THE CHINA MAIL, MONDAY, MAY 1, 1961.
Weekly survey of America En
economy
SCIENCE AND
THE PROSPECTS IMPROVE ENGINEERING
Business climb HONGKONG Wall Street shows LONDON
may be higher than expected
New York, Apr. 30.
For the first time this past wook business analysts threw away reserve and ex- pressed hopes that the climb from the last recession, however slow it may be, probably will lead to higher peaks than the recovery patterns from past re- cessions.
STOCK EXCHANGE
Business done at the Hong-
ing amounted to approximately
kong Stock Exchange this morn $2.800.000. Noon quotations and the morning's transactions:
Bhares Buyers Bellers
JK Dank
J
122 420
HK Bunk
I
Reg 314 Whart
400 Taikou Bock 36 71 HK G XD 21 30 215
....
Their optimism got a powerful lift from the most encouraging sign to appear on the business horizon so far this year-the fact that in Wheelock .. 13 20 340
March machine tool orders suddenly broke out of the recession area and reached a total : of $54.6 million.
This order total not only was, machine tools was the fast that imprese Ively higher than the the greater part of the upturn $39.45 millja registered 'came from domestic vers--sonic February, but marked the first $40 million as against only $27 statistical recording so far tha; millium in February, $20 million year that was nisu substantially “in January and $36 million Ja higher than last year. Machine March last year.
tool orders for March 1960 were i
$40.45 milion. In fact one has!
to go all the way back to Marchable American
1957 to find a month with high-; ure
11
Provident
115 19 20 2
Sales
!?4 4. הדי
120 420 1333424 10 420
mild loss on political tensions
New York, Apr. 30.
A nervous and volatile stock market last week suffered a mild loss in an admir- able, or lucky, performance that faced more bad news than any market was thought able to bear.
ww
300 70 1100214D 196
2000 15.3.1 100015 20 2000 75.10 a mon 1000 15.10 darker 2000 15:20 munts:
Intra invasion aseo.
in space, with $225
of Cam-
MARKET
GAINS
London, Apr. 30. The collapso of the Algarian revolt gave a great up- surgo to stocks which any. way has proved virtually "bullet proof" in face of the crises in Franco, Laos and Cuba.
The prospect of elvil war In
Chinn France did little more brake buying on Monday and Tuesday. When the attempted coup melted, prices leapt up- word lifting the index to suc- cessive all time peak.
B25 paint will resist fire for 20 minutes
A
London, Apr. 30..
new British paint which resists fire for about 20 minutes has been developed by scientists in laboratories at Mile End.
Its purpose is to keep flames } pressure from Marks and at bay for long enough to allow Spencer. The group has now staff to escape from a store, or begun to use it in lis 237 stores families down a staircase,
throughout Britain. But 125 The palut-known simply as will not be available for the B25-can be tinted 10 ony handyman to use in his home colour. Its matt surface can be until next winter. washed with detergents or
The dark international rene i slans, but it was a hard fact to the major Source of hide that quarterly reports in tout? tarling a couple of most cases were every bit as WOLKS ago when the Russian, poor as had been expected.
I Bew
Excellent company news gave First quarter comings for zest to the bounding strength of vicleric: in Laze and start corporations, In particular, equities and again showed the 22115 Vikce further by the Cuann were dewa badly and generally amount of money looking for paint.
falled to cover the dividends. | investment. Also revealing this Reports that the second quarter was the offer of stock in paper would be better kept that group back Penguin books which drew alive while the oll shares held offers of 267 million from their own and more after eran applicants when the company
160 211.40 300 M 79.30 1000 29 20 1000 4 29 600 291 30.10 500 2000.14 50 29.211
1500 * 2620)
The conclusion was inescope.uk Patel ..
manufacturers
500 & 48 500 47 1501 in 47
500 14 47
the focus on new Land
75
planning to step up sh
er orders thon March this year, stantially their capital expendi-
Machine tool orders have al- tores with
ways been considered one of the safest bases for forecasting fu- ture industrial petivity. So the analysts
Are
machinery.
