1961-07-10 — Page 2

¡ Page 2

THE CHINA MAIL, MONDAY, JULY 10, 1961,

Weekly survey of American economy

UNEMPLOYMENT PROBLEM

College graduates | HONGKONG Three consecutive LONDON

increase the

labour

force

New York, July 9.

The ups and downs of the unemployment situation in the United States this weak

STOCK EXCHANGE

Our Own Correspondent

advances in Wall Street

New York, July 9,

Businers done on the Hong- raised doubts whether U.S. economic kong Stock Exchange this

morning amounted expansion—both from the last reces-proximately sion and as a long-term proposition quotations and the morning's The stock market had three consecutive

transactions:

Shared

Dk

S

to op- $5,670,000, Noon

Sales Buyers Retters

416 200 410 100 or 410

Asia 240

Invest... 2011⁄2 20.90

(Wharf Co.

410

300 F 20.00 1905 11 10. 1000 20,00

Wherlock. 14.50 14.20 1000 6 14.25

.....

1000 14.20 6000 24.10 5000 14.10

4.00 1000 44.10

2000 4,03

II Dock.. 117

110

is keeping pace with the growing | labour force. Employment rose to a new high by mid-June- & F

a total of 68,706,000 and a hefty increase of nearly two million from the mid-May figure. But as colleges emptied their classrooms, more than 800,000 were added to the unem- ployment rolls for a total of 4,580,000. This represented 8.8 per cent (layed action recession mentality. of the total labour force, a pet- The price cutting, which started centage that has been around for over the past four weeks with the past four months or so nad raw steel products, is now ex- does not seem willing to go tending into such things as re- down.

frigerators, television sets, tires, some time economie wading pools and outboard me- analysts, while praising various tors. private and government plans tor retraining workers robbed! of their jobs by automation, ex-

A similar sliuation exists in pressed luubis whether such would be able to plans alone

new housing. Builders are add- cope with the growing probleming such extras as wall-to-wall of hard-core unemployment.

carpeting, refrigerators, even They warned that with the air-conditioning order to lure present population growth and potential buyers. And this job pattern a situation could despite of dropping mortgage in- velop over the next five to tenerest rates.

At the

NEW HOUSING

250 4025

3300 64

3003 68 4

700 48 117

advances pushing some prices to the highest level in 16 sessions and closed with a mixed trend in the holiday- shortened week,

Volume allpped to a new in the same holiday week of

low on Monday last year, eight-month

GOO # 317

300 or $10

401110

up

100

Taikoo Dock 74% | Provident .. 3411⁄2 3412 IK Hotel 473% AL Ch. Light

70

000 to 70%

200

245

100

35

3000

4735

1000 @ 41.

500 e 40

700 a 41

tensions

on

CLOSES STEADY

London, July 9,

A combination of advarso

factors drove industrial stocks down hard most of tho

SCIENCANT ENGINEBRENGS

Litho method

printing on sheet plastics

of

London, July 9.

weck but bargain A new technique for the quality printing of shoot plastic in any number of colours, and at a lower cost than silk scroon printing, has been perfected by a United Kingdom firm.

сп

By using a combination of advertising novelty (for exam~ special printing inks and varn- ple-brewer's novelties). ishes, together with a now The results are claimed to be handling process, the firm have superior to that obtained by been able to exploit the speed normal printing processes. and versatility of offset-litho- Orders from parts of Britain,

In #raphy

the printing of and enquiries from Johannes- plastic process which waS burg, South Africa, and Frank- previously regarded as techni- furt, Germany, have been re- cally insultable for plastic aur. ceived. face: because of the slippery | non-absorbent

material.

The firm originally.developed this new technique for printing In six

colours-with a full range of half tones-on .025 inches white Styrene or Poly- flex sheet which is subsequent or pressed to produce a three-dimensional

nature

buying on Thursday holp- od to stabilise a sensitivo market and the rolly was just about hold on Friday. The Kuwait crisis, the pound's

foreiga weakness on exchanges. the new fall in the gold reserves in Junc and narrowing profit margins and calls for new capital In with many traders stretching Avco was the week's most industry all helped clip equities. the weekend into a long Inactive issue, up 2% points

But the main factor overhang- dependence Day holiday.

