1961-04-24 — Page 2

THE CHINA MAIL, MONDAY, APRIL 24, 1901.

Weekly survey of American economy

LONG-TERM MEASURESNIKINI

Government bid India will Wall Street eases

to stimulate economic growth

New York, Apr. 23.

The American government last week begun to train its sight cautiously on some of the mojor

economic problems facing the United States. Now that the recession has reached the point

the

long-term

seek foreign assistance

New Delhi, Apr. 23,

India will ask a consortium

of friendly nations for $638 million to save its third five-your devolop ment plan, official finan- cjal sources said today. where further short-term emergency relief The consortium, known no measures are considered redundant by all con- the "Aid to India Club" in made cerned, especially by Congress, President up of the United States, United Kingdom. Japon, West Ger- Kennedy and his chief economic right hand many and Canada, with France as ob- men, Treasury Secretary Dillon and Labour Australia aud

They are scheduled Secretary Goldberg, are concentrating on two SERVCIE

to meet on April 25. major tasks:

1. How to stimulate long- term economic growth beyond annual role of some two and a half to three

per cent prevalent over the past decade. 2. How to whittle down the disproportionately high core of unemployed.

The Indian source said that thoroughly evaluated by the the money if granted, would Fovernment,

be used at once to keep India's Most of Among the controversial Jong-

economy expanding. measures under

for tenn economic

is whether to In the $638 million would go consideration

oral for repayment of debts, crease administration pressure on

parts imporis, about hard the Federal Reserve Board to opare

Jong-term Interest $100 million would be used for push down

new projects. Mr Dillon Indicated last week rates in order to spur economie that low interest rates on long-growth. term obligations will be one of Dillon's

on war news,

tax

message

Now York, Apr. 23.

The stock morkot declined most of last week while volúme declined to the lowest level since the third week of February.

Apparently, further signs of national economic recovery

that

Within the major groups, steel

|

CUBAN ISSUE Shower baths and

laundries on

CHECKS RISE

IN LONDON MARKET

London, Apr. 23, Stocks pushed upwards on a

broad front after Mon- doy's budget speech, ac- celerating on the steady upward thrust so since A

the turn of the year, but the advance slowed on Thursday and halted on Friday. The Cuban situ ation set caution signals flashing.

The

first post-budget kp- swing redected relief at the absence of a capital gains tax, enthusiasm for income tax con- CCBsions for upper Income and an otherwise groups

tough" budget.

were shelved in the investment cranium in favour of more immediate consideration-the war News, capital gains selling, declining short interest, the Kennedy tax message, and a crush of disillusioning first quarter earnings report.

the top honours, rising 3% Son However, noting aggregate decline of paper values Diego Imperial ranked second,

But investors then began to was only about $4,600 million, up 15.8.

have second thoughts

about most market authorities refused to belleve that the post election and ears generally weakened the coming effects of higher. day bull market

was

over, despite good-to-glowing produc-rater of company profits taxes and the new imports on indus- decline Intion reports within both Indu-

trial fuel adding that the

uil. Uncertainties volunto Indicated unwillingnesstries.

also grow on the future Impact to sell on the part of many.

on equities of the government's They referred to the setback: catching price

two new "economic regulatora" "Corrective," even peared in the electronie sector us merely

a payroll tax on employers now is in the India

over 10 apiece.

and a variable price mechanism year of its third five-year plan, though the markot fell through where Beckman and Haveg rose

a supposed 'Maginot line of Among the chemicals, the covering most consumer Items. Trading was on a large scale cession is expected to be slow, a Kennedy decision on whether it the $638 million is not ob. Caistance-086.47 in the Dow~ | trend setter was Du Pont down?

most of the week and the big- gest leap in the Index came on Anancial when the Monday times Index jumped 4.8 pointy even before the budget deal was known. The index sot u new high on Thursday at 957,2 but shaded to 350.7 Friday,

the keys to the first problem. that low

Secretary Treamiry statement lust week

long-term Interest

be will

for needed He sold they will he needed for rotes

time to come may sotme period of time, firstly, be-xome cause the recovery from the re- be taken as an indication that

secondly, because they will to push the Federal reserve on other things-to this matter will be in the affir- serve among siimulate greater businessmative. growth.

