1961-11-13 — Page 2

THE CHINA MAIL, MONDAY, NOVEMBER 18, 1961.

Weekly survey of

of American economy

KENNEDY SEEKS REFORMS

Tariff changes Textile Malayan to meet Common weekly

Market threat

New York, Nov. 12. President Kennedy indicated this past week he intends to push his U.S. foreign trade policy reforms in the next session of Congress whether the legislators and U.S. industry like it or not.

an

Kennedy's decision, announced at his mid-week press con ference, siens directly from the current debate over

the challenge of

expanding European Common Market to the American position in world tude.

Kennedy said he feels this is the time to start revamp- ing outdated tariff formatius if the Common Market challenge is to be met.

The first step was expected to be a request to the Jumary session of Congress for broad tariff reduction authority for the President as part refonn of the old reciprocal trade pro- next expire gromme due

review

New York, Nov. 12. Cotton grey goods sellers ro-

ported a quiet week for new business in most ston- dard fabric constructions. Buyers hesitated because of the erratic action in raw cotton prices. Spot market values held

tion.

by Representative Mr Henry Reuss that nothing less will do

but cotton futures than a complete elimination-Instumped to the lowest level concert with other nations-and

since late April. The conflet- phased

out over

A decade of

cating trend caused potential cloth all tariff on imported industrial

buyers to wait for an explans- goods. This

would form the basis of a free world community.

Appearance

masale ng like an extension something

offerings

popular on certain the European Common Marke! print cloth fabrics, and a dimin to include at least the United Ishing interest

among grey States, Canada, Australia, New

goods buyers generally to con- Zealand and Japan.

December, also tract beyond came in for comment.

of

Borne

Some print cloth weavers,

by discouraged

the buying indicated on intention phuse, to cut production back to four-day from 贱 five-day work week unless the situation takes a better turn.

A

1.8. Meanwhile,

imports followed trend and gained again--by one half of one per cent--In September, It was the third successive monthly gain. Last week, Undersecretary of

the Not least important in State George W. Ball indicated climbing

imports were steel

Producers Add they would that the revamping changes in products. While nowhere the present set-up of American the December 1959 peak of al- rather cut production than re- duce prices. The high cost of most 708,000 tons, foreign steel some industries Industry with

raw cotton and other manufac- have been being sacrifices

imports whule

steadily limbing expkind

this year

from two turing expenses, they said, left mooths of 100. The erve them no other choice than cut went up as July brought in 371,-ting operations.

Toned down

others

This week, Commerce Secre- lary Luther Hodges toned down this statement, in an apparent effort to calm down industry apprehension. Instead of a bold new programme, he called for careful study and a lowering of

trade barriers only with proper safeguards.

Anyway, the debate is on and one area of agreement is that something will have to be done Jest U.S. overseas trade wither in old-type isolation at the ex- pense of the steadily growing European trading block.

11 Mr Hodges statement is taken as

the conservative ap- proach, on the other extreme of the debale there is a suggestion

LAW PHILIPS (2) PHILIPS I

PHILIPS

GILMANS

near

000 tons and August 383,000 Rayon staple

Tons.

Weak output

gains in prospect of this

in mixes for

outcry New York

cotton

over U.S.

rubber move

From Gregory Wong

market

New York, Nov. 12. Cotton futures, in a holiday- shortened weak of four sessions, developed the broadest activity and the sharpest declino for any week this year,

Emerging on the bearish side,

Kuala Lumpur, Nov. 12. The Kennedy Administration seems to be a classic example of the case of the right hand not knowing what the left is doing. On the one hand it is trying to keep Southeast Asia from wholly going red by pouring millions of dollars worth of aid into the area, while on the other hand with a stroke of the pen, it has declared what is described by the Malayan sa.35 a bale lower than the pre- Government as "economic aggression."

The American decision a few months ago to start selling of a-50,000-ton surplus of tin from its strategic stockpile brought howls of protest from Malayan tin miners, workers and brokers, who accused the Americans of trying to undermine the price of tin on the world market and lower the standard of living in Malaya.

in

over

а

warned that if

The Minister the price of rubber kept falling it is now around the middle would have seventies Malaya to reconsider its Five-Year plan

and there would be a lot of un- employment.

Industry leaders have warned that muss unemployment might lead to the "danger of the un- employed turning towards com- munism.

of

a

after a prolonged period of de- sultory dealings, the market dropped to the lowest level since last February.

At Friday's close the list ruled 24 to 87 points, or $1.20 to

cetling week.

