1961-09-04 — Page 2

Page

THE CHINÄ. MAIL, MONDAY, SEPTEMBER.. 1961.

Weekly survey of American economy

CIENC

SPOTLIGHT ON EXPORTSNGINEERIN

Shipment by U.S. HONGKONG WALL STREET London NEW FLOATING

flag ships

creates paradox

New York, Sept. 3.

STOCK EXCHANGE

by

Our Own Correspondent

Business, done on the Hong- Exchorige this kung. Stock

imately

tions and the morning's trans- actions:

Bhares.

Len.

REGISTERS stocks

SMALL GAIN

New York, Sept. 3.

last week while trading volume declined to a six-week low.

to railway passenger

U.S. ¿xports ćume into sharpened focus for fly $720,000 Noots- The stock market registered a small gain

several reasons last week. Official statistics for July showed American- ex- were below ports, although up from June, year-ago levels. Government efforts to have as much of American exports carried in U.S. vessels as possible were plagued by the fact that U.S. flag trasportation is more expensive than rates offered by foreign flags.

Bank care inv, welck 11 I "Dock Taiku....

Ex AB ..

Provident

New

HK tetel

Buyers Sellers Bales

370 2:03

2.370

22.40

11.00 65001:20

11.70

.111

ઝ ફક્

200 (00

2006 05

40005

31

07

100 601⁄2 320

1000 215

2379

100 a 30% 10039 2014 R

Fears that American gooda | forces stationed in Europe with | ik Land .. 0334 may be "prieing themselves U.S. coal. American coal, cum-

out of world markets were ing from highly automated Realty 101 2.40 251⁄2 received when President Ken- nedy urged stret makers to re- frain from the much talked- about price increase this autumn.

While exports of American goods remained at favourable levels, there was little room July for complacency. The Agure-not Including military shipments-was $1,707,200,000 up, seven per cent from June and the highest in five months, but at nearly twe per cent below July 1000.

In its all-out compaign, Washington administration decided

time ago eaver the needs of U.S. armed

somo

TEXTILES

WEEKLY

REVIEW

peun. ever,

This advantage, how-

mines, ts cheaper than Euro-Lech P&P 20.19 29.50

is lost it the coal Is ! carried to Europe in U.S. dag]

tips.

Since Americau ship owners Insist on carrying at least half these shipments, the resulting

the U.S. paradox within ports picture is obvious.

ex-

Kennedy's appeal

Kennedy's appeal to steel- makers--alsa addressed to the the ear industry-no! to Increase has inflationary pressures by boost-

ing their price structure, tained a specifle warning not to "make our products less com- petitive abroad,"

New York, Sept. 3.. Textilo markets were only moderately busy over the Prices ad- past week, vanced in somo reflecting higher cotton and wool costs, but

nervousness

some

areas

row

KMB

Yours!!

conc. t ---

117

dow

Fantier evidence that the subsidy ceunomy is moving ahund. Rus- services. ala's resumption of nuclear testing, and the trend of deve- lopments from wage negotiations in the car capital

shaping were the key factors

| investors attitudes.

contract

Prices slipped modestly in

The Dow Jones Industrial Average wound-up showing a week-to-wack, gain of 48 (at 721.19. Rails closed at 146.19, up 1.17 and allies Jumped 0.84 to 120.80. Volume over the period

#

the two opening sessions when amounted to 15,163,000 shares United Auto Worker,Big Three against a turnover of 17,221,714 talks were deadlocked. How shares week earlier and one-week postpone-14,952,240 in the same week of ever, ment of the strike deadline was 1980.

and announced

The two poorest performing at mid-week prices started a cautious climb motor stocks finished on to the 1300 300 on hours that the extra negu inost active list. Studebaker 200tiating tone would produce a was unchanged an 287,509

peaceful settlement.

shares and American Motor 202,200 shares on While the surprise Russinn lost 5/8 on 23.30 announcement

news that Rambler production nuclear 1260 bomb testing added lo normal In the first eight months of the pre-Labour Day trading re- year as off 32 per cent from Licence in the final two sessions, 1900.

