1961-06-26 — Page 2

THE CHINA MAIL, MONDAY, JUNE 26, 1961.

Weekly survey

survey of American economy

SCIENCE AND

2 BLOWS TO U.S. ECONOMY ENGINEERING

New York stocks take 'confused'

course

New York, June 25, The Stock Market this week ron a confused twisting course in the slowest time in half a year.

The

The "glamour" stocks were? Ling-Tenco was up 334 and up again just when everybody Chance Vought 31⁄2 will stock. thought the "cyclicals" were in holders of both soon to vote on

had merger Javour, market averages

plans.

huge wide swing or no movement secondary offering of 2,750,000 at all, and activity dropped shares of Ford Stock coming up steadily to half the levels of the Isoon may have depresserl that wild markets of Just a short issue by P. while ago.

were

Even the techniciana confused, expecting the market

STEELS DOWN

were all

down and all week to "test" the lows Steels reached on Monday but watch- } received a inat blow on Friday ing the reverse

when

U.S. Steel quit Kint gume true -

xing prices for the export stead. Tuesday was a day of strength that petered out quick-ruartet, explaining there were orders ni current prices, ly but Friday, normally a clay of

U.S. Steel felt 14% Wheeling 2, caution and evening-up for the weefcend, produced d further Youngstown 2, and Rejilic

23. upswing

One prominent analyst, look- Jug at the dropping volume gures, suht it was still the pat- tern of a tired market refusing to rise with gusto but also giving up ground reluctantly

ild pressure was around.

'CAUTION'

But

when.

Litton soared 7% na mie in

called the electronics group

MSL Industries "versold". sued 5 following news that it abandoned plans to acquire a San Diego real esate project.

Chrysler

gained

in- fluenced by

Jelter a market which sald how well the com- pany would do it only it had the profit margins of GM and Ford.

24

after Monday's break, insy of Wall Street said the market 11R "oversold". On the other hand, 700 un the Dow- Janes scale was supposed to be alles with Genert! Merchan- foo high for the tired old mardise and shumped 31.

it

the

Lane Bryant ended merger

of

Canadian dollar “devaluation' and maritime strike

Now York, June 25.

economic The steadily climbing U.S.

recovery was struck two blows this week: the maritime strike and the drop in value of the Canadian dollar which, in the end, will act as a curb on U.S. exports to America's nearest faraign market.

HONGKONG

STOCK EXCHANGE

Que O-n Correspondente

New York

cotton. market

Now York, June 25.

Britain's first inflatable theatre

London, June 25.

Business stone at the Hong Cotton futuros termínoted | Britain's first inflatable theatro went into

Stock Exchange this kont

appro- moraing amounted to ximately $7,180,000. Noon the morning's

quotations and transactions:

a wook of uncertain price swings on a note of casi- ness, with the spot month down to the lowest Sovol in two months.

over Operations were given most of the time to liquidation.

action last wack. Complete with stage and seats for 500 people, it will bo used by hypnotist Peter Casson for his demonstrations at Newquay, Cornwall, throughout the summor. and transferring out of the spet

Looking rather ke a huge Is kept up solely by air pressure July delivery before Erst notice ico, the body of the theatre from 214

day on Monday.

powerful electria fang

En Bank..

baron Buyers Rellars Bales

420 422 120 420 140 424 120+ 422

310 310

DOI

100

7.1 791

KK Dank

Rox. Lon. Lombard ... Taikon Duck

Of the two setbacks the maritime crisis appeared to be the smaller of the two evils, at least on the surface. Shippers were having no trouble Whare finding foreign-flag tonnage to move their 3.50 22.40 2500 23:30 goods,

The situation would become really serious, they say, If a pro- lungation of the strike of reainen creates a shortage of afl at bun- kering points in Amerlen. Then would be even foreign ships helpless because they could not refuel,

So

far American exporters were able to get their goods so ing in foreign ships to almost any point of the globe with the

LONDON

MARKET

breakdown The market 1449 stocks did worse than Stock straighten the market averages.

