1961-07-17 — Page 2

Pago 2

THE CHINA MAIL, MONDAY, JULY 17, 1961.

Weekly survey of American economy

SCIENCE, AND

ECONOMY GETS

GETS A BOOST ENGINEERING

The

TEXTILE WEEKLY

REVIEW

Now York, July 16.

cotton groy goods

market hero showed spotty

improvement in

domand

Travellers stay

home; defence

spending goes up

New York, July 16. -

last work, but now busi- A seasonal slackening in industrial produc-

Was

comTM

ness in the aggregate waS limitad ** mills and finishing plants word either closed or word slow to get back into produc-: tion following summer- time vacation shutdowns,

interest New market additionally retarded by plexities in the developing Ber- in situation, and other overseen crratic tension spots, plus the stock market action and In- decisiveness of the cotton market in the closing days of the 1000-61 Crop season, which ends on July 31.

New crop

cost cotton will weavers approximately $4 bale more than they are paying for the current crop. The cur- rent average price for middling inch cotton t the 14 Southern markets is around 32.55 cents pound. The government's toinimum support price for the new crap is 33.34 cents a pound. Market technicians Agured this cost is very likely to increase later in the season in order in

Malayan

pioneer

firm in

difficulty

tion was expected this past wook to re- from Gregory Wong sult in a lower steel output which will be eventually reflected in the industrial production index to be published soon. This slackening, economic experts say, may pro- vide fresh ammunition for those who still have doubts about the validity of the current post-recession economic upturn in the United States,

But, these experta point oul. ¡dustry and eronamy as a whole. As for vacation travel, such a slackening would be no

guve three

more than "par for the course" | analysts

reasons

at this Ume of year. While why the American tourist pre- exact statieties for June are ferred to stay home this sum- not yet available, they point mer: lack of special events out the climb for that month, broad, such as the Olympics white slower than in April and

Kuala Lumpur, July 16. Malayan Batteries Limited, a joint American-Malayan yonturo in Johore, is pass ing through а critical poriod barely six months since it started operations. The firm, holder of Malayan plever Hecnee No. 4 has inid ff 60 workers from to peak roll of 210 and has put half of the allic on short time of five days a month,

In the face of severe com-

|

FEARS OF ECONOMIC RAF rainmakers' MOVES PULL DOWN

LONDON MARKET

London, July 16. Nervousness on coming governmont moves to sot the economy right drove stock prices well down last week despite a bid by brave hearted buyers on Tuesday to stage a rally.

After Friday's fimul bell the index stood just a shinde above tho year's low and stock values ended about 18 per cent down on May levels.

Foara on the expected stringency of the Treasury's coming action before the axe has fallen has brought the market inla depression.

The Financial Times indus- trial index last three points on the week to 300.3 against the year's low of 305.9 and the May high of 305.7.

HONGKONG

STOCK EXCHANGE

by

Our Own-Correspondent.

Business done on the Hond

morning's

Bales

40 @ 410

Steel stocks fell back on the industry's lower output figures, engineering equities, joined tho Petrcal and stores here bli en the grounds the threatened 10

kong Stock Exchange per cent surcharge on consumer morning amounted to approxi- gooda would trim their tuum-mately $3,620,000, Noon quota- över. Motors gave ground, The general manager, Mr Gitt-edged

the stayed in Erle Roloff, said: "Thứre 19 a

doldrums but stendied Friday deliberate dumping of radio on sterling's better showing and batterier in the market, During | the

promise

of government | JK Bank .. the last month alone, three ection,

law coming but the months supplies have been im- enabling trust

to holders ported into the country.

switch from bonds into equitles Lon. Reg.

War Loan

H.IC. & upset this market. 32 per cent lost 1/8th over the week to £52-13/16ths.

