1961-10-02 — Page 2

THE CHINA MAIL, MONDAY, OCTOBER 2, 1961.

Weekly survey of American economy

SCIENCE AND

CONSUMER INDUSTRY GAINS ENGINEERING

TEXTILES WEEKLY U.S. people have

The

New York, Oct. 1.

cotton gray goods

market assumed a more two-sided appearance last week after a prolonged period of inactivity..

Settlement

REVIEW

to pay for raw cutlon a. year

agu.

no fear of another recession

Cotton sales yurn spinners General of the Motors strike Jined with anti-reported a frm price situation, others lately inve eination of large scale govern- although mem defence purchases and the tapered off, indicating weavers The U.S. increased cost of raw culton in satisfied with their coverage boosting prices. brokers plained.

Industry lenders predicting higher prices because of thi

cotton in raw

and operating expenses, warned garment miskers against postponing coverage too long.

advance other

D

1

Satisfied

j

this time. Supplies were re- ported heavily booked for the Best quarter at 1962, but some spinners have been hesitant about booking that far ahead. They felt prices will be higher after the year-end holidays.

Rayon grey goods sellers ex- pressid disappointment over the stow demand at this time. They felt a pickup in the demand for finished goods will have to came before grey goods activity revives,

New York, Oct. 1. consumer goods industry is moking slow progress to normal after last year's recession. Current buying is higher than at this time last year, but still quite a bit below 1959. According to a survey

NEW YORK STOCKS RECOVER

New York, Oct. 1.

The stack market last week, indecisive and

in a state of nervous tension, managed | to calm down and largely recover its balance by the weekend,

+

merket

smail changes desplie movements

this

risc steel price averages sible werk-to-week autumn when wage increases go same extreme into effect. The price-cutting touched of when

to affect fever also continued industry begun the scrap copper market and gasoline prices dropped far the Afth tune in two months in the

Midwest.

the aluminium

Popular by the University of Michigan, the American people do not fear showed another recession in the foreseeable future. Whether the economic polleles | buying of "old-new" cars, there of the Kennedy Administration is no stampedo. hud any effect on the recession.

Was predic- For whether #

dying a Huns for friner prices on finish natural death, the vast majority ennvinced Americans seem Heo nyin sheets fel through Infor

the tie at a recent influx of that the present administration

ILT'

FL

Etsewhere,

previous

ان

feel

now Cars

observers Non-industry

estimates that Industry possible 7,000,000 being bought in 1962 are over-

The compact optimistle. originally introduced to recover ground lost to small foreign

Cars,

cats, may prove the industry's

uncertain, more and conditions

Leon Lowenstels, Chairman M. Lowenstein & Sons, he, takd

of 350 mueting

Kurment manufacturers here last week, that statisties spent for them! selves and that the price trend

definitely upward." pointed out that a year ago the

is better equipped to cure the Baste 80-square prtut cloth con- Japanese grey goods, converting

bilsey 19 cents it

coraplined. Substan-country's economie fils than any struction sodal at

of these imports of its predecessors. tjal amounts "Today the mus yard.

are said to have been bought getting only 1784 cents a yard. While weavers have been

At the same time, there isBle-saver this year. With world Courtla for

nrter delivery.

andi-constrierable apprehension over Seme doranslie WEAYUTS ceiving 14-cont a yard tess for

sperate pro- the international situation and their production, the price of cater they cannot

cotton has been risbu tably a these gig at current the unpredictable effects

prices und are switching as prolonged cult war.

University hivch as possible to fancy goods.

According to the

surve "many Mich!xun

This year Chrysler has cut the of

about job price of Valiant compacts by an people are worried

1.88 average

per

and cent, security or employment oppor- tunities. No longer do they Bulck has cut compact prices,

with largely as equale defence spending

a result of intro- bigher employment and general during a smaller engine. Most Instead they think other car prices are unchanged prosperity,

rasy steadily.

The average price of milling inch raw

designated

|

21

grey goods may self them here nuished form without indi-

their eating

wenving origin, brokers suld.-UPI.

at the 14 Converters who buy Japanese

Spot suntern markets now is 33.50 cents pound, or fully three cents a pound more than the muffs had

P.O

ORIENT

LINES

S.S.

