THE CHINA MAIL, MONDAY, MAY 8, 1961.
Weekly survey of American economy
SCIENCE AND
NEW TAX PLAN RESENTED ENGINEERING
New York stocks LONDON
'Clean-up' move brings howl from businessmen
show vigorous advance
New York, May 7. Stocks rebounded with vigour this past wook following a simmoring down of the adverse influences which depressed the market a week earlier.
Key factor in the general advance proved to be The Los ccusefire, which allowed bull market advocates to relax and glont over gaina the economy was making. The flood of poor Arst quarter earnings had reced- ed leaving just a bad memory to be refreshed here and there Ford which by such glants as reported a 43 per cent deeline.
having emerged The market frust the week-earlier melre minor bruixes, with only some there wi renewed confidence might just be that the worst uver. The second quarter lonk- ed better all around; steel nut- pui was of a 11-month high headed higher, war and retail
up and unemploy sules were
down slightly
może ment was
than seasonal,
net
Among the individual movers, CertainTeed was an pelive and prominent gainer of 125 points,
STOCK SPLIT
14% Avnet Electronics ruse
moulding is supposed to tolk of Its Show Erocess which
via caring big garner ficensing agreement. Magnavox Tose 91% on stock split news. Brotters recommended General 47% and Westing- Electric, up house, up five as undervalued despite their involvement in the price-fixing scandal.
Boeing Fast 17 and General following Dynamues 2 points news that B-52 and B-58 pro-
ucun fines would be
bum- ming for
jonger. while Polaroid gained 15% on word new land it was marketing a boost, Friday As an mlded
for well under produced the successful space, camera selling
rose shrit Int the effort only spurred electronic stocks, early merket giving way to pre- Jubilation weekend print-taking in other Begments of the list.
BLUE CHIPS
11.96
$100.
Ex-Cell-o
06. Indton General 6% and Lug- Temco 4 points. Analysts cited pood chart patterns.
in
Q
Fairbanks-
MARKET
FIRM
London, May 7.
In its busiest wook for maro than a year the market still kopt in firm under- tone, but the
100-60W
movements through the fivo trading sessions final- ty left the Financial Times industrial index 3,7 points fawer over the wook,
The Index closed at 359.1 after setting a new high on Stocks Wednesday at 362.0, hud to face up to a dock strike in London at another fall in Britain's gold and dollar re- But market sources serves. felt these factors made less lin- pact than the need for breath- ing space after the steady up- ward drive in prices since turn of the year.
the
Demand for favourites, though some with low yielding, sll showed up for counters outside
the Index and
i
New York, May 7.
The
HONGKONG New technique for
STOCK EXCHANGE
Business done a the Hong-
Stork Exchange 11:3 ong morning amounted LO op- proximately $7,400,000. Noon the morning's quotations and transactions:
President Kennedy's domestic economic "clean-up" this past week hit the wall of solid business opposition. resentment on the part of most busi- nossman found its culmination in open opposition to tho administration's
business tax structure revision pro- HK Bank posals.
The tax plan, which favours only those enterprises which invest in new plant and machinery and which aims at curtailing severely the traditional tax escape clause of the businessmaui's expense account, brought a howl from the business community across the country.
on excellent at home. These
the
Sales
436 35 432
hi e s
Buyeta Sallees
434
the Kennedy ad- prompted ministration to propose tougher
American company wheelock levies on earnings abroad.
TEXTILE INDUSTRY
180434
120 430
GT 430
in 430
10 t 439 310 or 430
F430
Bk. E. AniA 240 Lombard Wharf Co.
N
471
200 in
200
450
100
410
Taikoo Dock
XD
13 70
600
1514
400
15
15.00 16.10 2009
18
1000
10.10
1000
16.20
1000
5000
10
1000
18.00
2000
15.00
10000 16
117 139 500
14
120
31 342,
The tax revision scheme came on top of other developments which made 11 plain ever singe Mr Kennedy's Inauguration that looks toward the government
the evonomic house cleaning
wers attacks on lack of business ethics, trust In its efforts to solve the Lwin drostic action inherited problems of a reces- price pacts between rien at home and a payments manufacturers and
Imbalance abroad, the Kennedy HK Dock race-inspired | administration has had to step
warily test it solve one problem Cl. Prov
hurt the Loo drastically and other in the process.