1. As November estimate;

unexpectedly government

crop

SPACE-AGE COMPUTER

New arithmetic based on ancient

Chinese theorem

Palo Alto, Calif.

A new kind of arithmetic developed from a 2,000-year-old Chinese theorem promises to speed space-age_computers by 20 times their present lightning capacity.

Scientists

It is through at Lockheed Mis- !

better under- siles and Space Company are standing of basic principles, Three main price-shaping fac- poring over the new "modular and Wiscovery of other new

for the U.S. arithmetic

Alr tors Included:

ways

number handling. Force under contracts calling for

Under

this

approach, they high theoretical study and design of believe, far more work can be

computer circuits.

done with basically the same No change in

computers is

equipment. 2. Uncertainty as to whether

the speed-up is the export movement of

necessary and gained by a baste new mathe- cotton this season will

meetmatical approach. original expectations,

The subject will 3. Possibilities for a lowering international attentiori

raw

receive WATER-ACTIVATED

when,

BATTERIES

of the government support base next spring, Lockheed hosts next year.

scientists from all over the Technicians

the thought speculative interest in the mar-switching theory-the premise Free World for a symposium in ket had become discouraged by underlying the development of the overhanging uncertainties,

plus

the continuing softening lengo modern-day computers. tendencies in futures while the

With Rhe new arithmetic, spot market held firm at the

numbers need not be "carried" over from one column to the season's best level of 33.60 cents

next às in regular addition and pound for three weeks in

subtruction Calculations

row

a

The heavy entries under the lo loan programme appeared have little market influence.

Plummeted

can

go as fast as the computer can rua. With ordinary arithmetic, the computer must wait for the "earrles" to catch up with the main calculation.

Some 30,000 people earn their

tin

the livelihood from

Now the British Government the country and Malaya is

has decided to release world's largest producer of the

maximum of 1,000 tons primary product, supplying one-

rubber from its stockpile when third of the total supply.

the price was below a dollar The Malayan tin community

with no limits above this price. the up The cost price squeeze had got so heated led some mills making heavy talk of setting up

American move that there was

that with the It is expected Castro surplus expected this year and fabrics to

use rayon Fund, Meanwhile domestic steel weight

But the outery has died the with cotton

releases from stockpiles, kept at its weak output level of staple

the time being for

as Malaya's income will be reduced fabrics. down with no major yarns

certam 2,000,000 tons

Congress

a month, approval While the price of low-grade US.

1s by $13 million

OF for the rest

needed for the disposal and bout $160 million a year. year. But steelmen cotton has jumped about five

meet again

Unlike the tin move which of a coming pickup in cents a pound since last Octo Congress is not to speak

costs rayon staple steel inventory buying starting ber

came when the price was at a early next

No sooner had this outery died high, the rubber move, which about five cents less. possibly year,

Pressure from the outside motivated by early

the talk of a

Most of

cotton-rayon down than the Kennedy Ad-

does not need

Congress's liquidation uncovered stop-loss steel strike next summer.

blend fabrics have been used

ministration again put its foot

tion

relies on the declaralys Whatever immediate pickup for rub-backing and tarpaulins in it. This time it declared it proval, has come at the worse orders and speeded up the dec-

time possible when the line on Friday. Spot December fum, a set of arbitrary rules for in domestle steel orders occure Another operimento al tried

and the plummeted was going to dispose of part of market is depressed.

to 34.17 cents B

Modular handling numbers. cotton with paper fling their natural rubber stockpile price is at a low for the before year-end,

past pound, the lowest level for the | arithmetic, scientists say, mostly from the car industry on duck fabrics for tarpaulins.

5,000

month tons a

when the few years.

spot month since last February something like converting which over and sales

is

Mills working booming

that combina price was below M$1 a pound

21, and 116 points, or $5.75 a problem into algebra, solving It tion

weaving reported no

The American move has debale under the season's high, and turning the industry revealed what

limits when but admitted there and no quantity

pressed the price even further called a new car-buying faste problems,

reached last Sept. 11.

"Into numbera, was still an unanswered ques the price was higher

The Federation Government and when the stockpile rubber comes onto the market, the price is expected lower regions.

come

on the part of the unpredictable tion about wet strength. mublic. It is a general increase luxury

In demand automobiles-whether

for

are

until January.

Hard Abres featured an easier has accused the US, of attempt compact trend in steal end burian, while ing to break Malaya's "rice

bowl. セー hemp prices were mostly

Rubber is fundamental to the

prices pivoted on their reduc economy of the country as it is tion made in British East the chief employer of labour

or standard-size, if and when changed in a dull market. Sisal This trend

is confirmed, it might mean also a pickup In import cars of the luxury class.

