1961-06-12 — Page 2

B

THE CHINA MAIL, MONDAY, JUNE 12, 1961.

Weekly survey of American economy

SUMMER SEASON PATTERN

HONGKONG STOCK

EXCHANGE

Owii. Correspondants

Business done at the Hong-

New York New York stocks

Steel and car

car New output drops cotton

a little

Stock Exchange this The pattern of a

K amounted to

proximately $1,200,000. Neit

quotations and The morning's

trunactionst

Shares Buyers

HK Hank

1 eg

WIND

Talkoo

IK Gas

UK Dat

Providend

HK Hotel

EK Land

::

113

Seller

Bates 412 150418 5 412 160410 100+ 419 10412

New York, June 11.

summer season high plateau without marked gains or losses began to emerge further in the U.S. economy last week.

Steel and car output dropped slightly, so did exports, Steel prices eased on several items as the metal became more plentiful and there were no signs so far of an acceleration in busi- ness investment spending plans.

On the money.

markets

320

370

72

400 721

21.40 21 ou

Tex)

4200

2341| 21%

19

21 42

21

110

126

.

34 50%

847 2322

344

Sini 31

Steelmen were beginning bart worried slutf price

Sun 24

41

24

H

44 AU

Vangat

13:

10 Tran

391 392

まど

400 7:15

273

400 7:

21 73%

4 36 1:14

ECWIT

201

Son 344

Lugh

28,

37

1000 1920)

Tele

י!

2

1000 a 30,

GM3

3' 4

237 500 - 53 21053

1004531

37

Telephone

SL

free sent

Dans Turma 381, N

Ahed

1940

Textile

790

SIDE SH

1000 11

TLAND WAND

7.HD 73,

Namvang

137 1389

A Hubber 6:33 640

thebe made ineffective in the end tighter såluation in short terins on the domestle business pleture bernie mure pronounced.

market

New York, June 11,

Cotton futures bogged down after several deliveries reached scasonel highs in

the period with a fair- sized net gain.

react to Laos trouble

New York, June 11,

mid-week, but still closed The stock market last week held off from the usual summer rally after deciding that discretion was the better part of sentiment.

A Friday's close the list

cent to $1.50 a bale higher

ruled up 16 to 30 points, or 80 than the preceding week.

Commission

house

covering and new buying found offerings Umited at the start of the period, forcing brokers to bid prices higher" to obtain CON- tracts.

The

Improved.

May 1902 delivery to Up to now this governmen reached a new seasonal top of drop pulley has been to supply enough 35.81 cents a pound, establish- Pwithin the last two weeks. on funds to the banks and to the ing a premium of 234 points or (auch items as steel piping for market-primarily by purchas- $11.70 a bale over the spot July full purposes and various alain- | ing

securities to delivery. government Dess steel products. They thought i krep sompiles of money avaliable

If this

Chart trend becomes ↑ for loans and investment at a ht Estronger, it would be difficult to level of around $580 mUlon. fi carry out the planted price in-was hoped this polley would crease this coming autumn.keep long-term borrowing rates There were reports that the stable at a ведъи level while jowerment had the sleet price keeping Arm tone in short testion under study to find out terii securities to help altract if the planned price increnses foreign monią lo` United States were justified.

markets.-U.PT

FIRST DROP Steel outpa meanwhile de- felined last week by 1.2 per cent but still heid just above the two milion ton weekly level. This was the Arat drop in steel output since mid-March and major annoticed eilbruk by Bethlehem Strel indiented a fur- ther overall drop this werk.

Tende sources said the

timent may have been caused by ring nd in ear steel de

zanet. Car production has also slackened off in the past throw * 1 weeks and both developmcats predictions by must business analysts that

4000 un 1959 | underscored early

SENO

23

2000 at 6.35

Rubber T Wheelock

7 GU

10:30 101,

THE $2

Really

2.70 .725

KM 1.

(N) 2575 225

(54! Il

Int'l invest 15.10 1500

Gilmor

1. K. & F.E.

5.10 5.15

"

Javed

fumpley Hope

23,70

201

Ferry

231

Star

416

The recovery from the last re- ression would indeed be a slow are gradual one with frequent ps and downs.