One indication of this
on
'HIGH PURPOSE'
Hotel
company nows.
Among the leaders Courtaulds busting sults, ended 2/- over the week, Dun- against lop 14% lower, imperial Che-large mical 1/ down at 79/-: Unktever crackdown B/m
159/- hiring oractices. down at around
the ax Businessmen claim Cotton Lancashire
tumbled Bucking 3/7 to 60/-.
this scheme, coming on top of these
1სე 5 trend was British American To- other things, would soon bring bacco, up nearly 3/- to 72/7%. on an unbearable profit squeeze, been Mr Kennedy's rejection and they point out they have earlier this week of US, textie already been
# rigid operating GOLD SHARES LOSE
on industry demands for
country- margins due category-by-category, paper-thin croat Gold
look shares
another to the recent recession, constant-by-country import quota system.
Although this would no doubt HK & S. beating when buying dwindled ly climbing labour costa, etc. and sentiment
the unemploy by was offset
improve both restrictive moves
South In
ment problem at home and the payments problem abroad, Mr Kennedy realiers it would put the shackler back on free trade,
the U.S. has been Land an lesue
of as a weapon championing the cold war with Communism
the ever riner
war. Instead, he called for a world lexue conference to stabilise the in- erantional textile market. Jurt what he hupes such 4 con- ference to accomplish is rpelled out, but informants say the iden is to get other Indus- trial notions to buy more tex- tlle products from less develop- ed countries while the latter would undertake to hold down exports to established textile producing countries such Britain and the U.S.-UPI,
on
Fairchild engine led the Africa to safeguard the
The administration, with a market
activity, trading tional economy.
is be- "high purpose" which continued Coppers 307,500 shares and gaining 2%
of the Kennedy CA. counters Encouraging gains, centred into 13. There have been long-downtrack but tins soared again coming proverbial for the stari a certain amount the bine chip group and exciical standing rumours the company on the growing scarcity of the that just as
would get large contract. metal and its higher price.
of patriotism is needed to carry stucks which respond to swings Following were Scheley
up 6.
Olls turned dull. in the ceÐUNNY. Must of these
Avnet, Up
Foreign bonds were mixed, out to a degree policies of travel Amerl- "buy, ship and comprise the Duw-Jones indast Whitney up 4 and CertainTeed. Greeks were wenk, white rial average which rose
Japanese tended higher. Dollar can", instituted earlier to save dollars and gold and Improve breakdown of stocks ended in the plus column the Imbalance points to close at 69.67, of about i
of US Interna- all-time 1,468 the
stocks traded produced with International Business tional payments,
so the same #10 gainers and 419 losers. New Machines the standout. 11 devotion is required to clean the iurgias outnumbered new lows points up on the week. U. S. The rail average moved
Steel stained 4%, Chrysler 14. economic house at home to in-
confidence 2.79 to 143.80 prodded by any of to 44-UPI.
spire more In plantation shares rubbers edged into higher ground and the consumers, teas managed scattered gains.- UPI.
G points beinw
high.
LES
important Supreme Court rul- ing which allows
the carriers to cut excessive employment derived from prospective merg- 1 ers. Carloadings also picked up.
past week ale this
and some brokers were beginning 10: recommend the stocks,
This
mincket
Amsterdam stock
market record
The Dow-Jones ulity aver-
Amsterdam, Moy 7. age continued sluggish, rising The actual value of all shares only 0.09 to 111.81 and brar listed on the Amsterdam Stock an all-time that Exchange reached ing out some opinions this indicator had reached an beat during April, according to
Bureau Agures Important
Consolidated Statistical top, was a leader, gaining leased today. The setult value Edison
stood at end of April 27M
the stocks of the on rumours
mulders rise were ripe for a split or 31-33,000 million
of 367 million guilders.
vidend hike.