276,300 shares, reflecting a buling the market was impending This price pattern was re-ish interpretation of Its cliari government action to get the peated Wednesday and to a les pattern by general advisory set-

economy on en even keel. ker degree Thursday on stepped-vices and news that the Federal

Doubia exist about how far volumes. Friday's modest Aviation Authority plans to try

the government will move. decline did little to dampen A cut its now air

Some market,quarters believe 108 110widespread feeling among Wall system.

traffic control

Improvement any major

in Streefers that a summer rally

will prices

how depend Bethlehem

ranked **Steel was underway.

tough are, the coming measures, second with a loss of 2%, to both short and long-term, and International

up whether they siimulated buying of defence lowed by Olin Mathieson,

will be radical 14. Brunswick issues, but some

enough to improve the balances these high- Ford up 24. Ayers ran into a halt of profit-

of payments position. C & O and New Haven took a taking in the final sessions.

Buyers refused to be drown The and

ly vacuum-formed under a stream of small A possible strike in Rhodesia beating among the rails. aided many copper issues and former slumped 43% on an enca-selling prices retreated charply. Indecision over what the future

Inga drop and the lotter 1The Blue chips generally after a stop-gap loan was re-losing ground

week 8260 3.30 haids for

chaotle Kuwalt un-fused by the government and the with declines up to two shillings 10007720AWES 3000 723 nerved some of the big init carrier fled for reorganisation.

or more. The losers Included national oils.

Jones & Laughlin made a British - American Tobaccos, The Dow-Jones 2000 2.725

Industrial better showing than most.steels Courtaulds, British Motor Corp., B00+ 2.00 (average finished et 012.73 for a

with a goin 2 and Rey-Imperial Chemical, Rolls-Royce, week-to-week gain ol 8,77,

nolds Tobacco, considered to be Vickers and Woolworths. Unil gopeed a gain of 1.99, in split range, rose 6.

Lever were particularly dull and finishing at 141.80 and utilities

last 3/3 to just under 130/- 'on tackred

2.19

DEFENCE ISSUES at to clone

the week, 1113.03.

Volume

over the weck declined to 10,964,700 shares from 13,554,210 the wock before and compared with 11,803,430

200 ur 41

IK Land.

70 765

2000

400

In

HK Realty

2.70 2.725

years in which shortage of skit- They are now at 5% per cent ed workers for new types of for government-insured mort- production would hamper ex-gages and 0.1 per cent for con- pansion on one hand, while onventional type mortgages not there would be a backed by the Federal Housing the other growing caste of unemployables, Administration. eating into government revenue.

SPECIALISATION

New HK Tram KM Bux

2.05 2.60 4331

4. Bils

20002A

5000+.70

0681%Rails

GB1

re-

Yaumau

133 130

Ch. Light

Industrial production opened the month of July at rates sub- stantially above the usual July levels. But this was the moment- New technological advances (um of the post-recession will require more and more cavery specialisation in pre-job train- i was expected to fake over in a ing, in many cases already matter of days. schools, these experts say.

and the summer slack

Car production in July is ex- pected to fall sharply from the June lavel as most of the Indus- Iry's 47, asambly plants close down for an early changeover planning to 1962 models. New car sales

While retraining older work- ers is necessary, they say, what is really needed is n overall now concept of technical train- ing and jub selection

at school level so that when in the first six months of 1901

hundreds of thousands of col-meanwhile

showed the poorest

of 1958, which

lege and other school graduates performance in seven years with TX Elec are added to the labour force the exception every summer, these may IM put to useful eniployment right away,

While there was no doubt that the US. economy was making ☐ powerful recovery from the recussion, two other indicators also contributed to the debate on whether it was vigorous enough, For one, the cost of living Index has been pretty stable

over

few months. the past Vigorous economie expansion usually results in mild infla-

was even worso.

