, bod carnings and an- other Just carloading effort depressing the average by 2.10 at Utilities lost a miner 112.31. 0.20 at 220.00.

29 29.10 2600 20

47% 4724 5400 #47

1203 474 2004715

50

400 47% 2003 or 4715

1500 47

1412 7039

45 0015

410.00

130

137

100 N 237

37% 3120 S 37%

c. Light**

357

ጌር 500

100 30 5400 37% 1000 37

36%

Volume dropped to 25.670,- 470 shares from 28.987,500 a

week carller. Activity was Electric createst on Monday when the

A

Industrial average rose a hefly | Telephone. 8.38, and lowest at mid-week when prices generally LOG- tracted.

Copper slocks moved ahead strongly on forecasts of a raise in price in the metal. Oil com- panies, which he expected to 2.230.005232 report

good cumings for the 17.272,080 327.636.000 quarter, were higher 405,710.140 strength and some late

0.0

UTI.

early profit-

taking motors were mixed, GM down 1% following news of Cement government anti-trust action.

FALLING BRITISH EXPORTS

-TO AUSTRALIA

Britain's share in export of manufactured goods to Australia

Britain

11.1%

USA

W. Cerny

Japan

50.7%

40.7%

1954 1955 1956 1957 1958 1959 1960

CHANY DEBIGNED MY NOV 'CARTLE

Londón Expræda Kattică,

Dairy Watson

Allied

Farm

100 or 301

1060 384

70000 4000 35 500 or 30

361% 341% 2000 & 3015

471% 4745

30

40 4015

Inv. 11.00

12

1003814 5500 * 3511⁄2

00047%

700 4715

1500 474

500

010043

2100 40

300 450

2500 6 4715

1560

4714

300 or 47:5

1000 471a

500 60 47%

2700 # 0015 300 L 3914

400 or 3915

500 * 40

717 *140 100011.CQ

3000 in 11.30 3000 w 11.00

1000 € 21.00O

Textlic

Nanyang A. Rubber

XD

П

1.20

3008

3000 41 0.35

14.10 14.00

0.05 7.05 8.10

230 or 31

Realty

It. Truc

City Hotel

Motoring circles here explain- ed that this was due to the golning of "a reputation for reliability and sturdy construe- tian."

to August

Between January fast year, 379 new passenger cars were imported Into the Federation and Singapore from Japan as against only 07 cars for the same period in 1950.

CONTRAST

of

In other words, imports Japanese enrs rose by more than 500 per cent within a year.

Heart beat totaliser developed

Sunnyvale, Calif., Apr. 16.

His wrist watch won't give the right time, and there are two small wiros running up his arm. But he can probably teli you how many times his heart beats ́a minute, and just when it is thumping the most.

t man

He i

(or woman); Toinliser, De Meyer Friedman wearing a new portable godgel and Dr Ray H. Rosenman ba- known 19

Heurt Bent lieve, will be in its "totalisin"." Tetaliser, developed by missiles

person's heart beat while and space men of Leckheed Air-te is working his office desi craft Corp. for two San or running for the bus, and Francisco heart specialists, while she is doing her house- (see picture).

work

screaming at the

By ingenius but cimple con- version of an inexpensive wrist watch, and by wiring the watch to a tiny amplifier weighing only the Palo Alto, Calif., laboratories of Lockheed's Missiles and space Division have produced an ac- curate and convenient way of measuring a person's heart beat night and day, while, the wearer his normal way of continues life.

one ounce, research scientists at

Previously, the changing rale of the heart beat could readily be measured only while the sub- Ject was in bed or sat next to bulky Instruments. But the real valuó of the portable Heart Beat

in contrast to this sharp The Steam jets help in

IC-

In Japanese imports the spective figures for ears from Britain were 4,180 (1950) and 6,927 (1900)-on Increase only about 75 per cent.

The car imports from France

and West Germany showed in- creases of about 55 per cent and 42 per cent respectively while the number of

new cars from Italy fell by over 12 per cent,

In the case of motor cycles, Including

the now highly popular scooters, the imports from Japan

between January and August last year rose by more than

600 per cent over the figure for the same period in 1959.

atomiser burner

An advance in the design of marine combustion

children.

or

STRESS

Harold Brunn Institute of Mount D: Friedman is director of the

Zion

Hospital and •Medical Centre, San Francisco, and Dr Resenman is director of the Institute's department of phy- siology. The Institule, devoted to heart research, is dnanced by the the Federal government, American Heart Association and local Heart groups,

Dr Friedman and Dr Rosen- man are widely recognised by the medical profesion through- out the United States for their studies of heart disease. They

are leading spokesman for the position that stress is the basic cause for most heart disease — that stress is the underlying caure for abuse of arteries and the heart.