Although cumulative
market
thut
re-
At the end of April last year actual value was 26,400 million activity did not increase sign-guilders. Ncantly, brokers noted volume did rise sharply by said- In the Arsi four months of week when the best gains were this
year the nominat scored. The total came to 23,- turnover was 402 millon guilders 005,000 shares against 22,100.-gainst 333 million in the came 870 a week earlier and 1,955,- | period ot 1300,China Mall 505 shares a year ago.
Special.
share
among
The business community's re- sentment against some of the economic policies
the
BANK OF ENGLAND Kennedy administration centres
STATEMENT
on several other things, as well. It originally grew out of a conviction that the government is trying to "meddle" too much London, May 7. in the economy in its effort to
The Bank of England stale-stop the recession. But this is ment for the week ended May 3, largely a thing of the past now. rends as follows;
Notes la circulation
Public deposita.....
Private deposits Government securiiler Other recurities Receipts Ratio
Firat
The ranks of dissatisfaction £2,275,200.018
11,413,030 are being swelled by certain 320,045,800 segments of Inbour which find 301310.140 it hard to understand that one
#15.708,045 56,629,458 of the economic facts of life the US. will have to learn to Hve
10.p.
UNIT TRUSTS
Hongkong Fund, dividend: $1.33 (buyer), (seller).
un-
| employment due to automation
mass production of circuit boards
Sunnyvale, Calif. A tight schedule call for 11,000 pieces of electronic needlework”—printed cir- cuit boards to be used in a world-wide satellite tracking not-was answered by engineers and technicians at the Lock- hood Missiles and Space Division plant at Van Nuys with' a now time-slashing manufacturing system. (See picture).
The now Lockheed technique 1lces the time to build and test cach pencil-in, cigarette pack- age-sized printed circuli board from four hours to the present hour and 15 minutes, according to Lockheed production methods engineers.
of i
4000 10.30 Although the number of em
16.20ployees remains the same, pro- duction rate has been increased tremendously, It was noted
utilisation The reason: greater mass production techni- ! ques at each step of the Kne through modification of tools and work operations of em. ployees
309 TH
1700 1
1000 e 1571
1900 4 557 370034 4300 3424
200 35 2006 345 100 33
500 314
49
40',
1000... 49
1000 40 1500 401
1000-40% 1800 40%
MB!
77
100
WIN!! 77
2100
702b
210
705
100
71
IK Land
52 52
200 80%
000
32
130 140
1400
140
140
40
4011⁄2
500
$1
2300 X 40
500 7 401
2000
Yaumall
notik Tram
as
Ch. Light
30% 38!%
Electric
38
20
Cotton/ weekly review
New York, May 7.
labour cry out against unfair Cotton futures backed and
Telephone.
37
with wi be hard-core
and other new manufacturing
methods. Other segments of
ex
$1.42
cheap competition from abroad and demand straight Import quotas un most foreign products, notably textiles.
filled indecisively over narrow limits this past week in one of the quiet- est trading periods of the Dairy Farm your.
K.D......
Second Hongkong Fund: 99 vents (buyer), $1.05 (seller).
G.I. Cement 00% 68%
Watson Allied Textile
Inv.
40
300 40%
300
40
0254012
1000 4 43%
1000 40
1500 ur 404
1800 401
2000 15 30
4300 is 38!
100 3945
400 + 30 300 394
500
1200 3915
500 or 30%
1500 30
1300 7912 1800 or 30 400 + 30
1000 / 57 1230 y 57%
30066
47
500
300 B7
6300
8:30 40 57
2000 or 6015
من با
Printed circuitry itself is a
technique production mass
designed to speed up wiring eliminating the sembly by tedious individualised "eistom- made" installations in electronie units and subsütuling copper- plated boards that already have the wiring trace (pattern) etched on via silk screen or photo- printing.
After engineers worked out the basle idea, the technique wus demonstrated for Lockheed organisation quality assurance members who Ok'd it and gave the go-ahead green light.
Working with the Lockheed electronics assembly department the engineers set up time-saving operations that included:
A
New lightweight lamp post
new
London, May 7.
"featherweight”-
lamp post has been pro- duced by UK firm. It is made of light alloy, 15 and although it is feet high, it weighs only 30 lb. and can be easily carried by one man his shoulder.