Declines

ketplace,

consensus selfled for "ebullon" until some Food news could things out.

vutnumbered advances by 783 to 403 while new lows had it over new highs by 8B to 34.

According to the Dow-Jones Industrints, the morket was up a 3.16 20.06. minor

RUPL dropped 0.74 to 130.00 and utilities cased 0.79 to 11.81. Standard & Poor's index of sna stocks lost two cents from the average price of a single share.

Volume fell to 10.070,560 shares from 16,320,338 a week earlier and trom 18,270.530 last year at this time.

Transitron led the market in activity with a heavy 304,600 shares up two points to 28. Heavy demand flowed in when the stock dropped considerably In the wake of several quarters of poor earnings,

Rumours of

an imminen; witlement to the paten uit by Western Electric was a big stimulus and led to speculation that the worst was ever for the company.

Move to help

lead industry

Washington, June 25. The administration has ten-

tatively proposed four-point programme to help the ailing domestic lead and zinc mining in- dustry.

It included Federal purchase of 550 million in surplús stocks with proceeds from foreign sales of government-held wheat.

Lockheed followed wiih

The suggestions which 2 | 224,300 shares un 32k spurred White House spokesanan stressed by a good chart pattern and were only tentative-were re-j talk of its position in the aero- ported to newanen by rembers Industry. Three blue of a congressional group repre- chips were next: Jersey Stan- conting nine lead and zinc pro- dard off %. American Tele-ducing states which met with phone up 1% and General administration aldes last week.- Molors of 4.

UPL

ADACO

DULL

London, June 25. markets onded the wock dull and orratic.

two

the Tho

speeches by

Exchequer Chancellor of the that the government intends to reduce both private and public spending, in order to cope with the balance-of-payments a dampening factor.

Following devaluation of the Canadian dollar in the Canadian budget statement, business in Canadian dollar stocks in Londorf was tom- porarily disrupted.

news of the

DEPRESSED

Tate didn't

hein

possible exception of such coun- tries as Turkey where very few foreign ships operate frum porta.

US

concern

Wheelock

A

the Friday's close 200 23.40 railed off three to 44 points, 12 | PVC-coated nylon fabric. An- 1900 64 23:30 Off 16 cents to $2.20 a bale from chored

2002145)

50027 the preceding week.

2000 2349

is made froma n skin of ghal-which are kept running con- fist weight but immensely tough stuntly.

Manufactured to the ground by iron

by a Scottish frm the airhouse measures 100 feet by 40 feet by 20 feet. It is

Sput July cbbeti gradually 14.40 141, 10000 or 145 | from 33.34 cents a pestinel wir

112 113 24 12

a Friday low of 33.00 352 351 2257 14 33%

| lakes around the perimeter, it

completely waterproof. It re- mains stable even in high winds.

This is Arst

Monday to let site First pillow to pass the time that a

"Ex All 1K Duck Pruvitent ..

401⁄2 40%

100 AGİR 500 or 250 EDDA 6 4015

April 24.

75 7546

1800 8.4627 500 46 100 75

275

200 75%

Land tis Yaumall

Tram

Ch. Light

49 01 1473

43 4214

6750

3771 377%

50

136

stock 99,522 baler,

bates plus 644

total awaiting Inspection, for a of 100,166 bales.

43

43

short interests,

The only immediate in connection with the strike was on the receiving end where 11K stotel..

cargoes, such perishablo

a.3 food, were in danger of getting in Land

of ships spalled in the holds not being

by long unlorded shoremen reluctant to cross ca- men's picket lines. Of course, a Was measure of economic loss being experienced by some US Passenger liner companies un-

able to keep to aalling schedules

at a peak tourist period.

But from a long-range point

of view, the seamen's strike had HK Electrio uminous undertones.

Several responsible spokes-

ג

official UK tests

theatre although others havo be used as exhibition halis and a house was recently built undernearth one. Other

The open interest in July on Friday totalled 43,400 bales. The

London, Juno 25. certificate

mounted to Years of effort to produce include temperary warehousing.

recent Despite some covering by spot traders thought initial leaders uni 6007 July would be "sizable.' One observer ventured n guess that first deliveries could run up wards from a minimum of 7.500

33 384 30093844

men foresaw the possibility that HK Tele.