And this is where U. manu- understandably facturers would profit from Pre- elated. Looking at the postwar Sident Kennedy's new tax pro- recession pattern, they point outposals, unveiled before Congressi that mild recessions have usual late last
1s been faltowed by slow re-
Caverles, while deep recessions saw a nutch faster and steeper the other hand, recovery. On these analysis say, recoveries from mild recessions, although less steep, usually reach new peaks above the tops of must recent booms, sooner than re- coveries from deep recessions.
COMPARISON
70 1000 # 70
BOO TAM
1200 cm 75
1800 2515
TK Land
Titu
GO
31
200 51
200 SOĻS
133 107
10
19
week. The proposals are centred on the fact that Yumati
HK Trom those businessmen who invest In machinery will new plant or
Subsequent ́ as- ¦ xnent most. sessment of the Kennedy plan- which is being actively opposed businessmen as lis- by some
criminatory because of the new Ch. Light
Investment condition-shows the tax credits proposed by the Pre- sident might contribute as much Das $3,000 million annually to- Electric
wards business spending on new Telephone plant and equipment, and de- finitely speed up the economic
Just how true this will hold of this last recession nobody can say for sure. But It Is appropri-recovery. ate, at this point, to compare brley the 1900 recession with i its latest predecessor, that of:
1958.
201
And
However, because of the strong opposition to the tax proposals which aÍAO Call fur an increase in laxes on foreign investment
for Of Cement wevere restrictions
tax Dry Farm deductible business expenses such
entertainment 1 * doubtful Just
how thr Was latest tax bill will weather the storm in Congress.
תו
A rough comparison shows that whereus Industrial produe- tion in 1988 dropped by some 151 per cent, the 1080 recession drop was, unly about nine per cent. The gross national product in 1958 dropped by 3.8 per cent as against only 1.1 per cent in 1960.
That the recovery from the last recession is slow-in
I may well be the last piece sectors painfully sos best of legislation from the White shown by the latest sales @gures, House dealing with measures to nn putomobiles. Retall new car help recovery from the recession sales in the mid-April ten-day --for some time to come, my- period (April 11-20) were 164,- how Prosirent Kennedy hus 884 U.S. built units. This avers, been reported Increasingly wary aged for the nine selling days of of causing any more inimesity the ten at 18.320 units a day. It in Congress with his ecunurate exceeded the March selling pace measures especially since he has by nine per cent and was weln hol of important legislation corned by carmakers as a sign pezuling, such as foreign aid and medical aid for the aged, which that at last the market was re-
he would not like to jeopardise. turning to normalcy.
U.S. EXPORTS
X.D.
301 3015
420011⁄2
500 133 250039
2000... 3074 500 or 301y 3700 303
1900382
100 3 500
3812
1000
37
40
123
50
GG €0,
381 304
Watson
Aliled tv,
451 47
11.80 12.10
Textile Nunyanut
Triat
A. Rubber. City Hotel Realty IỎI
Craw
JIS & FE
lay.
300 49
1100
1000401
1000 40
3000 40 1500 c 481. 2221 40 77549 2001 49 11006
60019% 1500 201 3000 39 300 630
503 + 48
500 or 12 3000 / 11.10 2000 6 41.32
5000 12
2.15 0.20 40ọn se 8 25 24.10 14.40
4.80 7 1000 5.00 7.90 7,95 10000 or 7.93
113 3214 2.315 2.45 10009 2.375
51 5214 300 32
21.40 25.00 1000
20
500 or 21.10 2100 Gr 201⁄2
4.55 4000 m 455 4000 415 142
Gibman
Int'? Inv...
14.1
1.55
1L Emporium
Sincere Star Ferry
7.70
200
210
However, the fact remained that the mid-April sales pace. was not only sill 20 per cent¦ Auring the reasons for oppod-Asia Nav., below a year ago but looking ton in Mr Kennedy's tax-incet- back to about 1934 there was Uve mestres inst week was four only one year in which they that the clause on higher taxen were lower the already- for foreign Investment would mentioned 1958 recession year: seriously threaten expanding
In which during mid-Aprit IES. exports. only 14,125 new cars were Hold tally.