し
on
Some 665 of these "feather- weight" lamp posts have been ercated in a town near London (Ilford). It has been found that the speed of erection is 100 per cent quicker than when concrete posts are used, and 60 per cent quicker than when steel posta are used.
The firm say that many of the materials and techniques usually associated with the of aircraft have manufacture been incorporated it these new lighting columns virtually climatic non-corrodable alloy le used, and a special welding rotunins technique enables the to be constructed in one piece, welding tell-tale eliminating Ines seen on steel columns.
The firm 1s well-known
Multiple drilling of holes (up to 80) into as many as throughout the world as manu- 24 circult boards at a Ume by facturers of fire-engines and means of a coordinated tooling petrol and
device. In the old method, LPS.
coch holo was drilled separately
-called "eye balling"-and only
fuel transporters.
on one to torce boards at a time. Tweeds backed with
Use of an automatic dip
soldering machine on the
cireu board assemblies instead of individual hand soldering.
Washing of boards200 at
a time in an arternatie homo-type dishwasher using a detergent for cleansing soldered boards.
Tabbing-cutting and flat- tening ends of wires in- seried in boards in a single tab- bing tool operation to hold thems Armly in place for soldorily. Formerly wires had to be bent and folded over at a specified length.
There are six inspection points on the production line electronic
100 57
650 # 5615 2000
57
500 68% 500 or 68
testing.
500 00
29 36% 1300 or 40
1300 BY 39
1000 39
25 30
473% 12.00 12.00 4000 à 19.70
B 6000 or D
8.70
14.00 14.80
console line
plus
flow
plastic foam
London, May 7. Fiems in the Scottish tweed industry are selling wool- len cloth with a backing
foom. of plastic
Con- sequently they have material that is without being heavy
the winter, cool in
a
warm
in
tho
summer and that resists crushing.
In co-operation with a firm of plastic manufacturers, the Scot tish Arms have been bonding their tweeds with a soft pliablę foam which is based on polyure Training techniques for new
Already several thou- havethane. assembly wurkers also been updated. Used Is an audio-
and yards of this material have gone from one plant to North America and garments made from this cloth will be in tho shopa in September. The manu--
that n Say
four- facturers backed coating weighing 15 ozs. per square yard is as warm as a cloth weighing 22 or 23 o25,-- LPS.
isual training aid with tape, plctures, and a musical back- fround. Training time; Wo hours.
Lockheed conservation pro- gramme
been citations have presented to the production methods engineers in recognition 1000 14.50 of the new time-and money-
saving system.
1000 1000 in 8.45
2000 8.40
1000 ur 14.60
3000 14.70
FIRST HONG KONG FUND
SPECIAL OFFER OF 200,000 UNITS AT $1.38 PER UNIT PAYABLE IN FULL ON APPLICATION LISTS CLOSE-FRIDAY 12TH MAY, 1961
All shares included in the Trust Fund are sharas quoted on the Hong Kong Stock Exchange
Tol Hon
Applications must be made in multiplos of 100 units, subject to a minimum holding of 500 units in the first instance
APPLICATION FORM
Payment must be made in full with this application.
Kong Unit Funds Limited
7th Floor, Alexandra Roure,
TRONG RONG.
We hereby sony for
uette in the First Hong Kong, Fund at the advertised
mice or sta per unii, in accordance with the conditione contained in the offer any subject to the perena
of the Trust Deed dated, 27th Jugy, 1900.
We endow chéque/honey order/cash for B...being payment to fill the number of under sppaled for. I/We understand that the money will be returned to meau în cul it no Units are allotted
UWe declare that I/We som/araziver 21 years of age,
BUTINAME(S) (m Enghh)
(Plesne state Mr., Mra or Kilow)
OTHE NAME(3) IN TULL
ADDILIS
BIGNATURE(18)
Telephone No.