TERUG 18 70

10%

may

While ear put Lovelling off, sules certainly im- 590 proved in the last third of May, Mshing nhead of year-auto Ulevels for the first time with a gain of one per cent. This pro- 1x 2000 Anduced a desirable reduction 44 #56 - 16 the stock of new cars in dealers 21, Sands by June 1-to a level just 1980 atmere 90,000. This was the line- 961830 est new car inventory level since 2160 last October and mounted in 31640n supply for 43 days at last Hun 16attonth's high selling pace.

16:20

16-10

11000 10 10

Government reunomists meanwhile noted that bust- ness spending for new plant

ZAN 1040

2800

IN 30

and equlpmcul showed

Sonu

1449

500 2.675

270 2.30

1000 2.70 3000+ 2.70

30000 or 2525

signs of Recelerating,

110

It was hoped last month that

President Kennedy's controver- |sial tax-revision proposals, which

1252674 would grant tax relief to busi-

750 60 799, 4070

300S OF NO

2001 in (30)

1000

1000 15 20

2000 13.10

450

2000 ve 3.15

1000 3.15

BOGO A MAS 2009 14 5 15

UNIT TRUSTS

ness investing in new equipment, would net as a psychological

spur to such spending regardless

Liberalisation of Italian imports

The

Romic, June 11. Ministry

particular for the

t

interests wwe the accredited buyers, supposedly to cover short positions from July 1901 to May 1982. Some observers, however, thought the demand might be for a new long position,

Demand for futures was new; socialed, in part, with evidence | of a change in the crop picture.

Weather

nditions recently have been far from ideal Low temperatures in many sections gave rise to fears that the crop may be getting off to a Inte start,

tion of that

3

but

the

averuje,

a

10 nowa

SCIENCE AND

NGINEERING

U.S. research ship discovers swift cold water current

Woods Hole, Mass., June 11,

A 214-foot former United States navy salvago vessel returned hero recently after a 32-months' cruise to report the discovery of a swift-moving current of cold water which pours from the depths of the south Atlantic into the north- east Atlantic basin.

The research vessel, "Chain", On the first purt of the yoy.

"Chain" "carried out Is the largest of the ships mage, the thet of the United States

with an survey bathymetric echo-gounder, zig-zagging nerbay Oceanographie Institutions here. She carried more

the Equator and sailing east dezco selentists

over the Romanche trench, a which took her twice to Free- | 4,000-talhom depression in mid-

than two on 1 cruise

The war in Laes and a sum- Lever, As hostilities promptly mer lul in certain key business, broke out anew In Laos and the as put a damper on many market reatted with its custo- rections on the list that befied a mary apprehension, rise in the Dow-Jones Industrial Many electronics and other

storks selling high in relation to The week began well enough, earnings continued the retreat Monday providing sharp evident in previous weeks.

But volume dropped srivance an assessment of news

notice and this from the Vienna meeting of ably with the prices President Kennedy and Premier seemed to indicate a technical Khrushchev.

The

increase rebound was in store. (me-shot affair, how- ! proved a

BUSINESS FRONT On the business

he world's town, capital of front, the market ako reueled

newest nation, Sierm Leone, on the west coast. t steel companies were cut-

Afrien, and constantly across the Equator, ting the prices of some pro-

As a result of the cruise. ducts after a week when pro-

scientists duction declined for the first time in more than 2 months. The week's results according to Dow-Joues; Industrials up 3.20 1 700.00; Rails up 0.04 to 143.93; and Utilities up 0.76 to 113.77. The broad Standard & Poor's Index of 500 stocks dipped Reven cents for the average price of a single share.

Sates on the New Exchange came to 19,721,630 shares, up froga 31.700.850

LONDON

EASES AT

CLOSE OF WEEK

D

week.

last

Atlantie at longitude 10 de- grees West.

The survey revealed that the trench was not open at both ends to permit the passage of current at the boltum.

reported that there the cold was strong evidence of an At- | But, a long, narrow cut in the Jontle Equatorial counter-cur- ridge was discovered, running

to a rent and located the low-połni

about depth of

2,000 in mid-Atlantis ridge which fathoms and 200 miles to the allowed cold bottem water from east. the south Atlantic 19 (rass Intu the bust of the northeast Al- lantic.