50%

the strike would infllet a crip- pling blow on the American Berchant fleet, an Industry which, except in periods of war for its de- effort, is notorious ficate health, These spokesmen G. 1. Coment say the strike may very well Dairy Form mean that the US

mercantile

marine will lose even more of

Watson

Its precarious tuehold on world Allled Inv. trade.

Textilo

Nanyang MSIL Amal flub. Hub Trust City Hotel

Realty

MORE SERIOUS

Canadian dollar, As for the the implications of what is he

New Ing freely referred to in were

devaluation York as a virtuo] Are more serlous at a time when the United States has embarked K.M.B. on a vigorous export programme to rectify its international pay- ments position. The Canadians are making no secret of what their polley will be. They, too, want to promote exports rather than imports and the first stop is to reduce exchange rates on the Canadian dollar.

The "no change" in bank gilt-edged

The US-Canadian border, al- securities which were a very

ways an example to the world depressed section of the mar- of how two nations can live In ket. War Loan 3 per cents closest harmony next to each Jell 15/- to £53% and Consols other, may thus easily become 21⁄2 per centy fell 17/6 to an economic battlefold In

£304.

months to come.

Jardine

3000 435

60 1000 371)

20000 30 1002350

200 BBS 1500 BU B00 BO

10005012

07 07:0

25030071%

301

40

1500 or 4032

1600 ut 4010

3000 442

J

13.30 13.40 2000 x 13.40

13000 13.40

7.80 7.00

13.20 0.35 9.85

1007 4.69 7.03 7.90 5000 7,00

34 301% 15036!

1101 30

10000 ¿e 2,775

3.70

15000 04

2.65 1000 45 22.00

B

Now 2.00

L., Craw.

1463 OF 62

208115

1580 0 2 300 4 82 400 @ B

32 3214 4850 47 32

10000

هواره وار

100331

750 g 200 334

1200 or 3215 G30 ge 32!?

300 321

400 432

1763 6 32 55 1500 653

1000 6 5411 500 54!

Inv ..... 21.30 27.50 5506 67 27.70 1000 37.00 1500 27%

Tati Jav... 10.20 Humphreys 25.79 26.10

230 Stary Ferry Gilman....

7.30 3.35 Amoy Cure

05 Metal

116

The Financial Times Indus- When the Canadian dollar trial average fell as much as dropped to 97 US cents on Wed- 8.4 points on Monday, thenesday, American products selt. C. & F.E hraviest fall for six months, ing in Canada automatically be- Buyers came back ou Tuesday came five cents more expensive and the Index regained 4.9

on every dollar's worth of goods | points. On the week the

than they were a few weeks Index tost 3.8 points.

ago, Canadian goods, on the Tins were in front after the other hand, automatically be recent rush

Vis-n- of buying which came more competitive broke the International

vis US exports on the world markets. Council's "bank."-UPI.

US exports

Canada are to brand to be adversely affected; so will the earnings of many US subsidiaries in Cunada.

Further

continuing more. weakness In the Canadian dollar

SECOND HONG KONG FUND

SPECIAL OFFER OF 300,000 UNITS AT $1.03 PER UNIT PAYABLE IN FULL ON APPLICATION

To:

LISTS CLOSE TUESDAY, 27TH JUNE, 1961

All shares included in the Trust Fund are shares quoted on the Hong Kong Stock Exchange

Applications must be made in multiples 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.

Hong Kong Unit Fund Limited

Floor Alexandra House,

HONG KONG,

I/We hereby apply for ........

- unista in the Serand Hong Kong Fund at the advertized

price of $1.00 per unit, in secordance with the conditions contained in the offer and subject to the terms of the Trust Deed dated 14th March, 1901.

unite applied for. I/We understand that the muntoy

Wo endless cheque/money order/cality will be unayons in fruft if numer

alloited,

1/We declare that I/We am/are over 21 years of age,

SURNAME(S) (In Englia)

(Pienso stalo Mr., Mrs. or Miss)

OTHER NAME(S) IN TULL

ADDRESS

BIGNATURE(8)

Telephone No.