ORCADES

SAILING FROM HONG KONG FOR SYDNEY VIA MANILA THENCE TO UNITED KINGDOM VIA SUEZ. EMBARKATION: The ship will be berthed at No. 6

SAILS:

BAGGAGE:

HEALTH:

Pler, Kowloon Wharf, entrance at No. 6 Gute. Nuvy Street off Canton Road, Passengers should embark between p.m. and 7 p.m. on Monday, 2nd October, 1961.

The ship is expected to sail at Midnight, Monday, 2nd October, 1961. Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 Gate, Canton Road, between 8.00 a.m, and 5.00 p.m. on Sunday, 1st October, or between 8.00 a.m. and 1.00 p.m. on Monday, 2nd October, 1961. Passen- gers should only take light hund baggage that they can carry them- selves for entering at No. 6 Gate on embarkation.

ALL PASSENGERS MUST BE INO- CULATED AGAINST CHOLERA BEFORE EMBARKATION.

SUBJECT TO CHANGE

Agents:

MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.

Telephone: 35211/9

P. & O. Building, H.K.

PO

ORIENT

LINES

s.s. CHITRAL

SAILING FOR UNITED KINGDOM via SINGAPORE,

more people are expected to buy of the cheaper compacts who might have decided not to buy at all if the only choice were the Stan- dard "Big" cars.

of it more in terms of inflation, from last year, or very slightly increased taxation and austerity.higher.

23

of now As a result, sales homes, ears and such major Consumer Reals are alow, with purchasers would-be many toking

" "wait-and-see" at- titude.

Isig There has been drop In home sales. Added

"Wait-and-see" brigade The

wher military reservists are posting purchases until they will be deemed to uniforis,

tri

now whether

In no hurry

is

The building industry having a mild boom in bomb shelters, but not nearly enough to offset slow moving housing.

Another major industry with problems is textiles, with men's!

reporting wear manufacturers store buyers for next scasua conservative. The being very

л series of price cuts.

Aluminium is highly competi- tive with steel in many markets fu and the move was expected All but close the door on a pos-

New York

cotton

market

New York, Oct. 1.

climaxed Cotton futures

another week of quiot and mixed trading with prices

to

One large brokerage house said it liked the way business activity was rising and noted a glimmer of Improvement in the International situation. Another sold it felt betler the near about stocks over term but bearish over the long term. With stocks prices so high now and with the econo- mie recovery still in its early singes, the feeling went, It was easier to recommend short term gains rather than stocks for growth.

Improving

Technicians took note that the Dow Jones industrial average. which had been running way ahead of the overall market, broke below the much-watched

level

therefore in- and 700

lower prices. even dicated After the average met support the 690 Armed around level, one big wire house sald the technical pleture was im- proving and that a "base" wos forming for an attack on the 710-720 area.

and

on the defensive. After ste-sawing over narrow continued hot summer weather units in the forepart of the

eut sales of heavy-duty period, the market tended clothing, and buyers have high

Sofle, nud nt Friday's close

UIT 24 inventories and are buying a tire banged Ly

to $1.20 ittle as possible. They seem to paints, or unchanged

planning to buy sparingly and more often, only when all war han the preceding averages, Industrial stacks dip-

be

solutely necessary.

in-

wook.

According to the Dow-Jones

ped a minor 0.30 to 701.21, ralls lost 0.32 to 143.96 and utilities rose 1.33 10 122.44. The much

Inclusive Standard more

up exactly one cent.

Among the happler U.S.

Pressure of quidation in the und December dustries are those which Rol nenray October

along

Ir- With aboard the foreign subsidiary deliveries,

and ginning aclivi- show that foreign subsidiaries harvesting

dwagon early. Official figures rainence of the peak season for Poor's index of 500 stocks moved and branches of U.S. Brms sold tles, combined to inject uncer- sts - $23.600,000,000 worth of goods wirlies and encouraged

fered selling. overseas last year. This was an

cent increase of 12 per 1959 and 29 per cent over 1957, the first year such figures were tallied.

over

Sates of 1982 model just on the market, also have been slow so far. The publie is but in no hurry. Interested, Stocks of 1961 models are down

This three-year increase to a more manageable 350,000

whopping 29 per cent cumpares well with 575,000, but price cuts also are five per cent increase in ex- smalter, and while there is some

port of U.S.-made goods In the sume period.

from

Just year's

LONDON

STOCKS DROP

industrial complex.

