1961-09-18 — Page 2

THE CHINA MAIL, MONDAY, SEPTEMBER 18, 1961.

Weekly survey of American economy

AND

INDUSTRIAL RECOVERY ENGINECHIANG

Developments

TEXTILES NEW YORK

point to return WEEKLY

to a boom

New York, Sept. 17.

The United States seems to be returning to a larger international payments deficit, to a larger budget deficit and to higher interest rates of all kinds.

At the same time, in step with a more prosperous economy, there were first real indications of a drop in unemployment, of higher capital investment in plant and equipment and more mild inflation.

All the

Indications Leceptance above would speak of a return to boom, with all its bright and dark areas.

President Kennedy's appeal to slech

to mukers

Keep thetr price level was answered by the Jast week individually major

It was manufacturers,

among

REVIEW

New York, Sept. 17. New business in cotton tax- tiles, both in the grey and finished stoty, continued at a slow paco last week. Buyer and sellers marked timo, with sạch side joc- koying for a better position on prices.

Subdued activity also WAW coupled with the Jewish

rellious holidays, plus the dia- to achieve a quick setikment of

MARKET

FALTERS

New York, Sept. 17.

Two weeks after Labour Day found the stock market still faltering badly and the invest- ment community looking with apparent dis- taste on almost any news development.

con- could drop the indicator buck according to '700,

The business recovery inued Inst

hורפות

Most active

to the industrial production in- As it was, the Dow Jones in- {appoliting disruption in efforts

dex of the Federal Reserve dustrial fell 4.81 points on the Board,

but investors either week to close at 716.30, ralis the General Motors strike.. were becoming more sophisti- gained 1.03 2 149.70 and

The administration's stand en

cated in interpreting the news utilities added 0.45 to 121.77. mortgage price increases and the threat or lired of all the optimistic

anti-inflationary institutions and the government of

controls,

predictions. factors is ready to go back to five and were other background

holl per cent. The Treasury is considered in shaping buyer-

Rising Industrial production didn't necessarily going to raise $5,000 milion in seller plans for the future,

go hand in Weavers wondered why con-hand with rising profis, some new cash; also it plans advance

of verters keep postponing new people were refunding of $7,600 million

learning, as the World Wor

In view unmatured

It purchascy

the new cliche of "profitless pros

lipi fractional certainty of higher perity" hung on the securities. The government ex- pressed hopes which heid steady costs for goods to be delivered more than one board roll tape-

the

In the fourth and Brst quarters, recorder. throughout covery the past six months. Rising raw cotton prices, higher But all experis agreed long-wages for mill workers and in-

pressure term interest of all kinds were flationary

will compel advances, manu- facturers insisted.

of hand but not rejected out the steelmen reserved the right 10 increase prices after October 1, product by product and rea by area. where warranted-by conditions. In effect, they about due to rlac. told the President, the steel

industrial re-

industry alone should not, and Unemployment falls

cannot, be held responsible for inflation.

4

total

Kenerally,

GA-

Weaker

Sales on the New York Stock

rose

Berlin blamed Ingenious way to

for dull London stock

market

London, Sept. 17. Perlin again took the blamo for dull stock markets this past week, but continued uncertainty about the homo

also economy appeared to bo curbing buying interest.

Stocks moved lower across the five sessions due more to

lack of buying than any selling. The Financial Times index lost 5.8 points on the week to 307,8, The year's low was 301.4. The high was 305.7.

The dip to British steel out- put with the industry working at less than 80-per-cent caps- city did nothing to Improve sentiment. Ford, forecast of a 15-per-cent fall in car sales through

the government's "¿queeze" another depressing factor, though later in the week Bri- Ish Motor Corporation took a more optimiste line in its own forecast as the biggest unit in the industry here.

'measures

.

Improved trade

UOTE

The improved overseas trade Dgures for August failed to spur buying because the rise in ex- ports stayed small and imports were a shade higher, although the seasonally adjusted adversa

prevent a mosquito attack

Orlando, Fla. Scientists have come up with an ingenious

method to stop mosquitoes from putting the bite on you. The only sure way to stop mosquitoes, they report, is to stop breathing.