Date

returned to full na Unit

(BLOCK LETTEW)

(in the case of joint applications all persons inget sign, Corporationa should complete under the hand of an authorised officer whee designation should be stated)

CM Juno ge

Tin

could conceivably boost crude

oil Imports from Canada to the

Diesel electric.

machinery

United States, to name just one An order for the diesel- commodity.

These adverse developments came at a time when the US economy itself continued to show growing strength in mil fieids except possibly steel, which has been hit by recont price cuts.

OUTPUT REGAINS

The nation's Industrial output has regained two-thirds of the

ground lost through the last re-

electric propulsion machinery in a hydrogra- phic survey vessel for the Royal Australian Navy has been placed with the English Electric Co Ltd., London, through the English Co. of Australia.

The vessel, of about 2,300 tons,

ression. In May, the Federal will have three 16-cylinder die Reserve Board's index of in-sel engines, each with a service dustrial output stood at 108 per rating of 1987 b.hp.

008 10

cent of the 1957 lovel, a gain of p.m. and three 1330 kW maln three points from April and six from the January low of 102. The May Index was only three points under the

generators are to be arranged in a series-sandwich with two 900 volt propulsion motors each developing 2,500 pre-recession pent of 111 reached in January 1960,

eholt horse-

power at 250 r.p.m. These motore can be controlled on the mod Figures for personal income from either the bridge or the Bed "Ward Leonard" principle were equally reassuring. May brought the third consecutive engine room. monthy climbs in that Import- ant category, bringing the an-

This is the third high power-

nual rate up to $413,700 million. c<l diesel-electric Installation This was $2,400 militon above the April level and a rise of $7,300 milion from the low in February.

placed with the company recent- y. Added to the 0,000 s.h.p. machinery for the Now Zealand Government Railways Ferry, and Car output, too, showed no

the 0,000 l.p. machinery for n aigns of slackening as the 1000 new cable layer of Cablo and model year approached the Wireless, it brings the total cut- end. Last week's output ac-

put ordered from the company wally resched the highest since July 1900 to 20,000 sh.p. tovel of the year with 181,703

LPS passenger car nasomblies, The only blackening showed In steel, where last week output tonnage slipped again bolow the two million ton weekly average to the lowest level since early Business was done In the local May. This was the result partly una meisi ахскалка. market of the seasonal summer alack, U. dollar per if

morning, at the following rates; partly company-ordered

15.00 cut-Berling nates (par zij

11.50 backs in face of the recent price Aurelian noted (par cuts on various steel products iam tests (per 100) .....

Indonesian nipish (per 1001) UPI.

Singapore (ftrata)

Exchange rates

1

this

6.767

1.01

bales.

Some

a

canteens and offices,

a safe baby's pillow have portable resulted in

pillow mobile survey headquarters, passing the

stringent (mergency hospitals and so on. tests of the British

My Casson adopted the idea National Baby Welfore because Newquay has no then-

tre and lacks Council.

10 accommodate the enough Obstacles to standardisation

audiences for his demonstra- of an "ideal" baby pillow are

tions of hypnotism. great.

Total cost The pillow itself must of the nylon airhouse, stage,

hall largo

It scaling and other equipment Is

be porous enough for a baby to expressed breathe easily face down. technicians doubts whether spot interests should be chemically inert to about £5,000. would consider the long sale of all bacteria and it should stay July and accept tenders, unless boney or dent-proof. present differences between the spot month and later deliveries widened to a more level.

attractive

LARGE SUPPLIES

Dorous

10

Special advantages of the aro that it has no It should also be capable of nirhouse

or guy ropes repeated washing and sterilisa-supporting poles tion without deterioration,

gc in the way. Although Tts and the nylon fabric is very strong, must bu cover hygienic. It must stretch the it is ght in weight, flexible full width of the cot (at present and easy to handle, making the there is no British Standard forirhouse highly manoeuvrable. It can be erected in A few the inside width of cuts), viher- Supplies of "free" cotton arc