New cars sold in January through June totalled 2,862.000 units, down more than 10 per cent from the 1000 Best half period,

Steel output declined lost week for the th consociative weekly period and the July 4 Telephone.. holiday this week will account for another substantial drop. Last week's folal was 1:923,000 tons, down 2.7 per cent from the This means preceding week.

tionary pressures which brias June's output was about 550,000 prices and the lodex - up

tons less than May's 8,078,000 slightly. This hasn't occurred so far.

tons.

42 421

67 5714

HIC Co

22.70 22.00

1000

4000 100

300.00

Gliman

The other indicator was store But the industry predicted the Jardines sales in other words, consumer; July let-up would be erased by purchasing. Many merchants in a strong comeback in August, the non-food or durable goods This prediction category have been slashing orders for prices as sales lag behind ex- pectations. Experts consider this the greatest buyers' market of the year.

Dairy

was based on August, especially Cement from Detroit. The August up- to continue turn is expected into September, provided there is no strike in the auto industry Since government statistics by then. New contract talks in show personal Income gains, the Detroit so far have produced money is there all right. What no fireworks. The old contract

is happening, probably, is a de-expires on August 31.-UPI,

THE EVENING NEWS

of

MANILA

is now on sofa in

Hong Kong

Avaliable at:-

Kowloon Bookshop

Mirador Mansion, 64, Nathan Road, Kowloon,

Swindon Book Co.

25, Nathan Road,

Kowlcon.

South China Morning Post, Ltd.

1-3 Wyndham Street,

Hongkong.

Tol. 26611/5

and

Salisbury Road, Kowloon, Tel. 64145

Texille.... Nanyang

5.10 20 5000 # 5.20

13000 (95.20 20.00 29.10 1000 of 29.30 2020 2500 1450 22

500 20.10 2650 @ 20 0035 0745 1000 ( 57

1000 is 42

Bias 20047 1000 41%

1000 42%

1500

2000 $2

1

700 $24

7.00 5.70 13.26 12.30 3999 kr 12.20

BUO G 12.30

6.60 to00 8,35

A. Hubber

City Hotel. Int'l Inv.

it Trust 7.20 7.00

4

400 @ 374 13.00 10.30 3000 à 18°

1.05 4400 1.06

S'hat Dock Humphreys 25.00 20 Star Ferry 238 Macao Elec. 14.00

L., Craw...

63

Exchange rates

ол

Prospect for metal market

London, July 9.

The likely pattern of the common market during the remainder of this year sooms to depend largely

on the oxtont of the ris- ing U.S. domand, the

up 3%

and

7

over the

were

The Financial Times indus- Among the drugs, recommend-

trial index lost 8.5 points over ed Lehn & Fink and Plough

72 respec- the week and ended at 313.5 Jumped 4% and

while tively

American Home against the year's high of 385.7 Products gained seven.

and a low point of 305.£-UPI, Zenith were off 8 and Texas Instruments were down 0%. But) other defence

looked

stronger with Beckman up Raw cotton

Perkin Elmer 7, Litton 5%, Motorola 4% and Cutler Ham- mer, picked as chart of week by a leading technical ser- việt, up in

the

Kennecott, which concluded

exports

New York, July 9. Raw cotton exports by des-

a wage pact with the mine- | tination as reported in biles by mill union and raised tahing] the New York Cotton Exchange

of the

Detecting metal in textile production

London, July 9,

Mr Leslie Browning, Manag- Ing Director of the firm, says: "In the past silk-screen print- ing has generally been regarded as the most satisfactory way of obtaining, on plastica, a good Image which would also with- stand the heat and pressures of the vacuum forming process.

"By a relatively simple pro- cess which we have discovered, and by using special inka pred vernish, we ean lithograph sheet plastic up to .025 inches thick with a depth of colour and quality equal to, if not better than, that obtained by the other processen.