Observers point out that high- r taxations on foreign earnings | and Investment would actually Fiiscourage the export drive which the government has been
changes
Textile
meeting
The Algerian revolt ovided the cupper and, helped many by European sell.rs, the mark on
41
scrubbed with abrasive without, I was seen applied to paper, damage. It can be used as an deal, plywood, chipboard, hars undercoat
and board and prg-board. A scientist topcont applled to
Wood or old hold his hand flat against
plece of treated paper for ove Work on the new fireproofer while a blow-lamp roared away minutes without discomfort started two years ago
new
under
at the other side.
Menday took its widest drop in ing through the last quarter as sought only £450,000-an is Preservative working siit sound after 20
were re
Virtually following:
zeven anthr About 75 per expected,
150 times oversubscribed. of the losses cent
every king-sized Markets now begin to wear a couped on Tuesday nows that the French rection corporation - General Motors, distinctly speculative look and General Electric. some dealers expect a shoke- had collapsed leaving some dis-Chrysler,
Steel to aut to come and a sellers Westinghouse. U.S.
cause for and gusted
paniky
name a few-reported # big consolidation. Even so genuine holding the bag.
decline in first quarter
Investment demand remains #t BIG DECLINE
come but still the market a high level. witnessed some mained on a fairly even keel, Wednesday further gains that practically
Investors looking hard cancelled some of Monday's
itler strong recovery Thursday prices did decline,
year. little, and on Friday, the mar ket cautiously eased off in the about 21⁄2 slowest trading in
months.
Even company earnings took a back seat to international ten
British move
trade
to spur with Malaya
After
By Gregory Wong
Kuala Lumpur (By Airmail) "new look" at Malaya, the fivo-man British trodo mission hare has decided on an on-the- spot decision, which they hope will boast their full ing oxports to the arco. The Federation of British In- dustries, which is associated with ginnt industrial manufac- turing concerns in Britain, is to the a representative to Federal capital.
sund
Mr Magnus Pearce, leader of the fact-floding trade delegation,
said here that the "representa-
tive would serve as a valuable link between British industry and trading houses here."
The
Dow-Jones
net in-
re-
for a in the
On the week the Financial Times index gained 0.1 points to an all-time high of 362.8. The low was 303.9. The urge to Industrial buy faded slightly on Friday
still average, composed mainly of so- but
easily outweighed called "quality" Issues, declined proft-taking. 0.53 points to 070.71 on the week. The rails actually posled a gain
and of 0.10 to 141.07 utilities cused 44 to 111.72.
STANDOUTS
Most major sectors in Indus- Activity lagged on the deeline trials shared the strength, with to 22,400,070 shares from 24,- stores, properties, buliding | 716,060 a week carlier and com- materials and Insurances buoy- pared with 14,972,000 a year ago, ant standouts. Electrical equip The week compieted nine con-ments lacked this sporicle with scculive sessions of under papers and steris. million shares Including Mon- day's sharp decline and Tues- day's smart comeback.
ACTIVE
were
Imperial
after 50 years
which
A plywood box, filled with shavings and white spirit, was minutes while an identicnt box without 125. wat reduced to ashes and embers in 11.
The new paint was submitted to Britain's Fire Research
A British-mada non-oxidising | Station for tests. The relentists.
preservative
50 are now trying to produce it in a satin or high-gloss finish. One gallon covers 50 square
years ago was coated on
a floating pontoon in a yards of woodwork.. The price North of England ship-of protection? Between 75. and Bs. more per gallon than a good quality household paint.
yord, is still the steelwork.
protecting
The pontoon, capable of it. Ing vessels up to 370 ft. long and up to 7,500 tons, has been in use at the Wearside shipbullders and repair yard of Austin and Pickersgill Ltd., Sunderland, for half a century.
The preservative-made only a short distance away from the yard where the pontoon is in continious use above and below the surface of the River Wear- has achieved u notable standard, say the owners of the craft.
N.O.T. has been used in cil
Air
London Express Service).
curtains and
air conditioners
Sydney. Since the commoncement of the Conditionaire jet air curtain project, many interesting
applications
have been made.