Mr Casson may large, and shippers and mer-wise the baby can roll off into hours.

dangeroun tually use it to take his demon- chants are credited with sizable various polestially

between thestrations to other parts of the such circum-positiores wedged holdings. Under stances, observers reasoned, they pillow, the mattress and the side country where permanent faci- might be reluctant to add to of the cut.

|lites are hadéquate.-L.P.S. present holdings unless a good merchandising profi is assured through futures operations,

First pitlow to satisfy com- pletely the British Natical Baby Welfare Council in the result of

Raw cotton owned and con- committee of the British Stand

trolled by the Commodity Credit Carporation as of June 19 was Agured at 2,175,000 bales against 5,114,000 bales held in January.

news.

Crop developments,

CVE-

UK post office tries psychological approach

a

on

work done by a bedding sub-

ards Institute and of technical advice from a number of sources

London, June 25. including the manufacturers of Inte the new pillow. It was recently

Britain's General Post demonstrated at the Hospital Office has appointed Equipment Exhibition at Olym- consultant on applied textile market pia

ha at the and will also of extent

the Mother and

psychology to adviso Baby Exhibition, demand for spot cotton and Central Hall Westminster next post office problems. export prospects for raw cotton month.

The consultant, Dr R. Conrad, were lost sight of apparently The pillow is special formu- orsistant director of the Medicaí while traders concentrated en lation of polyether foam con- Research Council's Applied the July situation.

talolog virtually innumerable Psychology Research Unit at interconnecting air cells which Cainbridge, will act or o con- have could only be seuled by some sultant for two years. improved generally, with

extra-ordinarily heavy weight At the moment the G.P.0, is lateness of the crop evercome and could never be sealed by the studying the best layout for a

Weather conditions

In many areas. However, late in the week, some sections indicated less rain and more warmth and sunshine would be welcome.

exports for the Row cotton season through June 20 totalled 6,338,287 bales against 0,257,918 bales shipped to the same period last season, according to the New York Cotton Exchange-

UPL

UNIT TRUSTS

Firat Hongkong Fund $1.33 (buyer), $1.41 (seller),

Second Hongkong Fund $1 (buyer) $1.03 (seller). Special offer seller price $1.03.

pressure of a baby several babies.

or even keyboard control or a letter fort- ing machine and specialist nd- A channel cut the full width | vice is needed on how long stat the pillow and additional should continuously work the vents punched through the machines. Other investigations thickness of the pillow provide aim to ensure that the staff do The net suffer avoidable fatigue or additional safety factors.

is amply porous eye strain. colton cover alone and in conjunction with The best method of codling and- the pillow. Pillow and cover dresses on letters is also being washed together by, studied. This mapect is 1- can normal methods; they can be portant in the light of future sterilised repeatedly,

mechanisation of the post office, The pillow is dent-proof and Psychological advice has chemically inert to all bacteria. proved useful in schloving more

be

It is made in two sizes to it effective and economical use of most cois or prams (81⁄2 inches a new type of switchboard. The x 21 inches x 2 inches or 81⁄2 new consultant is also building inches x 14 inches x 2 inches), up information about the perfor- the important point being to fit mance of both operators and the a pillow that is n little too wide, public generally in memorising

numbers. rather than a little too narrow. -LPS.

This could lead to | ways of reducing.crrors.—IPPs.

ROUND RULE-Robert A. Beat, engineer at Lockheed Miniles and Space DivisĪON IR Sunnyvale, Calif., unes this 89-year-old cylindricnt "alide rale", in his job of materiain hand Ing. 237 contrast, Lockheed employe some of the most intrigais, nävanced electronic.com - puter equipmens in the world. The erindrioni caloninige in zreferred by Best because, ho says, "It is equal to a 30-foot slido rule" it gives remilia ja Dva digita,