"In addition, there is a con- A now device for detecting siderable saving

costs, parti- needles or pins in carpet cularly on long-runs. This new and textiles during pro-method also means that we can duction has been Intro-

now apply to plastic all the advantages

conventional duced by a United King-paper printing process, includ dom firm.

ing half-tones and superimposed When metal embedded in the images."-LPS. carpet or cloth passes over an electronic coll a signal is given wiilch, after ampllication, causes a relay to operate, step- ping the shearing machine or drive motors.

The standard "search" coll widths range between two feet six Inches to 10 inches wide, but the firm can produce special sizes and additional auxiliary alarms if necessary.--LTS.

prices, rained 314 in the oop- for the 1900-01 season through Dual purpose machine

pers, Alden's rose five in the stores, TanNCERÇO Corp. $%

in the chemicals, Disney 254 in the movies, International Nickel 8% in the molais. Gains of four or more also

politicol situation in Afri-¦ Included Piper Aircraft, Public

ca and the ability of Service of Coloradom American producers to restore the Stores and United Carbon,

A grand total of 1,408 issues cutbacks In production were traded. Of these 571 ad- without causing excessive vanced, 78 to now highs, and price fluctuations. This 356 declined, 35 hitting new is stated in the annual lows for the year.-UPI. report of the British Non- Ferrous Motals Fedora- tion.

It is encouraging, however, that the average level of prices during the past 12 months has remained relatively stable despite events such as the Chu- quicamata strike and the Congo dimcultics which in past, years would almost certainly have resulted in much greater price movements.

Ultimately price

July 4 as follows:

Bellain Continent

Orient

Canada

384,517 2,430,092 2.100, 200

Total for Beko Same period last year

-UPI.

Ал

335,804 6,397,681 6,137,105

UNIT TRUSTS

First Hongkong Fund: $1.33 (buyer), $1.42 (seller).

Second Hongkong Fund: $1,01 (buyer), $1,07" (seller).

for road surfacing

London, July 9. automatic

spreading

of n

Heating systems in modern flats

London, July 9.

of

A comprehensivo study

heating systems in modern flats has been carried out by the Bulld ing Research Station of tho United Kingdom's Department of Scientiflo and Industrial Research. The main systems studied were contral heating, off-peak electric floor warming, and heating by built individual solid-fuel gas and to a tandem diesel electric appliances. The survey road roller to lay tarred covered temperatures and fuel capital main- chippings has boende tenance and replacement costa, veloped by United and included assessments by

tenants of the various systems. Kingdom firm.

The research station started the programme in 1950 extension of its study on domes- tie_heating in hotises,

The present survey carried out in three main parts: A survey temperature

unit which can be

on

a

The new unlt eliminates hap- hazard hand spreading and the mechanical discharge results in ΠΟΡΟ

skid-resistant Furfaces.

Agreed merchants rates uniform,

Sterling

Adea)

MAXIMUM SELLING

stability atering must depend on the ability of (East & South producers to match output with demand, and to time the effect of cutbacks or increases in out- put to cause the least distur- bance.

- COMPETITION Discussing the International Wrought Non-Ferrous Metals

Council, the report says a recent study by he Council's Substitu- tion and Development Commit-

(East & South

Africa

&

Africe & Adet) (West Africa. West Indies South America & FifAY Rupees (India)

Rupees (Caylon)

leo showed that there had been | Rupaos (Persian Gulf Ports) no material increase in substitu- tion for copper during the year, anlthough several individual In-

stances were reported.

Business was done in the local ununlicias Exchвur market this morning at the fallowing rates: U.S. dollar per 1 Sterling notes (par R$1...... 14.04 Australian notes iper 1 12.18 Indonesian rupiah (per 100) Siam Ucala (per 100) Singapore (Biralte)

AMERICAN S

220.17 1.01

STOCKS & COMMODITIES

HƠN

WHEN BUY

TECHNICAL

ANALYSIS

On Stock Trends

Merekruha Days, PERENNIAL TRADING CORP. 810-018_Adinburgh House

The Committee is undertaking

a special study of competiton between copper and aluminium for cables. It is also investiga-

Rupees (Pakistan)

ting the demand for copper in Kyate (Burma: Nangoon) the electronics industry and In

nuclear engineering.