The use of air curtains is not
tall shop doorways, but very vital uses have. been found throughout Industry,
Bitic
chips mainly were in higher ground Courtaulds Jumping 576 to 47/0, Chemicals moving to a new high types of marine and industrial confined to the fields of refri- of 80/-, Dunlop up 2- with worit. In 1934 the Bergen fout-geration and air conditioning,«» Brunswick Corp. led the Woolworth and Unilever uping dock, capable of docking or to that of service over re-
1a 165/-, Banks vessels up to 17,000 tons, wan market in activity with 428,103 nearly 7/
completed and the whole of the share and lost two points. went ahead strongly early on Following
Fair Child but reacted. Even so leaders internal aren was coated with
Rand off collected good zalos
Camrex N.O.P. The dock was on the Fagine up 2, Sperry Corp. 14, Mecory
torpedoed and sank off the yard up 1 week.
In October 1044 and lay for General Electric of 1% and
Government bonds started four years submerged.
salvaged the steelwork was found to be in a good state of preser valion and the re-commissioned dock was also coated with N.O.P.
Burlington Industries of 2%. well but then drifted, most
Copper stocks were all higher showing fractional losses over five days. Foreign bonds on widespread reports that the the
would, lacked life and Greek galti price of refined copper rise soon. Martin and Republie eased surrendering up to Aviation responded well to ex- point. collent earnings, rising 34 and 5% respectively.
Bow
the
narrowed Leading olla Irregular movements but Shell went ahead in end-week deals.
Ultramar
to U.S. responded
buying near the weekend.
houses
Dollar stocks see-sawed with most U.S. issues ending lower Alcoa fctl 2 following while Canadians Brmed on Fri-
and notched gains on news of # government anti-day trust action. American Machine week.
after Foundry slipped 8%
service advisory
recom~ mended taking some profits.
right along with the average The market breakdown went but showed 833 stocks on the Firmness in finance decline against 520
marked golds which otherwise gainers After visiting various trade included in
lack-lustre a total of 1,470 ambled through a centres in the Federation, Mr which
traded. Some week with investors steering Pearce said there was a reat 150 isties reached new highs, clear of this depressed and need for aggressive salesmanship however, while 48 touched new uncertain sector. by the British" in Malaya.
lows for the year. UPI. His mission.
he said, "most favourably impressed" by Malaya and would convey its Impressions to the FBI, Indus- trial associations, chambers of commerce. professional or- ganisations and other bodies in Brtialn
was
r
were
Wheat harvest
There WAS also a slight in- crease in inventorles of new un- nold automobiles at April 21, The tolul stood at 930,000 as promoling successfully over the against 910,000 as of April 10. past three months. These ob- But this did not scare off car
servers point out that there Charlotte, N.C., Apr. 30.
Malaya's Investment oppor manufacturers from getting up commended foxation near full steam with their pro- could, for example, ut part A. M. Cheatham, President tunity was undoubtedly good" and Britain had already shown cluction. Car assemblies fast cipation of American companies of the American Cotton her appreciation of the situa- week were estimated at some | In the booming European Com→
Manufacturers Institute, tion by Investing extensively in The 125,000 with every assembly mon Market. piunt in the country in opera-
said on Friday the ACMI | the country. Mr Pearce said. had named o group to attend
capital
EQUIPMENT
may decline
London, Apr. 30.
the
northern hemisphere'
in
Improved levels for the red
brought metal's price
small gains to coppers with the best This rises hcored on Friday. tendod irregularly lower.
Activity was restrained In plantations and both rubbers and feas tended easier where changed.-UPI.