American it. produced a further demand

Alriines ranked for issues involved in national third in volume and closed off

10

1074

-10 44 98

201 1007315

100 1:5 103 10 3563715 1900 361

זל + סלון

200 BALA

20344 384 53037 500 V 37

100 42 400 41%

100 18.00

detence,

ព

in general, ears ad defence issues were the bright features mis- of the week along with cellaneous specialites which respond in good. Lashion, to In- develop-

dividual

ments.

corporate

Mining stacks

3034 3712

415

150 411

Heavy

Rs. 10.20 0.00

4.45

1000 440

24

3021

60

11.00

3600

41

50

30

603 6 49

70 9129

2.40

The steel Industry has been Electric talking about a price increase around Octoler, I when it is! *Telephone

(Vid) due to pay Higher wages to its workers under the current con- Iract. The cor Industry, in the fallin mitcle of crucial labour con-

Gliman tract talks, is certale te con- Jardines sider price. Increases on ents

G.I. Cement since the new labour contract is

Nanyang cerinin 10 include substantial Shy Hotel. wage boosts. It was not clear Lane Craw.

HK Mine what, if anything, the govern- Kelantos ment could do it The President's words go unheeded.

At the back of all these

trading

was

also

20 10.70 centred on mining stocks, where silver price Inrease 1 locked for, and on finance, savings and lean shares, reflecting hopes for

interest rates

and

205 21

14.30 higher

considerations was the position BANK OF ENGLAND

of the U.S. gold reserve, Com- pared with the dramatic out- Now of last year, this could be described as favourable and whatever Washington had 10 say on this subject would be more in the nature of preven- tive medicine rather than of an acute crisis, The United States so far this year has last only $165 million of its gold $17,000 million.

STATEMENT

Neler In circulation Public deposits

about the international stock which last week stood at Private depus

situation was also in- fluencing sentiment.

In cotton grey goods, limited trading

was reported in print cloths, sheetings, drills, and athur. staples, al steady pelces.

Unemployment

But domestic considerations were involved 100. More ex- ports naturally menn more Juba. Unemployment in. July

There was some bidding under agalo refused to budge from the market for forward dell its 6.0 percentage of the

veries

total

which mills turned inbour force in spile of res down. A fair pusings was re-cord productivity and record ported in fine and fancy goods. personal inecme.,

In July, also, new orders re

Awa

In coloured goods, there were celved by manufacturers rose halted denims at unchanged

to the highest point in prices, and twills, and satins

years $31,200 - . Mlllan—mostly were Brm reflecting increased thanks to expanded defence government purchastrig,

contraets. What plensed gov- ernment statisticians most, however, was the only gain of $200 million worth of goods in manufacturers' Inventarles

ADVANCED

Whipcorda and chambray were advanced by some sellers with sales to the year and. Flannel also advanced.

Man made fibre fabrics re- ported moderate sales of staple Tayon and aestate fabris and į a good interest. also in the newer dacron-cotion combinations.

Wool goods ordering im- proved with prices higher wool prices.

synthetics, Including

011

Forward shipment burlap Wis Armer with Calcutta quoting higher prices on in- creased US buying. Spot and afloat were steady.

П

In also, Brazilian dropped quarier cent following a light

decline on East African and a half cent loss for Haltion. Hemp also was reported ensler fa a duli market.~~~UFI.

for

a total of $63,000 million.

This was the first real gala since

manufacturers halted their nine months of liquida- tion of locks in early spring. The development also bore out earlier predictions by the gov ernment thai U.S. manufaalur- ers intend to add about $1,000 million worth of goods to their Inventorica during the third quarter of 1961,

There were two other aspects

of the exports picture this week which resulled from political canolderations.

crisis and the reautling cold war freeze, the U.S. again began to take a hard second look on export leences for goods to be shipped to Iron Curtain coun- iries. This came in the wake of publication · of U.S. exports figures to the Communist bloc

As a result of the Berlin

Exchange rates recently which showed an

uri-

climb of between 400 and 800 per cent, even though the actual voluirie

In the local market

remained Insignificant.

s

States

Daktris was done Unofficia exchange morning at the following roårs:-

1)

still

was

2. The United considering a tutal ban on ex- 0.710 ports (and importa) 10 Cuba JBJJIT

Ithat would deprive that country 12,07

150 | even of the moderate dollar

US dollar foer $11

rling notes (per

Australian notes iper £1) ..

Japanew you (per, 100)

****

Cambodia Tiel (DAY 105)

8.00

French new frane iper 1) ..

1.14

Bridonesia rupjuši (per 100)

3.00

Duzzīban cruizeart (per 1001 Argentina pena (per 1003 ... Korman, Biwan (par, 1.000) (...

1.00

3200

Xiams Kew_(per 1,000) Chirwa 2MP (pre 1)

830 JASS 0.15 ot Talvis: yuen (per lus

124 Thai baht (per 100)...... 21.09 isure kawe (per 10)....... 0.73 Pukituh rupes (per 10) ... 7.10 Staemo patrọn (par 11 .................... Hermann krone (pee 100) Tulippine pere (per 1),

Wordita" per 11 ........