York Machine should speed

the previous three-day week and compared with 17,505,710 a year ago. The daily aver«

shares against 3,032,283 week-ago.

age amounted to 3.944.310

A

American Viscose wan far and away the most active stock, with

The first three days week shuwed a much Armer | It rose 47 on the strength of its appearance after last week's news "Avleel" food additive that easiness, but thereafter a down lends bulk bul no calories. Avco ward trend developed.

followed with: 353,400 shares ap |24.—UPI.

of the 637,000 shares changing hands.

LARGE PURCHASES Italian

London, June 11. Foreign Trade announced that a Another

factor, Shares in the industrial sec- upward liberalisation of imports from large purchases. decree prov.ding for further traders said, was the recent tion of the market showed the dollar area is being prepared. ment

from govern-

sonsitivo mood slock. Traders thought The decree, which will come this

better night indicate into force 15 days after its demand publication in the offfeinl gazette continuing

for spot cotion,

dullness in believed imminent), provides in textile trade caused a modifica-

idea later liberalisation

in the of almost all fruit and vegetables week. and some fats and oils items.

The Minisuy 1166 disclosed that the measure is being taken nt the request

of the US. and It will

the make Canada. liberolisalen of imports fren the dollar area olinost identical

those with

from the O.E.E.C. area-China Mail Special.

The Financial Times Industrial

Collon owned or controlled by the Cominodily Credit Cor-index closed the week at 341.8

2 totalled against previous week's 342,0. Doration as of June

Gil-edged securities sank into 2,204,000 bates, off 11,000 bal the red, reflecting a further fall from the preceding week and substantially under the 5,114,000 bales held by the agency の禁 January 23, 1901.-UPI.

Rising prices

worry dealers

in sterling

London, June 11.

of whether the proposals become Sterling is still appreciably above its dollar floor

law

not.

However, Commerce Depart- ment oflefals predicted the Do- partment's next report on its- vestment spending will confirm earlier (March) estimates of a jihree per cent drop so for this

year from 1980 levels,

This caution was Somewhat unexpected in view of the fact Įthat most ether econtumle in- dienters such as gross rational product and productivity index have been pointing up over the past two mouths. However, it $1.31 confirmed a trend which began in April when machine tool orders dipped severely from the previous month.

First Hongkong Fund; (buyer), $1.30 (seller),

Second Hongkong Fund: cvals (buyer), $1.84 (soller).

Exchange rates

Business was done in the local Woollietst exchange market 115 anerning at the following rates!.

1.S. dollar per li

3.733

Sterling noten per £11

****

iza

Australian notes (per ci

13.GJ

Indonesian rupint: (per 1001

3.40

Slum tesla (her 1001

20.00

int

Singapore (Stralis)

AMERICANSZE

STOCKS & COMMODITIES

WHEN

SELL

and

or its lowest of the 1957 crisis. But it has fallen to its lowest since September 1957 against the dollar, which itself is on or near its floor in Germany, France, Holland and Italy.

the Swins

become.

was усту

U.S. exports, meanwhile, show-seriously, But operators further eventually. But etptain-

worried

This week the dollar has more vulnerable they fallen back sharply towards its The "cult of the equity” and floor in Switzerland, where"people's capitalism" have gone previously it had been techni- further in Japan than

Art any This technical other country, us endly oversold. readjustment between the dollar Jarnely Justinable and under- frane aroused standable. This week's shakenut rumours of Swiss re-valuation may be no more faan a never- which affected sterling.

དྲ་4སྔ་མ technicul currection tu That need not be taken toochable the upswing to go Tokyo has had a shakeout, are obviously

jon fears of a a credit squeez about the trende of costs and the halance of payments,

The market downturn Dullew- cd a downturn in the reserves were enlculated by the Com- Coste and prices are both

which, as the Financial Timzo merce Department LUE

that rising Three great staples puts it, the Japanese

Central munth at $1,047,000,000 down 13 trend, toraceu and beer-are per cent from March and three all diarer. The balance of pay,Bank has not yet cant to hide

ments is probably

a dig at the Bank of England. improving,/?