Finally, a new look at the state of the economy will be taken late in the autumn when Mr Kennedy starts shaping his legislative programme and bud- get for delivery to Congress the following January.

combined

REMEDIES

NOT OPTIMISTIC

Brat

and the official source said that

tained, India not only would have to forego expansion, but also have 10 curtall present production,

gi

As

הורטון

the mast eye- movements up-

now

A total of 7A80 issues were traded during the week. Of these $30 advanced, 15 highs, and 718 declined, 33 to now lows. UPI.

HONGKONG

Jones Industrial average.

The "Invailon" of Cuba by 414

Fotarold was the week's forces. anti-Castro

President Kennedy's cult stand against biggest gainer, up 185, on talk in the that an important corporate an- foreign Intervention

is nouncement

imminent. and con- Western hemisphere India's total foreign exchange Unued delays in securing a Lao Perkin Elmer was the second bill for the third five-year plan tan ceasefire, produces some of biggest, moving up 124 On the problem of hard-core

The the initial war-scare selling to unemployment, the government

would be $5,000 mition. carryover from the second plan which the market has become finally began to act. Mr Gold-

the cold war during plus pledges in hand, amounts 10 addicted berg announced he ta netting up

ENOUGH INFLUENCE

$1,350 million, leaving a gap af years. an fee of automation and mon-

Fuel was added when invest- if the review power within his Labour Dr

indicates that $4,100 million. At the moment

the markot partment to study chronic un the economy is still lacking en- India's foreign exchange stands ors. 600! employment and propose re-ough stimulus, Mr Kennedy may at $200 million, a critical point showed signs of softness--began cashing in of six months medies. Among these will be a then recommend that he is fore- which must be at least main-the

from stocks ac- labour-managemented to pass up at present. Since tained and preferably built up. capital gains

quired last autumn when the campaign to cut joblesnacas and unemployment, even then, is not

The source admitted India is market was at its low. reduce hardships resulting from expected to go below some four Introduction of new machinery. and a half per cent of the labour not optimistic to get the needed With automation now publie force, this fact alone the ad-money, explaining that while ly acknowledged as the major ministration hopes may be on- President Kennedy's administra cause of hard-core unemploy-ough influence on the public and tion will do its best, it locks the ment, Mr Goldberg called on an Congress to make It more needed approval from Congress. to stop resisting amenable to whatever the Pre- Other countries are reluctant to management proposala to ease the "human sident will demand.

rive massive ald, the Indian hurden of automation".

Meanwhile, U.S. economic re- sources said,-UPI. Meanwhile, Mr Kennedy, thecovery continued. Steel orders poiitlelan, seems to be winning i were running ten per cent ahead over Kennedy the economist, as of March, and May orders were the President Inclines more lo forecast at ten per cent above wards abandoning original plane current levels. Steel output last to send to Congress further week rose for the fifth consecu- emergency legislative proposals tive: week and 1,743,000 tons was for creating a business boom the bighest since June 10, 1000. Car output last week climbed Mr Kennedy fcelu Congress

his measures

has not been too cager to go to the highest level so for this along with

at a year with 112,051 uns

DUSCI-

Agreed

merchant

rates

ANOTHER INFLUENCE Another influence which pre- from secur- vented the market ing much, rallying strength in the final session was, the Ken- nedy tax messake.

*

Investors were shaken by his view that present credits on dividend Income should be re- duced.

Voicing Investor sentiment, Stock Exchange President Mr Keith Funston took issue with

STOCK EXCHANGE

Business done at the Hong-

Baler Mayors Bellers

410 410 140 420

100 416

40 d 420

300 418

the President, stating that conkong Stock Exchange this morn- gress should increase the tax. In mounted to approximately U.S. Dollarn maximum sell-exclusion on dividends from $80 $3,100,000. Noon quotations and

the morning's transactions: ing 17% minimum buying 1 to $100.