"Cheernes D-Mark (per 17

· earnings it has been goiting in the past few months.

Bleel output, the week before topped the two, mililon ions Ogure for the first time in three months and mounted to be tween: 70: 71 per cont of the nation's capacity. Some ob- servers tonaldered this * para- 0924 doxical in view of the cutback in now orders from the buia Industry which atiti này have a sirik, vilkhands.next week,

Bice) scrap prices were still rising in the midwestg-UPI.

0.80

10,779,062

lighter money,

There was le room for an over the economic argument pleture as signs multipled of an early and sharp autumn pick

up.

your's

Government estimates of the gross national product revised upwards, con-

were

sumer spending was, seen

In-

con-

1/0-UPI.

Tokyo stock market remains dull

-

Tokyo, Sept. 3. The Tokyo stock markot remained dull throughout the past week on account of the government's in- decisión on the much- talked-about raise in the official bank rata.

in

Although the market made a

creasing, steel production, ap-slight rally toward the weekend, of the 225 pliance sales and car output all the average price London, Sept. 3.

Blocks al the Tokyo The Bank of England

increased, most private indus- listed

Securities Exchange showed slate- ment for the week

ended trial production indices

the construction decline of yen 58.28 from Linued buoyant, August 30, reads as follows:

Agures moved higher and retail previous weekend.

The market opened the week 2,327,063.817 trade showed a gain over Inst

a wait-and-sce almosphere 305.438,021 year.

of incentives bit, because of lack Carloading were down a 424,307.854

report that the 102.447947 but the castern rafl stocks were and spurred by 25,105,134 oblivious to the trade in vie of Finance Ministry and the Bank -UPI an JCC call for a $52 million of Japan and suffered in August a deflclt of $88 million in its overall balance of international payments, prices slumped, all along to an average of yen 1,100.02, a dip,of, yen 15.52 from. the previous weekend.

Government securities Ollier serurities Recripla

tailo

4.3

Frank Jaxeli,, Communist ex-Sccretary of the Eftciri- cat Trades Uplan..arrived_by_car recently at the Ministry of Lakour in Holmbeach-road, Gilferd, London, N.E, la collect unemployment benent.

Out of work for a month..alnice the lah Court action which led to the loss of hig, 41350-a-year,Jab, Big Maxell has been offered a 5-weck 3ds as accomi elčelriojad in the Mermaid Theatre, Honda, By- Retori, Thanager, Bernard Miles. Pay would be £13 = week-about £15 with over- Ume. But Me Haxoli may katuen. At 1:He said, "It wqala mean I would have to transfer from the Electrical Trades Ulen to the Nallynai, Amoetasion, of Thenirical, 400,„„Klos Employees. It is unlikely that 'I would acceft employment that would involve me in alving up membership of the E.T.U. Meanwhile the General Council of the Trades Union Congress is preparing Eɔ expet the E.TU. from mem- Larship, the T.U.C. Conference at Portsmouth, beginning Today, Exit the «Gimseral Counill, ani thủ, other handal la zin bank power to make it poimble for the E.TU, to be re- mulated to the Trades Velon. Funnies... Pietary, alegem Frank laxell leaving Lan Blinuity of Labour at Hojmbració. 4. rosa, Üstferd, London, Experie photaži

The Dow Jones, average dip ped further. to yen 1,042.00 on Tuesday and to yen 1,815.37 on Wednesday..re

1

Lower

London, Sept., 3.

The Stock Market pont the week in the doldrums and

business ebbod ... to the

|

your's lowest level,

But

sell and a thin trickle of

there was no pressure to

HOMES BUILT IN BRITAIN

London, Sept. 3.

A new type of houseboat or floating home as the manufacturers prefer to call it, because it is built and equipped to be a permanent home- has been announced in London.

The fonting bume has an all'

buying was enough to wood hull 82 feet by 10 feet. Its Computers aid design

of missile cases

Inch many prices a shade accommodation Includes î higher over the five sox-spacious saloon, au double bed- room, a bathroom, a kitchen, sions.

and a roomy sun-deck on the

London, Sept. 3... The fitments and furnishings Electronic computers have Include!

been used to help design Saloon: Convertible settec/ special packing coses in double bed, fold-nway table, Which Short Seacat ship four dining chairs,

to-air guided missiles aro lockers, and an oil stove to pro-

transported. hent unci constant hot

Stringent conditions regard- water, floor covering and latexing its protection during trans-

Market sources, said that.con-roof. sidering the menacing Inter- national situation and lack of

home encouraging.

business news, prices. put up armi resistance to unfavourable in- fluences. Even news of Russin's nuclear test plans made no real impact. and failed to shake the steady tone.