Dollar stocks followed Wall decline, U.S. Steel Sireet's losing 34 points, Standard Oil NJ. 3%, and General Motors 24 points-UPI.

or the Brussels World Fair:petition from Japaneso and Mey. would bring industrial the copricious behavlour of British manufacturers of radio production to abnost the pre- the stock market at home; and batteries, the firm's sales have reces high early

1900.

the increasing East-Wort ten- dropped so low that it is now They say some Fort of ion. Some oven mentioned the producing only 23 per cent of

its capacity of 50,000 a month. correction at this time would be political violence in Paris, such en plan the outputs Moslem assassinations and necerrary

"go through the Rightist plastic bombs, curve would root".

White consumer spending for high 43 reflect the expense of carrying Hoods may not be as

hoped for, consumer spending the cotton in storage, and be.

for services has been consistent- increasing cause of gradually

ly on the uptrend, capecially redemption costs.

Expects This coltan situation, joined how at vacation time.

nole that not as many Amert- with other inflationary factors, will compel mis to hold for cans are travelling abroad this higher prices.on fourth quarter year as in the past, most of the vacationers 1001 and first period 1902 pro- potential overseas duction.

deciding instead to see the U.S. Hard bres again featured arst. This is seen as a valuable the sharp recovery

burlap. shot in the arm of the reviving Prices moved up another to economy.

cent a yard to strow

Another potential gain to the cumulative recovery of around economy stems directly from the 11⁄2 cents a yard from the latest Derlin crisis as defence spend- decline. Chleutia mills may proposals Jor the current suspend operations for another fiscal year are likely to be in- week during August because of creased by as much as $1,000

Whatever the rekaons, li was 2 fact thas отогведя fights could be booked at much shorter notice this year than lasi; that foreign escorted tour booked by travel agents here were down almost 50 per

"Not only are they flooding cent

and the market with radio basturies, foreign independent tours but they are also selling them were also down.

at cost. Even with transport American motel owners and charges, the Imported batteries

station attendants

across by their very volume alune continent rubbed their are exerting

unbalanced hands in expectation that what pressure on the market” Was loss to foreign tourist centres A

would eventually be

PROTECTION. their gain.

the raw jute supply stringency, |millan tổ $2.000 milifon, Inquiries from Japan, Kussin,

gas

China, Burma and Argentina MOSCOW'S AIR SHOW drop of 7.0 per cent in the were reported in the Calcutta market.-UPI.

To

HODITIES

WHEN TO

SELL

FROTECT PROFTT

CONSERVE PRINCIPAL,

Research Dept.

PERENNIAL TRADING CORP. 010-016 Edinburgh Housa Hong Kong Tel: RING, SAIGE

STEEL OUTPUT DROPS Meanwhile, in the production Influences com- feld, seasonal bined with the Independence Day holiday to bring about a

weekly steel output-down to 'The forceast of increased 1,770,000 tons, Production for defence spending proposals was the year to date totalled 48,-

last made

following 850,000 tons, weekc

down almost 24 President Kennedy's order

for per

cent from the 61,580,000 A re-examination of America's tons produced defence posture. Much of the able first half period Increase In dufenes utlay was year, expected to go to the con- This decling was paralleled ventional

aircraft category. by a 28 per cent drop in car neglected in the current spend- output in the first half of this Ing estimates, Spotlight Was year as against the first half put on this part of the defence of 1001 whlic sales of pictured by last Sunday's nirautamabiles logged only shopt show in Moscow showing an 10 per cent behind the com- apparent resurgence of Russia's parable period of last year. conventional air power.