HONGKONG

STOCK

EXCHANGE

loy

Our Own Correspondent

Entomologists for the US. Department of Agriculture here bave discovered that carbon dioxide, the chief gas exhaled in breathing, serves as a hom- ing beacon for the voracious varmints. As soon

you breathe the creatures zero in and attack.

a better

In the May 1001 issue of Agriculture Research, the Inves tigators reported that their work was primarily aimed at finding insect repellent. To conduct the experiment they dressed a man in a light-weight living sult and put him in a small room with diree man- Business done on the Hong-sized dummies. To add to the kong Stock

thla merriment' they also placed 300 morning amounted

ap- Aedes acgypti mosquitoes, the proximately $1,730,000. Noon kind that carries yellow lever.

and the morning's into the room.

quotations transactions;

Exchange

10

Sherem Buyers Sellers HK Bank..

Jalos

341

246

50 350

4

20 345

40 543

Studebaker Packard made an other of its frequent appear- onees at the head of the mast active flat, rising 1% to 1% on 444,400-share turnover. The company has received publicity on its new model Lark,car and expectations that next year will It was becoming incroosing- show black in operations.

General Telephone ran second apparently to some observers that while the foreign situa- and up 1% to $2011⁄2" on news tion and the slow-paced ear it acquired a small independent wage negotiations were still telephone сотралу, following Rising prices toples for casual conversation, Its stock-swap deal with Phileo 36. Prico Pre- Cotton cales yorn spinners, the matter of domestic polities which lost Unemployment fell by nearly

climbed 21% The US. industrial recovery 600,000 in the mid-July to mid-despite hesitancy in the fabric recently has come to exert a terred, however,

recent depressing influ- to 394% on the accurate as trade, reported a continuing demore sparked a substantial Increase August period, totalling come

sumption that this issue would in imports. In July, the figure four and hair million, In mand for fourth and first quar- chce on the market.

be paid off at its call price of was $1,371,400,000, up 16 per October the government said, it ter deliveries, which were

$101% under terms of the Ford timated to be sold 50 per ceņi cent from June and up nine per would full below four millions,

deal. cent from July 1800. This was This would break the 6.8-8.9 ahead. Rising raw cotton prices

Except for a few dle-hard the largest munthly Import | percentage of Jobless out of the have stimulated buyer and the

trade gap narrowed appreciably. Allied inv. the market's tech- tornadoes it spawned. volume since the $1,400 million nation's

To It is now clear, also, that the UK. & FE Some opumists,

position brought in September 1855.

quarters ventured a preliminary nical people also went along Exchange last week

with the general gloom. 114,897,300 shares from 13,785,727 valance of payments possibly 500.000

pointed

the previous 4-day week, will get no help from shrinking Whart out that while in been lost, or

"invisible" earings which in bales may have

volumi did Increase the southwestern stocks

when compared with 12,071,740 dunged, in

average recovering, the year ago. The daily growing area.

weaker markel was

however, each volume,

dropped Kord Abres settled back in

advance, showing a consistent charply to 2,979,460 shares from quler trading. Burlup traders loss of upward energy.

| 3,440,001 last week, counted on an increasing sup-

The disparity in strength be- ply of new jute erop arrivale in the 'Immediately ensuing week. tween the "quality" Industrial comprising the Dow- Hemp prices were mostly

with a small supply Jones average and the rest of changed and demand nituation about the market was still widely in evenly balanced. Sisal sellers favour of quality and, It was maintained prices, but the de-argued, quality would prob- mand continued to lag.

ably have to come down" first Worsted yarn sales developed to close the gap in this kind of at a seasonally slow pace, market. Initial retall fall purchases of Some encouragement WDS wool have been

completed. provided, however, by the fact Weavers

aro awaiting that the industrial average nad Alt-In orders, which are not ex- rebounded couple of more pected to arrive until the wea- times from the bottom of its ther cools and retailers begin month long trading range to get consumer reaction on about 714. Any penetration of autumn merchandise.-UPI. this level on volume it was sald,

Exports down

SAIT.

tabour force which has refused to budget for close to nine months,

Anather thing that refused Al the

were retail sales. time.

exports to budget

Bgure came only have falled to maintain their The August rising trend, in fact,' during the up to $18,100 million, a slight the export gain over July but still below Recond quarier curve moved downwards. Large year-ago levels-In fact that loan repayment, from abroad, eighth month in a row below such as the big one from Ger-year-ago levels.