Moreover, Dr Friedman pointa out, within the past 10 years been developed which will effectively relleve

drugs have

oquipment is claimed by the pressure brought by mental und emotional-slicks on actories. a North-of-England on- gineering

the production of a newby business

extended

bumer.

The

unit G

rango

on

company with Increased heart beat produced and hanielife oil stresses, Dr Friedman says, may be a direct cause of strain to the blood vessels. When, therefore, In a man's daily life does his basically a

That's mechanical type atomising bur-heart pick up tempo?

where the Heart Beat Totaliser ner of proven design and per- formance

the comes in. Operating pressure

under jet principle moderate and full power steam- ing conditions using fuel pres gures over the range 150 to 60 lbs. per sq. inch gauge, So laboratories in the San Francisco

differential that

greater

area are among the largest in and hence the world. atomising pressure

fuel turn Increased

down in achieved during manoeuvring. Two Malayan team is admitted

to nozzles forming an integral part of the atomiser assembly. the all spray ensures that fuel velocity steam jets impinging on

During the eight months in 1959, the Federation and Singa- pore imported 900 Japanese motor cycles. Last year for the game eight months, the import

for figure

Japanese motor cycles was 7,350.

In the first eight months of last

the year territories bought 231 buses

lorries and

from Japan against 38 units for the corre- sponding period in the previous

year.

DN

U.S. recession

touches bottom

Washington, Apr. 16.

Д

To obtain a simple, portable instrument which will measure heart beat, Dr Friedman went to Lockheed, whose research

The high Marine engine test

droplet sizes are kept to the plant for Yugoslavia

minimum

and give increased

turbulence in

the flame rone,

producing clean and compact Sulzot Brothers, the maring

flames.

The admission of steam to the fuel spray enables the oil pres- sure to be decreased from 150 to 30 lbs. per sq. inch gauge resulting in a turn down ratto of 4 to 1 With an available fuel pressure range of 500 to 30 lb. per sq. in, gauge out-

put down to 25 per cent of maximum load can be obtained The Federal Reserve Board

without changing any parts or last week

mado

public varying the numbers of burners frosh evidenco supporting In Use,

boliof

the

widespread

among government oco. nomists that the business recession hot touched bottom.

The Board reported that out- put of the nation's factorles, mlues and mills held steady in March for the second month in

a row

"Although many Industries

C. 233 230 500033 showed small increases in ac-

11.6. & F..

e

1500 or $5 18750 DEC

21.30 $.7020,000 4.03

619 B 1000420

MAY 21.00

22 1000

Gilman

Sinces

Star

200

Ferry

Emmy

ntertent

Inver

P. Train

14 14.05

Star Vibro

Forry

126

200

UNIT TRUSTS

tivity, the Board's overall pró- duction index held fast at 102 points the January-February reading. This meant that out- put exceeded the 1037 average by two per cent.

The report exploined that declines in car assemblies and production of business equip- ment offret the small gains In other lines.

Iron and steel output con- tinued to expand in March and carly April, continuing their recovery from the low levels of Mie last year. Textles First Hongkong Fund, ex-production increased again and dividend: $131 (buyer), $1.30 chemicals turned up. (veller). Second Hongkong "A rise in crúdó petroleum Fund: D0 cents (buyer), $1.01 was offset by a sharp curial- (celler),

Exchange rates

Butine a

ficial

mont In coal," however. Activity by eléctric and gas willies showed us change.

Gains also wero posted by apparel, futnlture and some _was__done_m"ine local appliance makara, fumituro pro- induction had dropped sharply last year and earlier this year, 100s Output of appliances still was 12.15 below Jast summer's base

theh 25 withough bailer.

last autumn-UPI.

mcket

exchange rules:

romeniteg at she

Us, eller (per pi) filolog noter (por R1) Aurtrailen notes (per .. Indonos Itipiati (per 190) .... kam diemis (per 109) Bingapore (Biraita)

The fuel supply system re- quired is identical with that used for conventional pressure

diesel engine builders of Winterthur, Switzerland, acting on behalf of their Yugoslav licensees, have placed an order with tho U.K. firm, Heenan and Froudo Ltd. Worcestor,

for a special Froude FA 16 dynamometór, capablo of absorbing ond indosuring up to 20,000 to b.h.p. at speeds up 225 r.p.m.

The dynamometer, the secondl

jet equipment. In fact, the new of its kind to be ordered for the extended range burner can bu Yugoslav marine engine industry casily adapted to existing In recent months, is to be Improved per-installed at the 3 Maj ("Third systems where formance and control ja

of May") factory `at. Rijeka, on the Adribile Coast LPS.

quired,LPS.

Marlene Johnson, a excesjary in the Palo Alto střentina · InDoratoričn of Lockheed Mhilles and Space Divialen, de- hdonatentro Abe Rears Moas Totaller, which supesin to ho an ordinary wrist watch with a wiro dimppearing into her. sleeve.