17% 30

All these factors combined Stares time when the recession sif: bled. Although still not as high. 17-9/10 O.D.,

00 days, 17-

a week-to-week to produce ay a year ago, the gap between days, 17-23/32 loured dark and he knows that

Foss of 8.46 points in the Dow- FK Bank.. any new measures, such as fur- the two years' production sur 13/10 00 days.

Canadian Dollars maximum Jones industrial average which ther pubile cunstruction spend-veys was diminishing all the

Anlahed. at 085.26.That was ing, would be resistent even time. The increased assemblies selling 17-1/16, minimum buy-

somewhat above Its intra-day more now that the recession is go hand in hand with climbing ing 17-5/15 T.T., 175 O.D.

low of 678.55 bat substantially Swiss Francs maximum well- omelally over. He feels that by sales and Inventories of new cars

below the intra-day high of been ing 7414. raising the temper of Congress in dealers' hands have

W. German

700.75 touched on Monday. Deutschemarks by these additional measures testashed down to 51 days' supply.

Volume on the week slipperl Domestic airlines reported maximum selling 084. might seriously Jeopardise ti

they are climbing out of a

to 24,716,000 shares from 25,- chances of some earlier propos-

070,470 a week carlier compared traffio recession of their own ats, such as long-term forelga

with a turnover of 14,900,137 In which began last autumn). ald commitments or medical care

However, March quarter earn- for the aged.

the game week of 1080. Volume ings reports of most corpora-

was heaviest on Monday when prices

and the were ellimbing

the 1st recession with declines in

feast on Friday when reta and dividends in the majority,

moved irregularly after a mid- 6307 week selloff.

He is expected to `announctions still show the effects of the

that any further economlo measurea would be of a long-

term nature and would come The Cuban situation was nut

no sooner than early summer | expected to have an adverse after figures on the perform- | effect on U.S. ance of the economy durlog | hos managed April and May have been stock markets.-UPI.

economy. But It

to depress the

Exchange rates

worket

1

Business was done in the Jocs unofficial exchange morning at the following rates: UE. dollar (per 51) Sterling guten (per 1).... Australian notes (per £1) Indonesian Rupian (per 1003 Bain tical "(per 100) Singapore Sitalis)

DO YOU KNOW

ONLY SWISSAIR HAS

FULLY-RECLINING SLEEPER SEATS ON ALL FLIGHTS

FROM HONG KONG TO EUROPE

THE FARES ARE ALL THE SAME

SERVICE MAKES THE DIFFERENCE

COMFORTABLE ECONOMY CLASS AND LUXURIOUS FIRST CLASS SLEIPER – SEATS

10.00

K Bank

20 430

324

30 320

300

200 300

Lon. Reg.

324 E. Asta..... What

74 Talkoo Dock HK Gas XD 20.10 20.40 2000 20.30 Wheelock... 14.30 1 2440 de 13

ax

HK Dock

112

Provident

M rket recommendations Hotel 12.72 sermed to play a big part in the active H1st, Strongly- 20.00 most

131recommended Sperry Bond took

3.15

?+

SSAIR

1000 10.10 5000 e 10.10 7000 7 10

20.70 1000 E7 28,63

100 GP 20% 2003

47 472

100

400

1000

1509 * $734

MK Land

HK Land

40124

Youmati

10 Tram..

37 37

133 133 1000 * 134 600 734

.200.21% 1050375%

3000

100 3 200

Oh Light

3012 7331

1000

500

X Elec...

16 3014

IK Telo.

46%

47

Over the week the rise was 7.9 points, and despite the mix- ed appearance of prices on Fri- day the undertone held firm, The year's low is 305.9.

BIGGEST CHANGES

A flood of company zuits at this peak season for divi- dends caused the biggest price changes In the list, United Wine Traders starring. They closed at 212/0 on bonus tesues and dividend forecasts, Their low point in the past year was 12/8.