Federal economists estimated many carlier this year, did not cur; flow of short-term in-

that Investment for new plant vestment menty from the US and equipment in the current to Europe was beginning to quarter will rise to an annual plek up as a result of the seven rate of close to $35,000 million. It true, this would be a sizable per cent yield on short-term

from Treasury issues in Britain. The recovery

the $33,500 gold drain also began after the milion tate of the

second US stock held level for must of quarter which was considered the first half.

the low point, still under the this spelled a higher influence of the 1900-81 reces- All

deficit lun. international payments for the United States in the second

holf-just how nobody knew yel

A new industry, meanwhile, big is steadily gaining ground in The U.S. as a result of Berlin and resumed nuclear testing. While there are absolutely no signs of any scare buying in The U.S., such as has been re- ported from nome of the East European satellites, the follow- previously ing Hems-which

The Ave and a quarter per cert mortgage interest on housing Insured by the Federal Housing Authority which went in effect last May found te

Agreed merchant

rates

Weat German Deutschemarks maximum selling 89-5/8.

UNIT TRUSTS

First Hongkong Fund: $1.14 (buyer) $1.22 (seller)

Second Hongkong Fund; 69 cents (buyer) 95 cents (seller)

P.O

have been out on the market only experimentally-have done well over the past month or 20: Emergency food and water survival kits (sales of 11,000 as against 1,000 through the first hülf of 1901); multipurpose food kits (sales "ceveral mindred per cent up"); large Arst-aid- kita (sales up 20 per cent); measurement kits radiation (selling at approximately $25- heavy inquiries as well as sales reported.)-UPI.

ORIENT

LINES

S.S. CHITRAL

ROUND TRIP TO JAPAN CALLING AT

YOKOHAMA, SHIMIZU, AND KOBE,

EMBARKATION: The ship will be berthed at No. 5

SAILS:

BAGGAGE:

HEALTH:

guess

that

now

un-stocks

were

ол

Invite foreign firms to

factories in

to set up

U.S.': banker

of

The market breakdown ok

years gone by used to "cover" the.gop.

Imperial Chemical lost 2/7 over the week. Rolls Royce surrendered 2/- to 45/6, while

Inv...

wherinek

(Old

(Newi

1,418 issues crossing the tape Dunlop. Courtauld and Unilever HK Dock .. included 716 lesers against 638ost around 1/- coch. British Motor Corporation staged a New recovery on Friday from their

which bucked the trend. lowa also out-numbered highs by 01 to 70- UPI.

Gow

low

New York

cotton

market

New York, Sept. 17. Cotton futures blow hot and cold last week, weakening ot the finish after an carly bunt of bullish energy sent the market to new seasonal highs.

point of the year, but dealers thought the rise came

out

from bear-covering operations, Tatkeg Sleet stocks managed to come Provident

HK fotel week over the zainers

Ik Land despite the August output XD figures, Stores eased.

Ex_Div.

Tins fell back to make the feature of the mining sector, moved downwards Loppers but golds beld steady although trading was' tíny. Gilt-edged lost their recent attraction and business fizzled oat but losses were tiny. War Loun 3 per cent, the biggest issue, gave up to £53 3/10. In foreign bonds, Japanese, Greeks and Germans modest advances. UPI.

made

Exchange rates

Ik Realty

HK Tram KM BU

Ch Light

aut

HK Electric Telephone

Old)

Telenlione

(Rta)

Business wha done in the local HK Co unoficial exchangs market ths

The sharp reversni trom the morning at the following rates;

V.B. dollar (per 81) ...................... highs dropped the far forward Sterling notes per 1).... deliveries as much as $2.25 a Australian notes (per 1). bale from the peak.

