1961-09-25 — Page 2

Page

THE CHINA MAIL, MONDAY, SEPTEMBER 25, 1901.

Weekly survey of American economy

VINCE

U.S. PAYMENTS PROBLEM INFERING

New York Concern over

cotton market

Now York, Sept. 24.

Cotton futures climaxed

week of alternate rallies

and declines and spasmIO-

proposed steel

price increase

New York, Sept. 24.

dically brisk trading with International payments exports in the

prices on the defensive.

At Friday's close the list ruled GT [wo to 45 points, or 10 cents $2.25 a bale lower than the preceding work.

Itaproved harvest wea!tter, following by the wake of hurri- cane Esther... which mostly veered away from the enrlond- ings-joined with

dation in upsetting intermittent attempts toward a rally.

American government last week showed | increasing concern about the adverse effects of any price increase in the stool industry on the U.S. balance of pay-

ments.

nearby qut This concern-already a subject of a controversy between the President and the steel industry has been heightened in past weeks by a deterioration of the U.S. payments picture. The experts feel that a steel price increase after October 1-the date new wage increases in that industry automatically take effect would spark an immediate resumption of gold and dollar abroad.

Pressure on the nearby Octo- her montract represented liquidas tem before Arst notice day to- sukrow. Open contracta October at B weekend were approximately 32,000 bales. The eerleated stock, availble for contract delivery, totalled 88,880 bales, plus 111 bales awaiting inspection

"incronnaire"

lest,

Leading spol eunsistent buyers

houses

to ransfer hedges forward.

were

Such an oflow, successfully of Octuberstemmud so for this year, would against sales of the later months, any upect expectations of International de- short leshing the supposedly

I would! Commission, Dell, the experts say.

"ag¦also renew sprestative prismare house brokers were sellers

purchases of on the value of the dollar, they hearbys against later months, supposedly tobellove maintain a long positiuts.

Uncertainty over the crop out- look, along with the mount of will be ultimately cation that

all

pledged to the loan, have been instrumental in restricting over- market participation.

were some sections, producers reported balding

greater part

11

C

Key to question

Their Fers

were

allayeri mewhat last week when nuw 1942 attioinabile models, dis- played in sheneruems across the nation for the first time, ap- peared to be holding to the fact ir September car sales shut | were poor — in fuel, almost 30 The less current ginnings.

per rent below a year ago. desirable grades. It some

They said 1002 car prices pro- tions. were reported being ear-bably would go up if and where morked for the Juan. The the steel prices do-and follow-

in-

Ing an expected improvement in sales as soon as the autumn sonson gets fully underway.

Eronemic

believed analysts United Steel Corporation holds the key to the price Increase question. They say U.S. Steel, with one-third of the nation's steelmaking capacity In it hands, is in the best position of rejecting President Kennedy's

uRimate amutint of loan poundings will not be known

for some thine.

Luan entries for the week ended September 15, according. to the Commodity Credit Cor porntion, totalled 28,301 bales Withdrawals amounted to 486 bales, leaving the net 1983-62 crop loan stock at 101,838 bales. -UN.

然

Canadian Pacific

OFFERS

LOWEST FARES

TO

NORTH AMERICA'

玄

ECONOMY

$308.40 LESS THAN JET FARE*

FIRST CLASS $513.90 LESS THAN JET FARE"

/ SUPERIOR INFLIGHT SERVICE

LOUNGEAIRE

Exclusive

with

Canadian

Pacilio.

9 INCHES MORE LEGROOM

·FULLY RECLINING · SEATS 'NO MORE THAN JET FARE"

41"

"Round Telp Hong Kang/West Coast

Fly Canadian Pacific

appeal for holding the price level-and making it stick, The

leas smaller oncl

influential steel makers are thus expected to watch whut U.S. Steel does and then follow sult:

A steel pelos boost may not come right away, experts

General say. The

Motora

strike--now settled-has out deeply into September steel shipments: stesi is available in plentiful supply and it is unlikely that a price increase ut this ilme would be sound

businem.

may be labour Then there trouble at Ford and Chrysler- both companies still operate on extended old labour contracts. However, as soon

thesp

ER

issues are cleared up and steel shipment backlogs out of the way, the steel Industry, la ex- pected to go ahead with a price incrense. It has already told President Kennedy in effect that this is what is going to happen.