Contractors George Wimpey jumped 24 shillings over the work to end at 153/3 against the year's low of around 75 shillings

wheels

London, Apr. 23, mobile shower bath unit and a mobile

laundry designed for use by military. units, constructional firms, and other organisations who operate a long dis- tanco from civilisation, arc being manu- factured by a U.K. firm of stool fabrica- tion engineors.

Latest diesels at London exhibition

units have a compaTS = already 25

لاين

Although these Avaliable for only tively short time, showers have been bauglit the British Government and, under a, Nato contract, Portugal have ordered seven shower units .and have bought alx laundry

units for their army.

Strength of constructlen is an

travel over the

Now typos of diesel engines suitable for marine, pro- pulsion or auxiliary duties important feature of the units are among the exhibits they are designed to stand up to roughest of shown by the Ruston ground conditions. Group (Ruston and The shower units consist of a of Lin- boller, pumping unit and Hornsby Ltd. coln, Dovey, Paxman and collapsible bath tent 23 feet long by nine fret wide with 18 Co. Ltd., of Colchester) showers. The boller is all-fired at Britain's Engineering, and it has a capacity of 22 gal. Marine, Welding

and lons with a temperature main- Nucleor Energy Exhibitiontained at 110 degrees Fahrenhalt

London, on April 20 and pump is driven by a petrol on- will last till May 4.

are

which opened of Olympia, while all the shower units

working akmultaneously. The

I

gine which also drives the fon for the trummer, the fuel oil pump The largest unit will be A

and the magneto for lighting the five-cylinder propulsion engine | burner. from Fecently introduced THERMOSTATIC VALVE range of large, medium speed

The burner is controlled by a Industrial and marine diesels. thermostatic valve and the co- This engine,

prezzaire-charged feet temperature of water at the and intercooled, is rated at shower heads is maintained by a 835 shaft horsepower at 600 manually controlled mixta

can be drawn rpm and is typical of the many valve. Water now in service

the on tugs and from any nearby BOUTTE, trawlers.

pump hose being fited with o Aller. The whole unit can be packed away neatly on a single. two-wheeled trailer which con--ti fains the boiler unit.

The result of a long-term design and development pro- gramme, the AT series, to which the engine belongs, differs basically from previous 1,071 designs in Gronkshaft

Gilt-edged found the most

ton from the budget since the Joy. govemment does not expect to have to raise new money this year and bella! grows in

rate some time. lower bank The government bonds attract- ed fresh Investment interest and scored a long list of good gains headed by treasury 21/2 which gained War £41ths. lour 34 per cents rose £4 to

cents per

£1-1/10th to

£68%-

Capo

sent scliing

zold skidding Couplers mining downwards bol when it dried ap prices staged a minor tech- nient rally on Thursday and steadled. The market la thin what to and walling happens after May 31 and ze- Fublican status for South Africa.

200

Diamonds followed much the same course, De Beers losing more than 5 shillings to 120/3 on the week.

Coppers edged downwards from Monday but staged an up- fum on Friday. Tins made modest progress.

Oils fell beck roligh the week on disappointment with results from one of the leaders and alightly better dividends.

Minus signs dominated the list of dollar stocks while Doewign bonds Grecks dull and gave ground.

Tens and rubbers bath managed to edge higher balance.-UPI.

in

WCTO

Tariff commission's

investigation

ол

Two compact trailers contain strain Rus the laundry unit. The

generator und electrical equip- having the

and In thement is contained on one

the washer, spin dryer and tumble dryer on the other.

sump

અમ

carried main crankcase. Instead of in the bedplate. With this ar-

The washing machine has rangement the bedplate takes

capacity of 45 pounds dryweight more the form of

per lead and two leads per hour and baseplate and сал can be washed and completel varied to suit particular in- | dried. The steam generator is oll-fredand the electricity is stallation requirements,

supplied from a petrol-driven The engine is of the direct twelve K.V.A.C. plant. If it is uni-directional type desired the laundry can be run Injection and has four valves to a cyund-off a main water and electricity er operated busin Jagh-level supply. camshaft chain driver. from Apart from there boste unils the firm can build larger models the crankshaft. The valves are

inilividual specification, actuate by wide-faced steel Lo

rock- Cams operating on to the er lever without the

need for Tho push rods and tappets.

exhaust turbo pressure-charger

consists of a single stage axial exhaust gas turbine driving a centrifugal air compressor. An Incorporied Intercooler is also between the pressure charger the engine air Take and mardfold.