Japanese yen (per 100) .............. ¦ Çambodia' rial (per 1001 At Friday's close the list was French new frane (per 1) up nine to off 15 points, or up Brazilian cruzeiro (per 100) 45 cents to down

Argentine peso (per 10G) cents' a

Kordan hwan (per 1,000) bale from the preceding week.

Italian ira (per 1,000) The reversal revealed an in-

Dee JMP (per 1). New York, Sept. 17.

iwan yuen (per 10) erenging volume of hedge offer-

Thai infit (per 100) Here's a switch in international relations.

ings while à previous trade and

Bames kyat (per 10 commission' house demand 1081 Pakistan rupto (per 19) While the United States is that make them

attractive to its earlier snap when

iraders Meno pataga iper 1) spending millions of dollars foreign firms, Including good fell damage from hurricane Philippine peso (per 1)

Norwegian krone (per 100) overseas to aid depressed coun- transportation facilities to major Carla may not be as extensive Singapore Straits (per 1) ... tries, an investment banker American

markets,

Bwin trade per f here advocates inducing foreign accessible

rich and as originally feared.

Netherlands gulider (per 1). supplies of natural A Memphis spot arm, in a companies to establish platius resources, and a willing labour tentative

West German 1-Mark (per 1) of Assessment

the Cuban peso (per 11 in

country's depressed supply in many of the industries hurricane damage to collon in arcos.

Leo Model, senior partner of foreign firms would with to Texas, Indicated the bulk of the Model, 'Roland & Stone,' pointed

establish.

erop in the storm-swept arca 10 about 100 communities in

He added that this was had been harvested before the the United States where more

particularly true of the 'db-] windy deluge, Except for un- Ihan 600,000 unemployed have)

brossed weess in the middle | wanted salus, the

crop in He prospect of Bnding em-

Atlantio and New England southern Louisiana was not in ployment when the economy

states "and parts of the mid- danger of serious damage from recovers.

west.

the hurricane, the report added. Model stressed that American

this

Writing in the current inque Plor, Kowloon Wharf, entrance at No.of County Goventunent 6 Gate, Navy Street off Canton Road. Passengers should embark between 6 p.m. and 7 p.m. on Monday, 18th September 1981.

his idea.

maga-workers are more productive, Hodge selling zine, official publication of the and consequently higher than Association, Model presents on New York State County Officers those in Europe.

Elsewhere crop experts

paid The plants could be establish- that while the rate of ginnings interesting argument to back up cd with a minimum risk of so far this season has been slow, capital by the European com- particularly In tile Eastérit He Bald many successful ponies, the article stated. De-sections, they felt that once European Indusüll firms are pressed ATLB could provide ginnings commerced to pick.jy, ready to establish plants in this modern plant faeities at low the market will be confronted, country to manufdeture goods cost financing most of it with for a Hide, with an increasing for the markets of nearly count iso able to offer idx concessions might make it dimerit to main- for the American market and pubile funds, Somo erosa ate weight of bedge selling, which

for a few years.

tain prices. Futures prices now,

The ship is expected to sall'át 7 a.m. on Tuesday, 10th September, 1981. Should be sent to the Hongkong & Kowloon Wharf Co's, godown (entries. trance at No. 2 Gate, Canton Road), between 8 A.M. and 3 P.M. on MON DAY, 18TH SEPTEMBER, 1981.

ALL PASSINGERS MUST BE IND- CULATED AGAINST CHOLERA BEFORE EMBARKATION.