at

Recent favourable weather for maturing and harvesting the crup

pick-up in nedge sell presaged ing, although other observers felt a large percentage of the new crop ginnings are being held back by farmers for entry under the government loan programme.

entries through Actutul lor

totalled andy September 22 150,832 bales, but impoundings act expected to accelerate

That sup- ginnings increase.

as

Europe was the biggest sub- sidiary produeer, with output of $9,300 million in 1953. Canada remained the biggest sition was supported, traders aingle country, but rising thought, by

steadiness of the more slowly, from $7,900 ml- Į spot market. lion in 1957 to 58.700 million

in 1959 and $8,300 mlilon Inst

year.

price for mid- cotton at the 14

markets rose to

The average dling incl southern spot

The other biggest single 3.50 cents a pound, represen!- nations for U.S. subsidiaries lasting a premium of 10 points-80 your were the United Kingdom, cents a bale-over the average

Activity climbed to 16,550,- 424 aharta from 215,916,210 a week earlier and compared with 18,852,810 a year ago. Montgomery Ward, the most actively traded stock, dipped points to $30 on turnover of announced plans to merge with Interstate Department Stores which sank 4%.

340,000 shares.

The company

Apparatus for new lighthouse at Ghana

London, Oct. 1. The__apparatus for a now lighthouse at Takoradi, Ghana, has recently been completed by the U.K. firm, Sino- Chance, to the order of the Ghana Rail- way and Harbour Authority.

HONGKONG STOCK

EXCHANGE

by

To be installed on the sum mit of a water tower, the new light has a lens of primatic optical glass rotated around and electric lament lamp by electric motor,

an

an

The whole apparatus will kel housed inside a traditional typel lighthouse lantern 7 ft. in dia-" meter together with gome ingenious safeguards. These Include

automatic lamp- changer which brings the stand- by lamp into focus if the light Falls, and if the motor rotating the lens falls a further molor will start automatically. Should Business done on the Hong- the mains supply fall a standby

power plant will restore kong Stock morning amounted to approxi-supply to the lighthouse within mately $1,730,000. Nuon quota- the morning's und llons transactions:

Our Own Correspondent

Exchange

this

3 14 342 340 340

Shares Buyers Bellar HK Bank

Balog

330 -5-10

20 342

Len. Reg. Allied Inv, HK & FE

Inv. Rights Wharf Cu. Wheclock

203 200 9.05 P.40

21.80

5.00

350

Old

New JK Dock

Taikuo

Cli. Prov,

HK & 5. ito!el

HK Lend

11.30 2000 11.70

4000

6000 try

11.2011 000

Local P. & P. 29.00

Really www.

**rans KMB XD Younati XD C. Light

ទន់

1000 717 3100

110

200 114

103

200

600

1000 201 000231 400 301%

100

300

2.20

24 5000

10000

200 .3774

10 111

110

35%

300 3512

200 de 3315

900

35

251% DEL

50

20

200

3572

GA

Telephone 1010) (RIN

40 40

14.10

Patric

Among the first Ave actives were three motors, Studebaker of General Motors up point and Ford down 114. The das

troup received an early t when GM reported a full selle- ment with ear workers and # late dip when the Union threatened to sizike Ford next

#contract Tuesday if signed by then.

wasn't

The market breakdown of 1,- 448 stocks truded last week a predominance

with $4,715 million, West Ger- government loan rate for those showed

Australla localities. many $1,835 million, $1,085 million, France $085 mil- Hun and Brazil $870 million.

of losers-734 against 570 which rose, New highs for the year were reactied by 61 Issues while 133 plummeted to new depths. -UP.

Open interest in the spTo draft coffee

contract had been

decided to Others traders

pend lighten market holdings

view of acreage Latest U.S. company to seeking a clearer European affiliation is Dupont, allotments for 1982. now awaiting Spanish govern- ment permission to bulid a fungleide chemicnis plant at St October

to around 8,000 Banigo, in cooperation with whittled down

weekend. De- Inditestrias Aragoneas, S.A. of bates at the

livery notices issued thus far to date amount to 10,400 bales. stock totolled The certicated

the late 08.052

bales at

Madrid.