The Exeptionally strong but not fast enough on the APRIL EXPORTS export side. Britain's relation trend of Japan's reserves The April exports were a dis- ship with the Common Market stock exchange is exceptionally appointment to government ercates much uncertainty, prone to temporary reversals. oficials who had hoped for # The prissure of sterling has continued rise to help correct not been dramatle, as in March the US. bulance of payments or in 1957, but it is unremitting. deficit,

ed a drop in April–the first this stering to London as well year-both from the previous abroad month and from a year ago. Commercial shipments oversens

per cent from April 1960,

WASHINGTON

and

Washington has again relrcal- The serious drain on the reserves ed from its gingerly attempt to Another disappointment in this in March has been followed not tree the internal gold ever. It feld, Although a minor one by the normal technical reversal is much tougher than the drop- which was expected, waS the but by further sizable losses.

ping of the bond celling. Op- Ughtening" of the

term

Australia's deponit of her position

from came not only corre- IMF drawing will teave again as doctrinaires but from unexpected Interest and when Australia spends the sources, Including even some of

the Federal Reserve Banka.

short

WHEN BUY

money inarket and the sponding increase In

rates.

TECHNICAL

ANALYSIS

On Stock Trends

Research Dept. PERENNIAL

TRADING CORP.

610-01 Elinburgh Hound

Hong Kung. Tel: Liaw, 28241

The increase in rates 00 curred four weeks in a row on ike

money.

IN JAPAN Treasury's weekly The Stock Exchange short-term bill offerings

The Administration covers its retreut by remorking that there and has been on glit-edged, Both of matter can

Impact

that In

the 10 urgency and two weeks in a row in later the irredeemable

always be

raised 24 per cent again if the six billion dollars probably the lowest prices Prices in the short term mar-history for British ket have declined despite the bonds. gaverinent's efforts to keep

cat rates dealers offer com- stocks have fallen to about 40. of free gold in seriously eroded mercial paper buyers.

foreign

In either by a renewed gold cut- Government low or by the secular uptrent

of the Internal liabilities.

them high in order to stein any filed, as le perhon nonnal when

Equities have relatively bene

President Kennedy has pledg- renewed outdow of funds seek the underlying uncertainties aro

ed that the entire old stocks ing higher yielda on

stand belund the dollar. Cun- inflationary. Even equilles cannet ress does not underwrite the money inarkets. However, it wasxefinitely lick bongy off thors, plodge, so the Federal Reserve clear from the beginning that

Tokyo this week has tharply will the government's post-recession

not enlarge its internul that quily abilities. It will go on cutting polley in the short-term money reminded people {markets could at best be a tem- prices cannot rise continuovaly,

reserve requirements instead.-- porary one and that it would and the higher they go the 'China Mail Special.

sterling and fears of inflation. Consols 21⁄2 per cent Tell 3/18 to £40% and War Loan 315 per cent 5/16 to £54-13/16.

Steels remained dull following: reports from the steel industry that steel output is still running

nil

shares

New plant investment

Washington, June 11. Business Investment in new

slightly below last year's level, plant and equipment is expected

રા turn although capacity has been sub-

upward in the third quarter. This would be the first stantially increased in the mouTI-

quarter-ta-quarter rise in more time,

than a year, the United States After some earlier easiness Government sald.

recovered, Shell

Bui for 1901

as a whole. jumped 2/9 to 129/0 and Royal mullays of this kind are still Dutch 2/0 to £13 3/16.

expected to be three per cent Among

Greekbelow last year's level. In fact foreigners, bonds were a very dull feature, a new Federal study puts pro- but became

Friduyjected 1981 capital spending at better on aft moon on Swiss buying, just under $34,500 million, Dollar stocks were mixed. The slightly smaller than indicated premium closed the week 14% by a survey of corpurate inten- per cent up to four per cent.- tions last March-Cluna Mall

UPI,

Special,

First to fly in missile

The first man ever to ride sueccesfully in a nigglio was Willy Fiedler who made lhe eple flight 17 years ago in Ger. man V-1. At the time, Fiedler was technical director of the secret "Belchonberg projeof” under which special pilots were to divo their missiles beneath Allied ships. Today. Fiedler is manager of the volentille staff working on the Polaris mis- silo programme at Lockheed Missiles and Space Division, primo contractor for the submarine-launched ballistio missile, Flanked by models of the Polaris and tho special launch tesi vehicle developed by him. Fiedler points out the plini's weak in the V-1. The German programano was huffed just be- fore the end of World War I and this fully developed vehicles were surrendered to the Allies.

anaesthetic control

London, Juno 11.

Oparating theatro analysis

of a patient's breath has been made more efficient

under

A hydrograpille survey inter In the voyage

confirmed that the cold water in the dopths flowed from the south through the cut in the ridge.