African types, although brok-

Now car sales in the final ten-ers reported a buying interest day period of October tolalled evident at the lower levels.--- almost 192,000 units, two per UPI.

cent above the similar period В

and the major export of the country, which is the largest producer of natural rubber the world.

in

to move to even

Be-

What exactly is the new arithmetic?

London,

ม

A problem to be solved by scientists responsible for the first manned or un- manned Flights to Venus will be how to provide electric power for lights and instruments landed on

to

the planet's surface

Lead or nickel plated batteries containing liquid or semi-solid electrolytes are dense layer of

Ordinary arithmetic conputa- covers Venue area whe

1

Д

the answer back

Extreme speed

The new arithmetic could be well used where extreme speed la required, said Dr Richard 1. Tanaka, head of Lockheed's logical design group in charge of the project.

which prevent the

use of solar batteries. To addi- tion, the upper atmosphere of the planet is known to consist mainly of carbon dioxide, which. impedes the escape of Infra-red rays and may make the atmosphere very hot-perhaps hotter than boiling water, at which temperature conventional batteries would not in any case work effectively.

Although very little water vapour has yet been detected in the upper atmosphere of Venus, there may in fact be extensive areas of surface water. so, chloride depolarised water activated batteries may be the answer.

These batteries were deve-

10:14

Chart readers recalled that there has been a sinking trend m the market ever since the September crop estimate. All this will have a telling sides the Improving crop picture. effect of the economic well- additional spot month selling being of Malaya, one of the was in anticipation of first notice most stable democratic pro- day for December on November West countries in this part of 24 the world that does not need The open position in December In space flight and re-entry massive American aid to keep at the week-end approximated for example, where precision and it from going Communis§. 90,000 bales. The stock of certi-speed are critical great advan-

ficated cotton available for dell lage would be gained from the loped shortly after the war by the McMurdo Instrument Co new car

The America's muddied for-very, totalled 85,425 bales, in- new system.

Ltd, of Ashtead, Surrey, and third 14] 115

The prosperity of the territory eign policy tries to make friends chudnig 12,417 bales set aside at Because of its speed, modulor week, new car inventories have

the Galveston for examination as to arithmetic could also handle were adopted by the Admiralty

for for use rests largely upon this industry all over the world, but if been reduced to

with Davis escape ap- on! 31 days'

London, Nov. 12.

scientific out of Malayo's und although subject to periods bottom falls

computations with noticeable

sable shortages Lutfly

paratus, following the disaster Thirty nine ships with a gross of boom, and slump at the economy due to the stockpile re. a possible 8,900 bales may be not no possible because of west to H.M Submarine Truculent in Jelt in almost all lines and all

of 104,074 tons were moment there is a slump it leases she will have lust a Bra ultimately rejected as not deli- and time. Computer time runs This situation nukes.

Thames should tonnage

lost during the first quarter of has made possible a standard of friend in troubled South-east verable on contract, traders re- to hundreds of dollars an hour get back into balance as soon as this year, Lloyds' Register

ported. UPI. living in Malaya which is much Axia,

The

arithmetic new the 160,030 to 180,000 current

various Shipping reported here.

higher than that of most other weekly Pulput

Japan, Britain and the remain-parts of Asia.

ideal for supply pipelines.

year ago. A1 this pace and

with uninterrupted

production only

and

Bols

in

through the

Ships lost

of

Livelihood

ing Commonwealth countries The industry gives direct em- Meanwhile an interesting suffered the worst with five

ployment to

about 600,000 fevourable light was losses each.

people, and if their dependents thrown on the U.S. economy Sixteen of the ships were

are taken into account as well ay a whole with newly re-wrecked. 10 foundered, eight

BS others

engaged in rubber leased railroad earnings FR were involved in colligion, three

trading, transport and other Forts which are running ahead were burnt and one was still

subsidiary occupations, the live- of 1080 for the fourth succes missing, the report stated. -

ithood of nearly two million alve month.-UPI,

China Mail Special.

people in a population of seven nition depends upon rubber.

RETURN OF BUYERS HELPS TO PUSH UP LONDON STOCKS

London, Nov. 12,

The industry is also the Gov- ernment's largest source of in- come and the $5,000 million Second Five-Year Plan, which is in its first year of operation and Is to raise the living standards of the rural population and diversify the economy, is geared to the price of rubber at 89 cents & pound.

water damage. Of this amount, some

GM's rise stirs confidence on Wall Street

New York, Nov. 12.