IC-

agreement

London, Oct. 1. Stocks rank to a new low for 1961 this week. Thoy finished less than a hand- ful of points above last year's low, though the pound was riding high in foreign exchange markets,

The squeezo

Washington, Oct. 1. Chief factor behind the de-

An International coffee study July cline, Apart from the

Non-ferrous metals, opart port.

group named a 10-nation austerity measures here, Wus

On Friday. the Department

committed on Friday to the contraction in profit margins from in, are feeling the squeeze

announced the

draft a long-range coffee signalled by Imperial Chemical of lower foreign demand. Do- of Agriculture

but September 15 parity price for Industries, Britain's largest mestic soles remain high,

world prices are dropping, with cotton at 38.83 cents a pound, agraament that would in- foreign producers often able to unchanged from August, but 33 clude producing and con- Several leading groups had al- | undercut domestic producers. points over the mid-September

suming nationE. Symptomatie of the ready reported a profit squeeze,

-parity of 38.50 cents a pound. The agreement to be drafted but ICI's performance always dustry's situation is aluminium).

exports for the would include the United States Raw colton a market yardstick. Trading Aluminium Company of Canada

throughout August 20 and would repince it present wenkerud white Investors await suddenly cut its ingot price totalled 801,210 vs 283,123 bales international Coffee Agreciment

pound. to EMBARKATION: The ship will be berthed at No. 1 ed ICT's half-year results. When about two cents

there appeared the decline bring 31 line with the world reported to the same time last (ICA).

to the New ICA Secretary General Jono Pier, Kowloon wharf, entrance at No.

drafi Oliveira Santos said a price. Aluminium Company of season. necording started 1 Gate, Salisbury Road. Passengers

Amerien had to follow suit, cut York Cotton Exchange-UPI,

agrement will be ready before Tines Industing domnestie inget price from should embark between 2 p.m. and 4

the end of the year and will be 24 cents u pound and

turned over to the interested p.m. on Wednesday 4th October, 1961. rint Index lost nine points on 26 to

the week, with Friday the making sunilar reductions in its

governments for their study, — bluckest day. This set the new mil products. Reynolds Metals The ship is expected to anil at 5 p.m.

low at 207.1.

Kaiser on Wednesday, 4th October, 1961. was 305.7.

Aluminium is under pressure to Should be sent to the Hong Kong No section escaped the slide follow ault. Kowloon Wharf Co.'s godown (en- and many

PENANG, ADEN, SUEZ, PORT SAID

SAILS:

BAGGAGE:

HEALTH:

and GIBRALTAR

The Financial

trance at No. 2 Gate, Canton Road), Electrical coch

hammering.

between 8 a.m. and 5 p.m. on Tuesday, four shillings 3rd October, 1961.

ALL PASSENGERS MUST BE INO- CULATED AGAINST CHOLERA BEFORE EMBARKATION.

SUBJECT TO CHANGE

Agents:

MACKINNON, MACKENZIE & CO.

OF H.K. LTD.,

P. & 0. Bldg., HK.

Tol. 85211/9.

Censon

Exchange The 1961 high will do the same, and

+

rates

5.201

15.00

12,00

1.50

9.50

..

1.13

1001

5.25

1.50

2,00

Copper in facing Himilar blue chips took a

Bunion was done in the foca but has ruled out ICI, Associated situation,

exchange market this cuta in the Immediate unveil dipped around price

murder al the following rate future, though long-range plans for increased prices have had to us duffar (pur 01) Losses of more than two be

Sterling sites iper £17 act back indefinitely. De-

Australia noter (per 215 Alillings hit British-American elining sales abroard have forced Japanese ren (ver 100) Tobacco. Courtauld, Rolls Royce world prices down Union Gaintedia riel per 100) and Vickers. Unllover tumbled | Mintere for onu, announced rene new frame (per

Brazilian cruzeiro par in dd to just under 134 ahillings, price cuts last week and the Lon-Argentine pero (per 100

don Metal Exchange quointions Korea inwri (per 1,000) have slipped. Foreign producers talian ra (per 1,000) are now in a position to deliver Chinese JMI (per 1)

Taiwan yuan (per føj copper here below the U.S. prien tu bolt (per 100). laf á1 centu`a pound,

Bymree kyat (per 10) Pielen rüper Iper 10) Zine and lend producers here: Maenis potsen (per 1) have been wueezed for Rule Nwegian krone (per 100 tire, and still are pressing hard in penu iyer 3). Hin pare Straile (per 1) 20 for tariff protection in addition | Swiss frane (pag 13 jangga

"dulles

and import Nothwendim guildor (per 1) quotes.-UPI,

Agreed merchant

rates

Swiss Francs maximum sell-present ing 70-7/10.