However, there voices fu which sold the Russian show was probably just a fcint on the part of the Kremlin to distract attent tion from the missile race where

were some

the mirtority-

rc-

הם

He

the asked

Federation Government for protection and called for increased duly on imparted goods and the waiving of duty on the factory's im- ported raw materials,

Mr Rola sald this arm began

fecting the effects of the dump- Ing at the end of April. ·Il be- camo severe last month and looked more so this month,

In the compar- Meanwhile, the Federation

of last Government has

issued so inr 60 certificales under the Pioneer Industries (Exemption. from Tax) Ordinance,

Nominal capital involved in the industries being operated through these certificates is about $170 milion, of which 332 million represent paid up capital,

These factories or the ones soon to go into operation manu- facturo 200 articles. They in- agricultural products,

Texas crude

oil output

tions

und transactions:-

Shares

the

Mayer Bellors

400

400

400 400

2TB of 400

100

300 F50

310

20 6 303

..... 25.40

510 & 25.70 1500 25.00 1000 / 25.40

1335 13.90 1500 g 13.00

2.40

3.45

115

4732

Inv.

Wharf Wheelock

HK Dock..

Taikoo

Provident

* Hotel

HK Land.

Realty

Tram

Austin, Texas, July 16. Buyers of Texas crude oil

have asked the Texas Realty Railroad Commission to continuo an 8-day produc- ing schedule for prorated KMB oil wells in Texas. Purchasers told the Regula- Yaumati 2,435,-. Light tory Agency they want 671 barrel daily production in Texas next month-an increase of 18,247 barrels a day from July requests,

Quotes for August will be Electrie determined by the commission after a public hearing here on July 20.

The United States Bureau of Mines bas estimated that the market demand for Texas crude

73

500 G 28.70

403 100 # 404

117 1400 ve 117

200 76 200 5434 600474 300 4334 100 4734

200 614714 300 47

1000 6 47

70 100 TB!!

20070

200 181

200 #17535 ..... 2.070 2.70 3000 9 2.723

45000 2.10

5000 2.675 2.00 C000255 424 42% 1700 43

(N) 2.525

គ

1000 43

900434

1000 or 435

230 6 0114

100 B

141001

3015

81

134 135 300 6133 200133 30 3316

250 (D 1000 to 30% 2000 # 39%

*** 40% 40% 3500 CA 407%

Telephone

501 573

Jardines

These trends. unless radically reversed by an out- put apurt in steel and cars in the second half, were Ilke- ly to produce a sellers market In these fields later this year, clude Stevimen were

again talking food and beverage preparationg, oll next month will be 2,575,000 Gas

rext metal and electrical products, parrels a day--an Increase of Gilman the real contest will be fought, about raising steel prices

20,000 barrels daily over the stationery, autumn, Even if these voices gain some

not across the board paint

plastic

forecast for July- Influence on

but on

agency's the current

certain selective

motion pictures, cate- materiala,

China Mall Special. motor assessment of the defence pictories; and

industry textiles and timber, toilet and ture, observers were convinced "pokesmen

carly vehicular products. some expansion of the strategle chungcover

1982 models 1 clean-up cl bomber Beet of the conventional would bring type in the U.S. was certain to existing stocks and might even

produce shortage of cars; especially it there is strike following possible ztalemate in the current contruct Lalks in Detroit.-UPI,

The effected soon with the re- sulting contribution to the in-

THE EVENING NEWS

of

MANILA

is now on sale in

Hong Kong

Available at:— '

• Kowloon Baokshop

Mirador Mansion,

64, Nathan Road,

Kowloon.

• Swindon Book Co.

25, Nathan Road,

Kowloon.

South China Morning Post, Ltd.

1-3 Wyndham Street,

Hongkong.

/ Tol. 26611/5

and

Salisbury. Road, Kowloon. Tol. 69145

said

to

on

new

The countries taking advant- age of the "tax holiday," which Is from two to Ave years, are Britain, Hongkong, the United States and Japan whose frma operato on a joint venture basia new with Malayan Investors and

manufacturers,

UNIT TRUSTS

First Hongkong Fund; $1.33 (buyer) $1.42 (seller)