Government concern about international payments was not exaggerated. Imports have been edging up and export only holding their own. The Import Ktter of credli business of most New York City banks, for example, showed going last month over July. These letters of credit are usually

good in-

dieature of import business to come. Also steel imparts have been gaining lately, although they are still about one-third Lff last year's level.

Ono bright spot

On the other hand thers was at least one bright spot in the exports picture, Paper and paperboard exports are boom ing and shipments for the Arst half of 1901 are well ahead of 1980, Paper industry spokesmen uy this is due to three factors: European paper consumption is still largely an undeveloped market with per capita disirl- bution well below the U.S. Average of 430 pounds--large- scala paper

NEW YORK

STOCKS

DECLINE

Now York, Sept. 24.

Four declines in five sessions last week cost stock prices nearly two per cent of their total paper values.

The decline was conditioned apparently reflecting Improving by weakening in technical in- profit picture and further mer- dicators which made prices-ger news in the Industry. The high by historical standards in 15 utilities were down 0.80 any case doubly susceptible to points. adverse ŋews developments.

These cropped up with the

death of Dag Hammarskjold, re-

nowed tensions in such old sore

week

Trading for the amounted to A fairly brisk 15,015,210 shares compared with 14,807,300 a week earlier and

1900,

TEXTILES

WEEKLY

REVIEW

to be a

New York, Sept. 24, The cotton grey goods fast

week continued Jackadaisical affair, adher- ing to the pattern for the past two months, Traders cited a wide variety of reasons to explain the con- tinued impasse existing between buyers and sellers. They In- cluded the Yom Kippur rell- glous holiday: the General Motors labour tie-up; the Ber- In situation; the stock market see-saw; administration hints about possible anti-Inflationary controls

and the hurricanes, with uncertainty about their

seriously affected areas.

spots as Algeria and the Congo, 14,930,130 in the same week of impact on relais buying in the continued, pressure on Berlin, on Important government anti- dications that the

merger action, and further in- economy is headed for a period of "profit- less prosperity."

Selling pressure

For one of the few times in recent months, the economie figures presented were no other than a mixed picture, adding fuel to the selling pressure.

Two out of three important private industrial production in- dicer earlier. Retall trade ran two tu six per cent

were off from a week

below the same week of 1960, steel output was unchanged and car production was well below a year ago, re- decting the strike at General Motors plants.

The

of hard substance fact proved beyond the market's digestive power and the result was a loss of 14.73 points in the Dow Jones In- dustrial average which closed at 701.57, the lowest level aince July 26.

Motor stocks Motor stocks the only major group to hold up under the gen- selling pressure gured eral prominently in the most active list.

Con-

Some market skepties felt ait of these were “convenient ex- cuses," and that the fundamental reason continued to be the dull situation in finished goods, dal-

to late July, ng back verters, piece goods buyers and garment cufters apparently covered requirements on the big, but shortlived, buying splurge on 822,000 shares; Ford third, which engulfed the market in up 0%, treffecting the advan- | the last week of July. Ap- togeous terms of its propused parently they are still digesting merger with Pallen. which the goods. Until Anished fabrics gained

General Motors start flowing freely out of the fourth, up ; American Motors consumer pipeline, a coterie of sixth, up a point; and Chrysler grey goods brokers expected the seventh, down 1.

persent lull to continue.

Studebaker was first, up

Defence Issues came heavy selling.

on

ת!

10

Research at UK's

engineering laboratory

London, Sopt. 24. The fatigue of metals at high temperatures is one of the subjects under investiga- tion at Britain's National Engineering Laboratory, and research workers are looking at components of aircraft gas turbines which operate under fluctuat- ing stresses at high temperatures. The subject is described in the Laboratory's annual report recently issued.

ns

Present investigations include gineering Industries, as the La- fatigue oratory may not only be able the high temperature properties of brazed joints, such to produce new materials, with- are used in one of the out any natural counterpart, methods of attaching rotor but may also be able to blades. Results show that a synthesise materials having BOO

degrees Centigrade with particular combinations of the joint in shear, the strength Desirable properies-LPS. of a brazed joint is greater under an alternating tond than a steady load.