BANK OF ENGLAND
STATEMENT
ilon for the first time in 181 would mean that the great cun-!
wheat harvest Ultimately, they say, this and with Saturday work nehe-tributions made by US exports
1961-62 scoon may be the International dules and overtime making their and world operations to the earn-
less than last year with Textile Trado meeting He said that Britain should reappearance in several plants.
roduced winter whoat next month in Japan. play a greater part in providing However, this week six plantings side of the U.S. balance of
London, Apr. 30. international payments would be
equipment for the sowings in Western Eurapo again trimmed car shutdowns
The Bank of England plate- less than expected. In the leng The delegates will go the Federation's Second Five-Year and the United States ment for the week ended April production to an estimated 115,-
run such 13x 000, a drop of more than seven adopted, would weaken the puy- Cotton and allied
propucals, if International
which would need con- Federation of Plan,
promising to outwolgh a 28, reads us follows: per cent from last week's as-
texule in-siderable technical nid,
expansion in possible ments position which at last is dustries at Osaka,
Ho addit: "One Japan, on Bemblies.
of the showing signs of Improvement.
Canada. purpose of our visite has been May 7, to discuss problems con-
Pubile dep April steel production is now
Private to discover the points where estlhanted at 7,500,000 tons, the
The Commonwealth economie Government This points up the old paradoxnected with the Industry. Tho largest monthly total since May which many
Mr Bellah, Industry must improve according were Purbon,
this forecast Other socitrities in Cheatham, in to gain under-{ika penformance
order to committee made last year. This, plus predictions warning
today. It added that some ex-eceipts
Natio in participation of a stl better May and June, upon his assumption of the Pre-world textile trade. The group trade und development gener- barley
standing of issues involved in increas
pension in the aren sown to lifted the spirits of many steel rideney--that whatever he does
Westem and osta companies, depressed by pant to aid the domestic economie exchange points of view {ally."
Europe was indicated, but cuts detract from and not seek any formal agree- recession would
One of the main criticisms for India, Pakistan and
In barley acreage were forecast what he does to help the US. ment, Cheatham said,
North International payments position,
Cheatham said on expanded and vice versa. This would cer-
U.S. representation was au- tainly be true if the administra-
in view of recent
economista
Mr Kennedy against
10
When
Edgells Frozen Food factory at Balmain, Sydney, has a door- way which is 5ft wide x 0 ft high, completely sealed by the use of two units. Edgefla now teave this door open all day and the temperature rises only 2 de- grees 10 ft Inside the doorway and I degrco down at the rear of the room which is held at zero degrees Fahrenholt. There These are two of the various la no sign of any fogging and the testimonials, received by the room is completely clear, which Sunderland manufacturers of enables the fork lift truck driv Camrex N.O.P. (non-oxidising ers to work continuously. preservative) many grades of Previously they were constant- which, each for a different pur- ly interrupted whilst the for pose, have been developed over which occurs in all coldronins
It is a one- when the past 50 years.
the door Is open, was coat preservative and sticks to cleared by means of depositing any clean dry surface. Il sinks | the_molature in the air on the into the pores of metal to give cooling coils. The length of time prakeetiuu. It is also unaffected between defrosting of the conl by most acids, alkalies, chemi-ing coils has been extended as
of hot cal fumes and moisture, as well the entry
air into the as being perfectly waterproof, room has been eliminatud.
Uns have ~~LPS,
1 been liter freezer rooms down to as kuw as minus 30 deg. F., which Is 02 deg. below freezing, point. In fact the greater the temperaturo difference between the tempera- ture inside. the room and that outside the coster it fa to deal the room and balance the stafie pressure which is present.
New Japanese TV tape recorder
first
The world's
single- head colour
tolovision video tape rocorder is now being displayed at
through o
new
Where a unit is mounted over a normal coldroom such 89 0 butcher's shop, five shillings on hour of door opening time con be saved in direct electricity the Fourth Tokyo Inter-charges. This figure was obtain- ed on recording watthour meters - national Trado Fair.
at Harry Peck & Co. Pty. Limit- The revolutionary video tapeed, of Peck's paste fame. When recorder, as opposed to an audio this direct saving is coupled to recorder, has been developed by the indirect savings such as, the the Tokyo Shibaura Electric prolonged time between defrost- Company and placed on show in in the ebte of achieving bet- ter temperature control dup to The Toshiba stand at the Fair.
the frost build-up being elimin- This latest froshiba develop-ated, and the fact that only a ment can record and reproduce 1/6th h.p, fan motor la running a ceries of pictures
instead of compressor and mo ... 62,265,420.400 single recording head, a process for, with the resultant wear and
10,012,003 30 220,744 which previously required four tear on equipment, the savings
are shown to be substantial. securities 371200,110 | revolving heads.