Instruments towed astern of 1.he research Vessel on articulated chain were lowered to varying depths down to 100 fathoms.

sut's

Measurements of currents at

Current

the Equator indicated a strong two knots, beneath a somewhat flowing east at about

now mothod weaker current flowing in the direction at the sur- opposite

being developed in Britain at the Royal College of Rosearch Surgeons. workers hope the method will

face.

Later measurements made with parachute drogues and current meters showed that the strongest Bawy was at a depth of between 60 and 100 metres (about 197 feet to 828 feet).

givo onocathetists finer control of tho patient's condition thon is possible at present.

Tests made of the counfor-1 Development is the result of

current showed that it had co-operation between the Col- similar temperature and oxygen lege, tire Shell Research Centre characteristics to the Cromwell and Briush Oxygen Company, under-current acroas the making a prototype Equator in the Pacific Occan.

Scientists reported that the cur

who are apparatus.

When a patient Inhales anrent was a "complicated stream, onatsthelic he is breathing a not simply a broad, shollow rib- complex mixture of gases - bon. partly fresh snaesthetic and In the final phase of the partly expired gases purified and | cruise, samples of the sea-bed

life at depths used again, Precise knowledge and marine

of of the composition of this in 4,008 fathoms in the Romancho haled inixture would greatly trench were taken, as well as help the anaesthetist but until samples of the deep water. now a rapid analysis has not Photographs of the bottom uf been possible.

the trench were also obtained. Royal

College research

Throughout the cruise biolo- workers in anaestheties knew of gical campics were taken by work going on at the Shell both trawls and plankton nets. Research Centre in the use of n-Reuter. new technique-gas chromato- iraphy. This entails the injec- tion of a small sample of gas mixture into one end of a long tube containing special chemienis so that it emerges at the other end as separated Kases which can be mensured and identified

Co-operation between the two research teams has produced a machine that can analyse o patient's breath in half a minute. The Tritish Oxygen prolotyp is about the size of a table top television, set and work is now going into reducing the size sa that the equipment would at conveniently on an anaesthetist's trolley.

A

Super lightweight woollen cloth

dreas

London, June 11. "worsted taffeto" cloth, spun from finest quality Australian moring yorn 70's quality-and weighing 4 DX to tho square yard, has been doveloped by o British firm proparing to the Canadian market. Laboratory experiments are

Colours and patterns come in still being made with samples pastels, shot effects, small check of breath sent from hospitals and hounds-tooth.

but the College

ento:

It reared. recearch team they can be custom produced.

hopes that the equipment will soon be standard.

The wool-dyed fibre randers the cloth washable; it pleats The method can also be used well, does not shrink, and resista

the

amount

of wrinkles. The patterns are vir anaesthetic dispersed in the tually exclusive

to

measure

patient's blood and tissue and dress lengths

as only thre

(max, width 30

this may prove to be an even inches) are woven from cach more Important application. LPS.

Advanced radar trainers for Norway

The rest are used for men's tics, shawls and scarves.

Its creation by refred Brigadier John Henry Wood was inspired when touring North America in 1946, he found him- self surrounded on all sides with unaccustomed central heating. Tho latest navigation

This started the idea of a schools to order compro-super Ughtweight woollen cloth hontiyo radar training warm outside, cool inside, and

good for travelling. simulators

Docca

The cloth is produced displays are Oslo, Bergen hand-operated wooden Yorkshire

and

with

kind in Norway.

on

Haugesund, the pattern looms between 140 ta three principal training 250 years old, the only machines establishments of their capable, says the Brigadier, of weaving at the very low warp Henalons required for cloth, of Two Deeca marine radar dip the quality.

Mr Woods retrat from the plays, one true motion and one azimuth stablised relative mo-services after the last war; aged.

He entered the Toxico tion, will be used at cach

Department of Leeds Univer- school. The simulators are of alty in 1946 as the eldest student versatile and realistic type with there, Three-and-a-half years two separately controlled later he had developed his cloth ochoer, each showing as own and set up the first hand loom ship on one display and as the in Walruste, York, under the

name of the York Weavers. further target echoeg

Today, Mr Woods hao available togethwr will looms, six girl weavers -- who' count line presentation, true cost £300 apiece to train for 18 motion, simulates radar inter- months and a co-director in ference and sea ciutism-LIB, Rire Eva Maria Ginther-LPS,

target on the other.

Two

ATC

14