"

vide

faun mattressos,

Arch

the whole

an with

abrasion

two

and

had

The Fancial Times In-

port are id down by the Bedroom: dustrial-index. notched .23

Double bed, two Villcd Kingdom Ministry of points over the week And wardrobes, and dressing table. | Aylation. The Stoent parking

308.8 against the closed at

Kitchen; Reirigerator, çooking case had to be capable of with- year's low of 301.4 and a high stove, sink and cupboards. standing severe bumps, due to of 305.7.

Bathroom: Bath, handbasin drops fruni a specided height, and, de-luxe chemical pip without damage to the inssite Over the week Imperial Ta-closet,

or its instruments, bacco gained 1/72 Associated Electrical Industries, wardrobe

.to, 09/0,

Entrance hall: Lockers and By using Short analogue com-

putora, Short Brothers added 2/3 to 37/3, Dunlop The hull is treated with four Harland Limited, manufacturers moved 74d, higher to nearly 26/- and Rolls Royce moved Odon and two

couts of epoxide resin composi- of Seppat, were able to test, tho coats of bitumen efficiency of many packing case higher 10 43/9. Gift-edged

50, which the makers say pro. designs before, the cases ran into buying vides demand; some was said to coin

underwater actually been kunt from Europe and the United waterproof and

exceptionally This technique of simulation which is the analogue.com- States on good yield considera-sistant coating.

puter's special, feld, eliminated tions, The. Government.bonds

These craft provide altractive the lengthy development periost made. the best section of the and comparatively, cheap per- which could otherwise have market with War Loan 3% permanent or week-end homes for beat possible packing, case de

been necessary to achieve. cent gaining one point on the newly married couples or, retir- week to close at £5336.

ing couples or small families sign... Seacat,,was thus, enabled who would enjoy living on qules trum the start of its service to travel in perfect safety.cithi rivers or canals....

They are to be made available!

Shock-absorbent mounts were for export to most parts of the designed to support the, italic world and can be supplied un. Inside the case and a programme furnished in an easily-handled to, lest their efficiency was be-

bulk- and compact form, the heads, and, decks, being laid flut in the hull for subsequent erection overseas. The furnish ings could also be made avail- able for exports-LPS.

. In foreign bonds Japanese were wanted und some issues gained up to one poial over the week.-UPI.

A

New York weekly cotton

New York, Sept. 3.

Cotton, remained steady, and

qulet most of the wook with prospects. for the future

strong on the affirmative afde.

There is little.. shortage...of cotton at present and spot prices may hold relatively steady over the near, term, averaging, around the minimum.support. level of

33.24 cents for the banks grade

middling one.....inch........

A

Expanding spring

toast race

career. Pat

gun

-

tho

tc!

Electronic circuits were est up to represent the physical properties, such as gliness, And damping ability of the mount- ing system's components. Whea an electric current, representing the vetoelty the case would have on hitting, the ground, was fed into the circult output- curronte were produced which represent- cd the movements of theo misalle under the force of the shock.

In this why füli information was obtained showing how far London, Sept. 3.

zolreted points ou the missila clip-in expanding spring travelled, the speed at sila toast rack, which does not they moved and the acceleration apili crumbs over the undergone. breakfast... table, and

The simulatios technique, which when not in use, mjaslic in this case, can be although used for a guided takes up very small applied to the problems of safely space is being sold in the packaging, almost any valuable United Kingdom, and is object-LPS. now available for export.

Modcally priced this inven-

tion

has the advantage of sharply higher. If, as some trade stainless steel. When in use the prices could move simplicity. It is made of coiled

Spot

sources

Loading UK's first

-power stations

London, Sept. 3.

the very fint timg. uranium... füol. is being loaded into the reactors öf Bejtoin's first two com

nuclear power mercial

BRIEF RALLY Thursday, there was a brief rally. during the muraing

expect, Ave to six outer spring clips feed-to the session but the buy-al-declinemillon bales are pledged to the opposite cdres of any ruffable) mood vanished in the afternoon

CCC loan programme and the plate hold the coll, in an open For cession when it was reported that the Bank of Japan policy

domestle and foreign demands fan-thaped position, thereby. only approximate last season's : ¡providing board was going to

zeven, opintrigs for decide

requirementar de dan insertion uf toast,

the hike in the discount rate. The Dow Jones average; showed a further.decline of 13 yen from Wednesday. On Friday ing, the average..price, dipped below, the yen 1,600-line for the Arst time since the low, on June 7. But it rallied to yen LOIS.AD

mari-

stations......