Using high-strength Alters, says the Laboratory. the joint could be made as strong as, or stronger than, the parent metal. Work is also being carried out to provide information on the fatigue

strength of hollow blades produced by diferent manufacturing processes.

Small-scale

computer

London, Sept. 24.

A new smoll-scale general purpose digital computer which is among the most versatio units

this field available today has been announced by the English Electric Company, England.

San Diego Imperial, which Tight position acquired another savings and Grey goods mills are faced Joan Grm and was widely re-

with

an increasingly tight commended by the analysts, position

cost problems The Laboratory is also work- was the second must active with created by the expensivenessing on the determination of the a rise of a to 14.

of row cotton, plus higher relative rate of crack growth

workers wages to m

and for a wide range of engineering under other inflationary factors. But materials. The work has been until Anished goods improve, aimed at providing a funda- A total of 1,440

mill men were resigned issues was postpone

mental explanation of failgue Increases traded during

grey damage and the

failure to dežno week. Of

Known as the KDN2 its ap- these 431 advanced, 88 to new

goods prices.

the qualities required to resist plications cover the direct cont Dow Jones rails closed at highs, and 905 declined. 111 to goods

Industrial heavywoight, grvy

such damage.

trol of industrial 144.28 for

processes, Я Rain

sellers 0.49,new lows-UPI.

roported A

dala processing and relentião quickening interest toward the The main result is that the computing. the scanning and end of the week when hopes basic mechanism

for a definite settle- eracks grow seems to be quite sures

by which recording of temperature prey- revived ment of the General Motors alderent from

and 'alave' work for labour situation. Inquiries in-

that associated | large-scale computing systems. with the formation of surface volved mostly fourth and Arst quarter deliveries on the wide

cracks. sheetings, broken twills And

称重

World tensions

cause dull London market

London, Sept. 24.

International worries got most of the blame for

sateens,

In summarising the report,

The KDN2 consists bealcolly of three parts: (1) a cubicle

the Department of Scientific and containing the high speed store. Mills generally talked high Industrial Research-the parental circaftry and the various prices, in view of a fairly well body-points

power supply units and prolec- advanced sales position for the substantial part of the Labor-desk

ilve interlocks: (2) # control next few months, but eise-

which a paper

punch units are

out

Д that

and

tape

where optimism was lessened tory's effort is devoted to back render and by reports that some dealers round research and that "some mounted and the control panel. nego:lated "quiet" sales on fair of the results in this field may for switch indicating lights for sized lots below their quoted even now be of direct or im-

mediate

programming levels-UPI.

although control of the computer; (9) a practicnt application is more mall cabinet ikely to take place in

supporting the later electric typewriter and housing yeară."

its associated power supply and

Trade debts

interest,

the

operation

One of the

most Important control circulity, developments in this field is the

The logical cireultry a pro. Bonn, Sept. 24. production of new materials by {vided

by

well-known con- using very high solidation

An agreement on the

pressure and English Electrte Datapae unit of Brazilian trade temperatures. Already, the designed on the building block debts totalling 308 million boratory has proved its equiprinciple which can coverY WIT marks has been signed by ment by producing its first batch0 diferent logical functione to West Germany and Brazit in of artificial diamonds

fram bulld Rio de Janeiro, the West Ger- graphite and this is being electronic data handling or con

up any system of

a dull week in markets, with domestic news running only in second place. Although dealers started off most sessions by marking prices down, holders stolidly refused to self so only a small decline in values resulted.

man Foreign Office announced followed by further studies of The Financial Times indus-

today.

the fraction while

nickel-carbon system and paperboard trial Index drifted down 14 to shaded.

In addition, West Germany high pressures.

The main atore of the consumption in Asin and Africa 308.1 leaving it only a handful

is ready to grant Brazil Jong- Among is still in its beginnings. Also of points above the years low of Japanese,

forelun bonds, term credits totalling 200 Pressures up to 10,000 atmospuler is provided by a transis U.S. paper producers have been 3014 the high was 305.7.