SUBJECT TO CHANGE

Agents

MACKINNON, MACKENZIE & CO. OF HONG KONG LTD,

T. & O. Bulding, I.K. ·

Telephonet 85211/0

Advantages

successful

Direct investment of foreign Mode sak many benefits they added, are well above the enterprises in the United States would result from the foreign equivalent of the government amounts to more than $5,000 thenutaviuring tellities in ad- loan rate. million, mogt of li in manuïde-i chườn to the job opportunities turing.

created. Their production would ed at the start of the week. Considerable activity develop- to a considerable extent he a Monday's sales rose in 30,800 substitute for Importa Many

rather bales in the largest for any European than competition to domestic session in two months. and arms would welcome on oppor- output, he declare tunity expand, their manufac- This is very important acreage of around 9,000 bries. compared with the revent dally turing operations to this coliptry factor at a time wi the If they were given help and country is experiencing & per- of the week tame

Best demana “In thờ" forepart guidance, acording to Model. "Histant balance of payments short covering while

from trade predicted that Hiány would find problem," he emphasized.

pok their opportunities for further

| Interesta" took advarifage of "the" Model expressed reservations upturns to place lodges in the growth "Iar greater** in the about other proposals that have current deferred United States and at hormonen) advanced...... thum, far to Transtorting of short October crop montha. The Investment banker noted eliminate the pockets of pro÷ 3d December at a difference of that many "öf ́ ́ ́ ́1}ld""'"dépréssel | kõfigéd ̈ ̈unëmployment i the|sa polnis www a trading co | areas offer certain MyBuinars) Unilesi Blaide, -UPL

↑

Glunan Jordy

1932 Cement 12.38

3.40. Dalry

9.00

0.40

0

22.10

6.00

372

Experiment

The experiment

included a special pipe' apparatus. that re- moved all the exhaled carbon dloxide from the room. The mosquitoes showed no special Interest in the man until anall Iamounts of carbon dioxide were 1130 11.00 200 1114

1000 12.40 released from a ink above his 5500 11.30 head. 1000 110 2000 11.40

72

400 118

200 301

04

3500

The victim also became more templing, regardless of whether any carbon dioxide WRS pre- sent, when he was draped with a cloth suit or if his hands were exposed. However, expos ing his face did not increase the attack rate by the A. aegypti type mosquitoes. On the other hand, it did excile a variety found in Galt marshes and caused them to flock around.

The entomologists noted that such differences in preference also occur among Alles. For in- stance, horse

Nics prefer red cattle to white ones and stablo flies are most attracted to black eattle, research has shown.

War

Florida has also been the (none of other important studies

with mosquitoes. Over the past four years the state has bder. 3500 34% waging a full scale war against the creature. Although dozens of exterminating methods have en tried, the investigatora Gave finally settled on a spray- ing apparatus which spread a 100 0.10 lethal fog of the insecticido

Malathion

302

301

40 500 7 40

100

401

2700

15.30 10 500 16.20

100w 10

10.00 20.20 to 20.10

14000

4.30 4.30 3000 4.20

23.50

11004

15 30 100

1713 investigators reported that Malathion showed up to 30 57 341 1030 Bar cent better killing efficiency than standard praying pro- grammés. Atró Important is the fuet that Matathion, which was developed by Cyanamid Inter- national, is completely safes bota for the spraying team ond Chose who come 'in contact with a sprayed aren,

**

P. & P... 20.00 20.10

1.13

1.60

Textile

456

1.30

Nenyanz

1170

9.40

Ama) Rub. .

Rub. Trunt.

1,35

Local

77.00

1.73

7.10

0.939

Lane

Lano, Crow.

£49

(Rights..

1.79

City Hotels.

Humphreys

141

0.79

Craw,

HH Ming...

Macão 'Elos. Ilope......

300 4 304

1000 4 8.40

ICO GP 2940 $50 +29

20.30

37 38

400 + 20

Zo 4500 r Zo

1000 Ge

100

23.90

45

14.40 40

Those of us who can't spray, however, might stop breathing Just to be safe.

Cald. Macz..

(Ord.) Sincere X.D. 0.10) Censtruelions 15.00

Vibry

14

17.40

A somputer which tranžates ang langpage into another, jéna detsonstrated by Masbipe

· Translation Ing. Já London Friendly. "The bõmputer," Kiling buân "*"5,000 = word, inssR vousbulary mod le 22,000. English equivalentų, iradainted gu 6297-word stainge'trum TrayLA

in about slabé minnies.