Home traders believe the next USDA crop estimate, scheduled When unclipped the rack. tor.September 8, will show unclesea fat for fackdig.! It will

taka. tcast increase of a few hundred

of my thickness thousand bales to around 14.1 becaus .or the fan-shaped which is million.

spring holders,

vilket gart 1

FAVOURABLE

t

The stations aro

Berkeley

sited on the castern bank of the Sovern estuary,

It can be semoved from a midway between Gloucester thanks to selective buyings of

plate in a second, casily and on Bristol, and Bradwell foodstuffs, machineries and i The weekly weather reports quickly washed and stored-an which is located on the south- Jight electric, machineries A have beenfavourable as a ideal gadget for the hotel

om bank of the Blackwater estuary, in Essex, cómo 50 mies Hundreds of thousands, have from London.

well as to the buyings of in whole during this month. centives, and glamours, by semi- although relerated the. un- cloncil end type investment

usual fateness of the crop inboen, sold in departmental stores Berkeley and Bradwell havn trust.

much of the eastern and cen- in the United Kingder, and, we been designed, and constructed On Saturday, the market

tral-parts- of--the beite mens product is avullable for export for Bie Central Electricity. Cen- Domestic cotton mill activi-lo nalty part of the world-LPS.erating Board by the Nycicar continued to remain mixed and

Dow-Jones average slood substantial risc.

ty, this NEOBOT the

may shoWN, D

Power Group He over the...8.3 at yon 1021.2.

Some

lion total recorded last s don. If general business activity showa-at much improvement as now, anticipated. A total season

experts believe that the bank of Japan announced

a hike in the official discount

rate with the departure of consumption of million bates Governor Masamichi Yamagiwa is felt to be a reasonable pos-

for

the Geneva the IMF meeting, it would provide, a chance för za rally, since the market is well prepared for the impact-UELA,

Big expansion

albtilty.

A leading commodity or vice helleres – Tulung mÄY

Application for

oil exploration

move irregularly, pues the near Shell Oil Company of Canada term. Therald tisk, futures could gold at the 37-cent level. Purchases of December 180% and March 1983 .contracts aro- suggested or prices dips. A

On htonday, the New York Detroit, Sept. 2. General Motors Corporation points lower and failed to spe Hat closed unchanged, to thepu has announced plans for a much more selfvity than, the multi-million dollar expansion most of the work.

+

They are the first two nuclear stations to be built in, Beltsin specifically for the generation of alquiricity (The much smaller reketora at Calder-Hall and Chapal Cross - tepurated by the United Kingdom Atorilen Enor gy Authority, generate ́élécčitelly. only as a by-product.) by

Until fun loading, aynuclear power station goes forward:in have made application in much the same way, as bay Ottawa for exploratóry | other majos:construelch project, permits covering about:31 | | Wilen suffelent fuel haar beon loaded to achieve the condition million acres of offahore known da orilicnitty, the section lands along the, wasterpoftthe plant within the ter feat coast.pl Vancouver Island thick concrete biological-shield and in Queen Charlotte called the reactor core) bom comde potentially, radiunctive Sound..

and once the reactor: Kas com- menced operation above)matera Preliminary paploration work tain: power level, it is inacces in the form of geological studies sible exempt by remote control will bogin in the node- futuro This, the Arsi loading of ful and, busad upon the results of and subsequent achievement of these plans will be made for criticality may be said to re- any following phases of explora-present the true moment of birth tion,

ufa nuclens. reactory: However, This is the first time that some months of running: feials Khell -hảy, engagedy. id offshore both of the sector and itatcon nativlijes in Ganade, although neolodgenerating plantmums

have had slili «lopen; before stina Baiation, ukilla inde zeumpanies considerables experience in this as a wig can be corunepted to type of oil exploration worie in the Nalewania kõrista meisaunāne, intes Wing DIGAT. DAYts of the word, intoull commercial ry calm

Calfolu in Kthe United States,

at La Chevrolet-Clevenland plant.Now. York closed the week at in Parma, Ohio.

thave points higher to two points lower UPI.

The additions will raise the size of the plant by about ich per cent. The cost of the pro- Jeet was not disclosed,pecial

UNIT TRUSTS

First Hongkong Pandi, SLID (burg 53.7 (eller).

Agreed merchant

∙ratos

Beaund Tonon Hand Drums pente, (buyer) 37 conta: (Anibar), 1-12 TT: VICOD