Quite recently tests were car- 80.113,010 Therefore this
unit ried out at the N.S.W. Egg 12.0
ad-Board. The fall out of cold mir supersedes, the previously UPI.
knowledged world's best which from all their doorways aver¬ operated on the four revolving aged 3 ft per second. On these particular doors, which are 5 ft Heads-principle.
wide, this fall out represents the Maintenance and operation of entry of about 14 gallons of the new unit is thus made ex-water per hour per door. This tremely simple, and obviates resulted in such a substantial all in the hands of the bison in estimated zawing of onts
In Western Europe
New York, Apr. 30. colmar lekering and British business houses in the Canada must be sot a possible
the im-frost build up on the ammbala New York Citral Railroad perfection known an "Venelian coils that it was impossible to contraction in the United has pelitioned the ICC to be in- blinds."
hold the room temperature to Local merchants mado States," the report said.
cluded in the merger of the
the desired levels, strong plea to the delegation for
Norfolk & Western, New York, Officials of Toshiba'a Matmuda
At the UIC.I. Meat Company Trade in wheat so for xo-
disclosed at Mascot, Sydney, the Installa- agencies for British goods an
that the colour recording system tion of ten air curtains BU re- local merchants were content ported in 1981 had shown an Chicago & St. Louis and Wabash Research Laboratory
Borcuts as an alternative 10 with smaller profits. This, they upward trend, shipments from earlier proposals be made consists of the normal black duced the load on their refri said, might help to push Tiritish the Unlied Blates, Canada and part of a Baltimore & Ohio and and-white unit with the addi-geration plant that a duplicato
all being
tion of an larger. oral sales the Dritial business Australia
tubo ammonia installation which was Chernpeake & Ohio merger,
circuit. houser operated on big profit Blopments of barley had do-
commenced in November, 1959, margins.
slined, Jargo consignments Central said that unless K frhe
which booth in pored with the first quarter of First Hungisong Fund, ex di- | US. doller (per #1) sound 6.70% The new approach" to trade from Australia and Franco was included in one of them Torba recorder is being en-
adjoins 1080-03 cents a share us against, vidend:
10.00 will Malays, they sald, might boing more than outpaced by two merger plans, "It will be hibited $132 buyer), $1.400terling utes per £1) ****
a ninge where | atdered very urgent. These fagis 81.14 year ago.
(seller).
Australian notes (per 21) ... 13.39 be to secure the co-operation | declinan elsewhere. There was denied the traffic strength to performances by singers and | demonstrate the efficiency of tho What cheered analysis mont
Indonesian rupish (per 1053 .. Second Honcong Fund: 90 Hiom leat (per 100)
zard and emutuel confidence of local ¦ e genstal · fall-off in "exports | survive as an independent com- actore are given liva and on upil when applied to coldroom about the March order für new cents (buyer), $1.03 (sellor). Singapore (traila)
ico importers and deslers.
of gata,-UPI.
{pqilter."exChina' Mali Special. television.
applications.
first quarler earnings reports.
EXPENDITURES
U.S. Steel, for example, show-
ed a decline in earnings from tion tried to exceed cerisia t-thorised
$1.87 a shore in the first quarts of prudence in its remedial United States Japanese textile ter of 1980 to only 47 cents a share in this year's fret quer-casures on eltier side. So far, trade relations-UPI.
however, there have been no Indications that this
ter. In fact, naies and carnings serious
of this, the largest, American would be the cosc.-UPI.
stealmaktor
fall to the lowest level for a non-strike perind alnce the third quarter ut 1952.
General Motors showed
42
per cent decline in earnings and
à 25 per cent ions in sales comm-
UNIT TRUSTS
Exchange rates
wan deng Balmess
in the imofficial exchange market at the following rates:-
of the present sci-up of British America, "Against the expan-
trade in Malaya is that it is
country.
And
Merger
to
electronic
The has still not been completed, al- though at that Ume it was conta
No comments yet.
Private notes are available after approval.