For mariae applications a forward end self-contained

drive assembly is provided for the service pumps and

other auxiliaries. This consists of o large pinion on the crankshaft planet driving in sun and

disposed fashion six radially pinions to which are ottached the various auxiliaries.

NEW EXHIBIT

L.P.S.

A

Stretching machine for alloy plates

London, Apr. 23, lorge plate-stretching machine for flationing aluminium alloy plates' up to 50 feet in length and a maximum thick.. news of and inch is to bo installed in

U.K... aluminium plant. To be operating early next year, the machine will cost ap proximately £150,000 In- cluding installation.

•

It will turn out material for shipbuilding. the transport · in-. various other en- An entirely new exhibit windustry and

gineering applications.. be the turbocharged four-cycle The company who have or- direct injection type engine havdered the machine, James Booth ing nix-cylinders developing Up Aluminium, Ltd., Birmingham, to 173 brace horsepower at say, it is the latest step in the 1,800.

company's tursent £5 million and expansion Washington, Apr. 29.

The pressure-charger consists modernisation The U.S. Taria Commission of a single stage

programme, and it will be used centrifugal Bald it has started an in-blower driven by oh exhaust gas in conjunction with a 148-inch

turbine and is air cooled. It le four high hot reversing mill vestigation to determine mounted on the exhaust mani- the largest of its type in West- whether the domestic Infoid and in lubricated from the ern Europe-which is now being dustry is likely to be in- main engine lubricating oil sys-installed. LPS. jured by imporis of rayon alter is provided for the oil sup

tem. A separate lubricating oil staple Bbre from West ply to the pressure-charger. Germany

It wait it was told by the Treasury Department that such

Swedish washing machine

The engine is being shown with an oil operated 3:1 reverse/ 11.00 fibro "except as to importations reduction gearbox, which con

of cuprama" rayon etable Bureaà multi-plate clutch of When

sists of two oil operated clot- manufactured by Ferbenfabriken bronze and steel plates for ahead Bayer, is being, or is likely to

48

Watson

Texille

Amal, lubber

X.D.

Allied Tov, 1146 11:00

7.93 8.00

$1.65

11.00

2000间

다

Rub. Truni.

7.00

1000

100

Clly Nutel. ogl

501

3015

Telly ta. 780 The

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SWISSAIR

0.1. Cement

By Farra

Vpro

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drive, and a cuno clutch, with

be, sold in the United States at abre lining for bringing the ast Jess than, tale values.

A sundar Investigation wal

atartod on rayon

from Cab-UPL

staple fibre

UNIT TRUSTS

Firat

Hongkong.” Fund;

dividend? #190 Cryer), $138 (seller).

Belutul Hongkong - Tund; 96 cents (buyer); 41 {{agli

arm gear into operation.

The astorn keir consists of a #pecial epleyclle geur train-to Proville reverse motion to the output shaft. Lubrication sa en- tirely separate from the opgine supply.

the', `fimt Billish nucleor - powered bub. martie, HMS Droad- naught, Jains the finer dr 'the end of 1962, there will not be any problems on board due to dirty clothon, no matter how long the ship stays of me. The Admirally hayo ensurad A feature of the engine is the combined speed and reserve gear artw. welfare in that rispost by control providing, attigio over Bot Warning "Anger-tip" conirol which is nl- machios, made by All Klovirdinx wo Culikule Tor Tungip operation, at Shair Vaštérylle factory, in

•

Sweden