Second Hongkong Fund; $1.01 (buyer) $1.07 (seller)

arranged by

Overseas agriculturalists, attending a jeed training course

Britain's Ministry of Agriculture, Istening to Dr. F. 8. Wellington during a visti to the National Laslitute of Agricultural Botany at Cambridge, England. Left to right arel Dr Wellington, Chief Offloor of the Omelal Beed Testing Slation: Me L. F. Filsworth, of the Official Bead Testing Stations Mr.8. Moulin, an Agriculturai Oficer fron Mauritius; U Ars Myini, a Bla triot Agricultural Advisory Ofoer from Burma; Mr Tao Donger Flee production specialist from Korea who ta Bogzatary of Hin Korean Branch of the Food and Agriculturat Organisation of the United Nations; Me Tang Tong Lal, à bolanist from Malaya; Mr H. Vaidhyakarn, a xloo weed technician from Thailand; and Mr G. Khandakor, Assistant Dire for of Agriculturo, Pakistan. The course in being held as part of the PFAQ Internatlana) food Year.

:י

:::

23.70 23.00

6.10

2

Cement

Dairy Textile

120

Nanyang Amal Rub. 6.31

20041 0004015 3000 4032

1500 # 571 200 571

100 50

4.15 10000

7200 DI 1000

22.80

300 27*

5.10

2000 @ 3.15

2000 0.10

1500 2015

400

20.00

200 2016

24.60 1100 23.09

07

400 64 6735

2300 01

2000 7.45 1000 1.30 1000 1.00

4000 67%

&

400 2000 0.5

3000 0.00 1000 0.83

1000 + 0.05

1413 0.03

Rub. Trust

7.00

Humphreya

3.05 1000 1.30 3000 G 1.05

27.00 1300 a 27.70

Lane, Craw

Macao Elez. 18.20

Allied Inv.

Inti Invest.

11.70 10

City late

1.05

10

Unlop

Nopa

Metal Indust

Amoy

Bincere

1900 v6 27.09

4000 128

end drought

in Kenya

London, July 16. The Royal Air Force in East Africa has come

to the rescue of rain-starvod farmers. The Machakos District in the Royal Army Service Corps, Central Kenya, farmed mainly who acted as air despatchers. by, the Kambs tribe, hon had poor rains for the past six years. During the recent raina from April 10 June-only just over three inches fell, which is well below normal.

Although cloud formation in the area was not ideal, several clouds were "sceded" by drop- plng about a pound of fine common salt in them. Heavy rain amounting to half an inch

The e grazing this rain-resulted. fall had so far produced was then ravaged by game which Since then, Hittle rain has wandered out of the adjacent fallen naturally over the area national game park in search which, with the induced rain- of food. More recently, Kenya fall, has relieved the tribes- farmers suffered a further set men's distress-LPS. back by the invasion of mil- lions of worms the worst out- break for many years.

The Board of Agriculture in East Africa then approached the RA.F. for assistance, and it was agreed to try a rain- making experiment. A Pem- broke aircraft, piloted by Fit. Lt. J. H. Besont, took off, with a representative of the East Africa Department of Meteoro- logy and

three members of

Extraction fan with architectural design

A fume extractor fan which is claimed to have a life seroral timez that of conventional metal fans, has been developed by a UK firm.

It has also been specially, do signed to blend with dentamé porary architecture of new hot- pitats, universities and indus

sl)- trial premises where low houette,

pre

ducting

Underwater TV tests

in Australia

London, July 16. Harbour officials and ship- ping representatives hava watched demonstrations of Marconi-Siebo, Gor- MBO underwater TV equipment in Australia and it is thought the camaras might have uses for the Australian cray- fishing Industry.

One camera, used from control boat may well serve a fleet of Ashing boats.

Says a Marconi official: "The camera would show good reefs and whether the fish WCTO plentiful, and a marker buoy

a VHF transmitting would direct catcher boats to alenat

a productive area,"

The recent fests, both bt Sydney and in Western Aus- tralia, modernistic Lines

were carried out by essential--an advantage over Amalgamated Wireless (Austras

discharge connections lasia) Ltd. wid weather cowls associated with industrial skylines. range covers six sizes-10 inch, 12 Inch, 10 inch, 17% inch, 20 inch and 25 inch Mameter.