HYO

KAL

37.50.

5.04

0.294

7.05

1.43

1.79

131

1.86

Wert German D-Mark (per 1) Cuban peso (DO? 3) malam.

141

0.30

UPL

A strong case for Japan

London, Oct. 1.

The Economist nald today that Japan seems to have a "strong cano" against the embargo here

on wool cloth Imporis frcen that nation.

Commenting

on the recent

British wool textile deputation to the Board of Trade on the matter and the current Anglo- Japaneso trade talks in Tokyo, the weekly magazine noted

Britain

exportm £3,000,000 worth of wool textiles to Japan while Japan also is increasing

I purchases here, of wool tops.

UFI.

Gilman

:

3015

4100 40 500 10

150 1450 111480

80 15

10.00 19.00 11.

.. 4.03 4.075

21.00 Jardinka Cenwat Dairy Farm 143

Watson Texilic

Nanyang Amal. itib,, Rub. Trust Lane, Craw. Ania Hay,

J.

ខុន

400

23 3050 22.00

*

35

150 / 36

500 354

500 382

200 39

500

23

200 354

0.00 1000 or GED

2000 5.00

30

1.05

500 30% 2230 of 100

5000 + 2

10123 30c 1123 40c

Cily

Hotela Di

Sincere

a few seconds,

Two flashes of

niillion candle

the

over half a power will be given in quick succession,

The firm say it is the sixth modern electric-Bghthouse In- stallation they have supplied for the Ghana coast in twelve years and the marine navigati. fional aids along the coast and most up-to- now amongst the date in the world-LPS.

Canadian firm awards

scholarship

Q

"H

Alcon Asia Limited recently* presented its first scholar- ship to a Japanese studens; for study in Canada, oc- cording to an Alcan Asia Ltd., spokesman.

Mr J. Baetscht, Chairman of the Board of Directors, Alcan “ Asia Limited, made the pre-m sentation of Canadian $3,500.00 award to Mr Koichi Kubota, a member of the General Affilia Department, MITI, at the Can- dian Embassy, Tokyo, in fa ceremony which was attend-1 Canadian Ambassauer by the in Japan, Mr W. F. Bull, and distinguished guests, (See photo, below).

This is the first time that ẬT: Canadian commercial frrn hi provided the opportunity. 181

Japanese students to study t Canada.

Alcan Asia Limited, a subKT diary

of Aluminium Limited;

world Montreal, one of the

largest producers of aluminium Ingots and other aluminiurn products, will award a scholar-

in

is n

ship for one year's Ellidy Canada to a Japanese student cach year, hereafter.

31, Mr Kubota,

wbu graduate of the Economics Department of Tokyo Univer sity, plans to do graduate work in Economic Planning at McGill University in Montreal. He has been with MITI since his

sily in 1953.

BANK OF ENGLAND graduation from Tokyo Univer-

STATEMENT

London, Oct. 1. The Bank of England staic- ment for the week endett Sep- tember 27, rends as follows:

Notes in circulation, 22,203,348,024, Public deposita, 14.611,274, Private deposita, 330,017.438. Government securities, 517477,054, Other treurities, 63,00501. Receipt, 23,517,271. Tielio, 3.0UPI.

Mr Kubota was selected for the award from some. 300 con- didates by the Canada Council,: which Wis assisted by thol Japanese Ministry of Education. the Foreign Ministry, the Gang- dian Embassy and Canadian 'scholars.

Alcan Asia Limited, whos bend omeo is in Hongkang, has offices throughout the Far East und Southeast. Asia in an area

Japan extemling from Pakistan..

Mr K, Kabota, a member of the General Affairs De partment, MITI, Tokyo, Japan, retrives a scholarship dena.. tion for post-graduato study at Medill University from Mr J. Hostuoli, Managing Director of Alcan, Asia Limited, at a s

Brobster, Tokra recent ceremony held at the Canadian

to

Left to righii Mir A. P. Bonfiel, Canadian Commercial/- Counsellor; Mr. J. Bontecht; Me Koichi Kubola: Me W. P. Bull, Canadian Ambassador: Biz T. Kobayakhlak