Demand tor

copper - and

copper-alloy semi-menufa turca Malayan Dollars during the 1900's is expected to grow by about three per cent per annum, according to the Substitution and

MINIMUM DUYING

1/2 3/4 1/3 31/32 TT

With Confa. L/Cr. Without L/CI.

3/32

B/2

733

5/16

(Indirect

2 on

1/3 1/32 0.D.”

1/2 1/0 30 days 1/3 1/32 GO days 1/3 9/33 90 days 1/3 3/B 100 days. Sterling on Demand Europe 1/32nd higher

than London jlate),

1/2 7/0 1/3 3/32

6/32

1/2 7/9 1/3 3/24

1/3 31/32

12. 9/10 93

08 99999 2883 22188 2303 ***8035 = = = ** 55 555

5/16

1/2

OD. if under 1/Credit

0.0. without L/Credit 332 up every 30 day

O.D. If under L/Cred!! OD, without L/Credit 3/23 up every 20 days TT) Bille en Aden -- O.D. | under L/C: 1/4 higher days without L/C: 3/6

} higher.

7 & 30

7/10

days

13/10

10**

days)

1/10 higher that the rate for Bla

7 & 30 days

on Aden

20 1/4 63

1/4

T.T.

7/18

O.D,

15/10

3/5

FD daye

7/5

00 days

2 1/2 13

7/10

3/8

0.D

1/

23 days

0/0

5 0/10

60 days

O.D.

730 daya 60 days

00 days

0.0.

50 days

-days

7/10

13/10

43 1/8 82

B/0

2/10

1/2

17 77 17

15/32

17/32

19/- 20 days

4ch

11/10 60 days

23/12

90 days

177/0 10 1/8

1/0 1/2 1/8

7/0

TWT.

OD,

VA. Dollark Development (First calendar month free at penalty tiernafter 1/10 down for

Committee, China Special.

Mall

Bank of England

statement

calendar monki

Canadian Dollar

Australian Pounds

m

1/37/391/1

76 1/20

13.30

Detectie-

40 2/

New Zealand Pounde

South African Rand Bws Expos Bella Francs West DermTREN Lamon, July 9. The Bank of England state- ment for the week ended July 5. reeds as follows: Nates in dirculation.. Publio deposite dir Private »deposits] Dovernment securillos Other securition Receipta

Naito

BAT 126,341 13231992 $10,199.1 200,00

TA

N.B.:-The, Bjarting Syiling tale shown above applies only to delivery up to two months forward. A cut of 1/32 must be exacted fur arch partod of three months beyond dist. Buying rates for Biering Telegraphito Transtera-and Dilla rimy not be quoted bet. lar than for 4šivory tedy up to two months forwardzona. thesandise, at 1/4 of » penny higher for a furtner üres months forward,

The Muying rates for alerting d lite on 13. and Burope, quoted above are sirensal rates, & are in it applicable where Instructions are the payment or socspíanów zmy swalf arival of carrying, alakurier.

The spreading

consumptiong,

09 an

was

unit consists of a two-ton capacity hopper, and fuel consumption in eight un hydraulle motor-driven estates for various methods of eight-blade rotor to control dis- heating, two or three estates charge, an agitator to prevent being examined each heating solidification, and a pump to season;

motor.

operate the hydraulle

2. A study of the capital costs The rate of discharge is ad-involved with different systems: justable between 80 and 150 and 3. A study of the operation square yards a ton by means

a variable flow valve-LPS:

of lof heating systems in flats from the tenants' point of view,LPS,

Dressed a special sali designed to keep out radio- sollys particles, and called a Nowš sutt, a „demandra L helped into special machine which removes the po Caminated suit afler it hat hood used af: Harwell's United Kingdom. Alemis Enorar Aujhority, research gelabllabment.