Date
(BLOCK LETTERS)
(In the case of joini applicetigor all persone ventet mign. Corporations should complete under the hood of aej masheriand odløer whows desiguation should be staled)
PAYMENTS DEFICIT
These segments are alt for the "buy
American" trend which has helped stop the drain on gold and narrow
Despite the inactivity, the market maintained an overtone of steadiness to end the period considerably net unchanged to 18 points
higher or unchanged
to 10 cents a bale above the preced Nanyang ing week.
the unfavourable gap in Inter- national payments in the frat quarter of 1981. They do not understand it when the govern- On Thursday, the volume of
trading dropped to 2,200 bales, maltiot it the smallest for any session so far this year.
while very likely Market analysts sald
3000) 14.70
พก 4 14.00
Amal, Tub.
0.70 0.00 21000
7.00
City 'Ilotel. 357%
20,00
2.00 Realty ....
ment tells them that a certain residual amount of payments defell-just like the hard core unemployment—is going to be another economie, the buying was not broad, ort; hab. Triat fact at life the U.S. will have impressive, the effect was cm- to live within the Interests of phosised by the limited offer-Humphreys
ings. Sellers held back ap- International trade and there. fore in the interests of the U.S.parently, while they,
and the stock market ralliert
developments in Cuba,
Laos, Central Alrica and elsewhere on the Interna- ilonal scene.
itself.
walted
FEATURE
watched
In this lack of understand- ing progressive Jot pro- tootionlet labour is finding an tropical ally in those con- servative business
and political circles who in the
Evening-up in the spot May Dast have always been ready delivery, and switching between to "go it alone", nat caring
that month and new crop posl- much what happens elsewhere tlons, furnished a trading fea- the old isolationists in new ture. The open position in the cloaks.
spot month, by the weekend, Then, labour finds it ne hard had been
1080 / 14.70
2 0.09
1000* 0.00 2000 * 7.00 200 36
410 333 050 20.00 16000 + 2.03
10000 or 2,625
4000 300
75000 « 3.673
00000 or 2,00
10000 @ 2.875
1000 g2 16,400
1000 + 25
Int'l Iny, .. 14.70 14.90 1000 14.00
HK & FE
iny,
Gilman
..... 24.90
2030 625,20 1000 + 25.13
50 25 1000 @ 24.30
4.25 4.75 20009
.375
1000 10 4,00 2000 (14.07s 38000 e 4.90
230004815 000004435
whittled down to
Star Ferry Q10
210
2214 22.000
500 22.00
1000
23
will to respond to the government's 3,200 bales. The contract appeals to curb its wage de expire in the noon hour on Fri- mands in new contract negotla- doy.
Meanwhile. the certificated as the businessman tentelously holding an to his stock kept climbing to new sea-
ttono
13
old privilege-the expente ae-sonal highs.
count. Labour and conserva- tives may be in a minority_but not without influence in Con- gress, the press and on public opinion.
The deliverable stock at the end weekend was 93,010 bales DINE 0,000 bates Awaiting mferonaire and review.
In the spot market, demand from texufe mills was mostly for Ali-m Jots, plus SOME
So a tax builte is shaping up The Hollywood actor who lives abroad to escape U.S. laxes has foreign buying for shipment
after August 1, when the new crop year begins.
3000 4 22,30
6 23,7
1150 m 2274
Exchange rates
Exninesa www
done in the
orat
been a familiar sight these past years. Now the adminis- Finw cotton oxports for thio in exchango market of 110 tration reveain that more than menxun through May Bị totalled) deźlowing tries:— 100 American-owned business 5,940,631 bulen versus 6,531,160 US dollar (per #1) real firms have set up affiliates in bales reported to the same time tedy notes per 1...** Australian noter (per R1} ... Switzerland over the past year last season, according to the
Industry subiah (pre 100) | alone, to excapo Uß, kazes. New York Colton Exchange-- | illam tiesa (pur 109)
fhot, по doubt, has Reuter.
Blogapore in traits)
0.700
1802
19.08
200
Production Une look on electronto privied circuit boarde at the Van Nuys, Calif., plant of Lookbord's Missiles and Space division is given by engineer Ralph champ who telped develop a new time-saving manufacturing technique in answer to a ruul osti for 11,000 units to be used in world, advanced satellite tracking stations throughout the Time per oempisted board has been slashed from four hours to eas hier nad 19 enfant,
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