The

2

The fans are made in PVC. (polyvinolchloride) with choke of pastel shades as well ay standard grey. The moter. centained in ncat sphere bove the blades, is completely isolated from the ducting fumes

3

DEMONSTRATION

At a demonstration at Blues Point, New South Wales, Police department skin divers located submarino telephone cables Syd- running between North ney and the elty, The `condl- tion of the cables could be seen on two menltor screens on shore,

or gases. The use of metal has

At a subsequent trial the been restricted to stainless steck equipment was taken outside holding down bolta. A feature Sydney Heads on a trawler and

of the design is a special yeati- the sea bed examined at a Jution device which ensures depth of 180 feet. that the motor does not over- heat during warm weather.

INSTALLATION

At one of the Sydney, de- monstrations onlookers Inside a cabin were able to see д wórm crawling on the reef (at a depth of 30 feet), and to read writing on a milk bottle tying on the rect.

Installation la simple sinco the connection at the base of the fan can be supplied to suit the customer's ducting. It also The Marconi-Siebe, Gorman has low power consumption and equipment is primarily a hand- is resistant to chemical fumes, held apparatus with overall corrosive gases and bad dimensions, including coring weather.

and lamps, at only 3 feet by

2 feet 3 inches.

The company's developments, which are attracting increasing The camera can be buoy- interest from overseas countries | ancy-adjusted før virtual

500 27.80 --recent orders have come from weightlessness under water. A 22500 $249 India, Canada, Vietnam, Portu- similar camera is now being tised by the North of Scotland Hydro-Electric Board for re- search into fish and hydraulic problems on Sedttish Tochs.- LPS.

દર્શા and France-include GOG 44 27.50 range of tanks for use with 1000 * 27.00 most commercial acids and al-

100 20 kelis. 1000+ 27,70

300 27

100 ₪ 2015

1000 15.30

BANK OF ENGLAND

STATEMENT

London, July 15,

The Bank of England state- ment for the week ended July 12, reads as follows:

Nojes in circulation.

Publio deposita

Private deposita

Cavernment Gegurit Other (securities Heipts

365,271,551

9,900.947 $37.611,700

101.033,709 20,053,030 5.0

UPI.

Exchange rates

They are constructed of mild steel lined with polypropyleno combining strength with scid resistance.-LPS.

3,000 overseas inquiries

Welding helmet in plastics

trina

A glass-libro helmet for wolder, which can bo used in all types of indus- including hoavy and nuclear engineering More than 3,000 OYOIEDOS

and in shipyard work, has requests for further In-

been developed by a firm formation about British

in North East England. electronic equipment have resulted from ho Although larger than' tho publication of the 1960 average holmet

пропасти Annual Review of Britishster. Claimed to the virtually Ridestructible, it rigen not twist, Electronic Engineering, ra- warp er melt under intens cently published by the heal. The glass is held by an Electronic Engineering prevent the glans itself · being attachment which also helps to Ariqciation..

broken.

:.

So far inquiries have been The new helhet was designed received from 88 countries, most by the dim after developing overseas interest centering on successful Mais fibre hund electronic equipment covering | guard for elders at a 1pgal communications, Industrial uses, khipyard.

Including data proceming and Instrumentation, and aviation.

Tha maríufægtsæera baym made special'sink units for xiy- Mont requote for information clear among establishments, serpe from the 11,8, with Canada and have a special • 20

*x glass obre Atilágs for hospitala

.

Buginese was done in the unofficial exchange market inaming at the pottaying 'rated!

cal

this

0.707

Sterling noise. (per £1)

16,07

Australian notes (per 4

Bism Benin (per 100)′′

29.90

and India also showing

Mingapore (itemile)

ceptional interest-LPH.

/sod ships-LED.