German and Greeks million marks and credits of pheres have already been pro and it is thepansible in inera

tor driven Terrile core matrix tended Armer pushing exports systematically

and speculators about the same value to An- duced successfully. At later as a permanent feature

Rave Chinese bonds a UPI.

rathor

The home

news mainly re- than on a spot delivery basis Dected the state of things before whenever a domestic surplus the governments "little budget" developed, as up to now. the last reason, they said, is the launched boom in Europe and the fast

And

Industrialisation of under-de- veloped countries.

and the

new crop of curbs In late July. In the second quarter, Britain's balance of payments defeit on current account showed a big improve- In figures, it looked this way: ment, although the flow of pri- vate capital investment abroad During the first half of this still was heavy. But car output year, 583,337 tons of American in August slumped sharply to paper and paperboard wan half July's figure.

shipped overseas--a gain of 18.3 per cent over a year ago. Wood pulp shipments of 808,511 ton in the first half this year re- presented a gain of more than ten per coat over a year ago.

Domestically, the US. econo- my was in a tine shape. Indus- trial production

tho rose for sixth month in a row in August to a record high of 113, thirteen per cent higher than in 1957. This was a one per cent gain over July. And the grand mallonal product goods and | services--reached 1171 annusi rate of $620,000 million in the third quarter, a sharp gain over the second quarter rate of | $310,000 million. Only consumer purchases were still disappoint ing but oven here advance or- diers for paperboard stripping containern indicated TIBA- facturers were certain sales will pick up later this autumn.~UPI.

Shares listing

New York, Sept. 24,

It may be month before a

Mosi market leaders gave grund acrONG. the week "but often the lastes were fractions. Courtaulds eased fld to Rs. Bigger dips were taken by Associated Electrical. Vickers, Unilever and Lanenshire Cetton, each lesing more thana 28.

British Motor

Corp. ended upwards at 138 d Stores moved uncertainly but ended almost unchanged.

announce

Shell's Improved Interlin dividend and the mont of the expected stock split to make the counters more easily marketable saw then rise 3 Du to 117. Hoynt Dutch gained a

Bank of England

statement

London, Bept, 24. The Bank of England slate-

final application (a fled for list-ment for the weak ended ing the shares of Unflover on September 30, reads as follows: the New York Stock Exchange, Notes In circulation,

LA Lever Urothers spokesman

But here today.

He said the delay was dud to the complex international dinan- elal structure of the Unilever interests. Meanwhile, he said, exploratory talka with the New York Block Exchange ontlave. -China Mail Specful.

£2,300,704382.

Publie deponlia, 218,705,042. Privato deposits, £820,540,022. Government Becurilon, £415,807,984.

Other securtilen, CB0,209,044. Itecnipis, #19,314,924) Ratio, 8.4.-07.

Iran Petroleum

¡trol.

at

com-

ittance deliveries of Investment stages the work is likely to be ment of 512 18-bit words up to

of great significance to the en-

goods. China Mail Special.

Ambulance for Tunisia

་་ ་

Flofore 'shows Bé, Bald Ben Amurnar, obargé d'affairon at the Tunisian,, Mindsay, Prínors Cole, Londen, with a new-lype of ambutsust, presented by the Oxford Uem- misken för, Famine Relief. Tão, prosomation was made by Mr Rustics Gilirik: a`member of the Cesmeil.

maximum of 4,000 words, Auxillary storage in the foren of magnetic tape units can also by provided.--LPS,

Glass blocks used for church foyer

London, Sept. 24,

A 40-foot gloss wall, made up of nearly a thousand glass blocks and running the longth of the foyer, form a unique feature of the first Church of Christ, Scientist, Hendon, which has just been built at Brattgroen, Hendon.

It tho Arst time tass blocks have been used on such a scale for church premises,

The wall is right feel high and the gloss blocks, made by Pilkington Brothers Limited of Bl Melone, are 4 Inches thick, Different sizes--both six inches by mix incher and eight integ by eight inches have been used to neklave a bonding pattern.

A spokesman for the archi- ieci, G.B.A. Williams of Wal- ton-on-Thamos, commented: "The glass wall was built.to let a much light as possible into the foyer, and airó to reduce the note of frame from 15年 sirent,""

Each of the gines blocks coň- tains an inaŭljiing savity to reduce externel sound.

To provide the advantage of diffused light with a "high standard of round and thermal | Insulation, the auditorium win-

down of the church are alto! made of glass blocks of dister- ent sizes-LPB,

#