What was good for General Motors was good for the entire stock market this past week.

Popular market Boared and

and multiplication on

the

has

now used by

1951. They are on January, ships and aircraft throughout the world in lifebuoy and life

is It

mputers, Jacket marker lights, to initate Tanaka sayɛ.

But for divisionnal fares or to ignite depth

charges.

They consist essential- Is ΣΤΟ

better than existing ly of a polythene case containing methods (though a better divi- silver chloride and magnesium may be devised). or silver chloride and zinc, or slon system

It is also more difficult to tell whether you have 3 plus or minus number, and it is hard to represent fractions.

cuphous chloride and zine or magnesium plates which torm the poles of an electrolytic cell when immersed salt water, By y means of a chemiest costing --Its strongest point is multi- plication. Conventional com-

or the addition of silt in the containers

they can be made to puters actually do not multi-or equally well in fresh ply, They handle multipli- cation by

work.

The cell leur and

making »s vast will work inton-

hümber of additions. With

strong and

peratures from 40°C up to more

modular arithmetle, a.com than 100°C since it contains no puter can multiply in a single operation.

Curiously, Lockheed Rot start-

electrolyte initially, if has an

unlimited shelf Bie before im- merson.

ed on the new arithmetic as A An Aqualite for use with result of work by a Czech meteorpio

banooga to deter amine wihil direction your beity

Indicators in the Dow.. Rails also showed thematiojam published me at night has been Wax" by

carload-

The Federation Minister of Commerce and Industry, Mr Mohamed Khir Jplari, said

Czech seientific journal, the American action was “like

speeded small gains, spurred by higher a megaton bomb dropped by a

ecientist, drawing on the telescope to height amage when rouge gys after the world's largest car- September Industry profts and sixty-used 2000 year old face one of Cer Buyers returned to the stock market this past looked upon as a friend.”

maker treated its 840,000-odd | revival of the Central-Pennsyl-

remainder theorem, The battery, with has an ab- stook holders to a surprise 50 vanla merger plan. However, Hed rouced the rapid calcuna sorbent fabric between lir plates, week encouraged by news that the projected

He said that the Federation cent extra dividend

these "seasonal decline N

gains were hampered by a tion advantages It was GM's first year-end

ges of the modular is activated by being dipped in capital gains tax on short-term transactions Government had proposed to the

water before relésselend "hes; a approach. US Government, which had one extra since 1955, and the market Ings. still is probably months distant.

index rose to

His work came to the atten- muff to prevent theater freez- and a half-million tons of stock-replied to the big corporation's The 500 stock

Week-to-week for a

tion pile rubber, that at prices below expression of confidence in the

gain of Howard Aiken, head of y at high altitude artan kotal nearly 11 hideating that

the Chancellor of the Exchequer, Chemical were each about one

Harvarde

Omputation weight on release only 26 90 cents a pound, sales from its country's business future with of 180 Mr Selwyn Lloyd's forecast that shilling better.

enthusiasm stockpile should be limited to corresponding

slam 000 million Now the market is waiting 2,060 tons a month.

Lockheed strong expansionary forces may

was added to the fire by beard paper values to big Laboratory and conmultant to

labs. Some types Toxurdby Ac- be at work early next year gave

for next week's foreign trade

the fact that technical ket With frading wolling over the Since then dekheet has greatly quedel have been droopbe into

market to investors. The sim- figures Heart

advanced the show which

*22 | 6-millian (share mark-an "Wed- The Federation Government's conditions have been improving whether the export perfor contention mering-down process in Berlin helped sentiment.

posts proving and im-market could without dificul for some time, allowing a headdy volimme for the Lour days All Tore coquer

to build a string base from week climbed 19,19 634,600 chares *Trading never whe heavy but parts being held to check. tv absorb some 5,000 tons which to bound

forward

From 17 $19,230 in file prior five- the market proved short of stock Government bonds lost some of stockņila. rubber month

on. Any day period and 1979 MB in the | Investment buying-come of of their steam built up before when prines were between 90 gek found like 1900 week

the

Bowelches Industrial it from the insiitylibas-pushed the last bank rate cut and ended cents and 81, but at lower levels.

so in- upwards. Even

lower. The giant continuing release of 6,000 dustrials find, to contend with a

and

prices

to

won

that

the

was

nish

Wer Loan 3% per cent, tons month would keep the LOCK Card? § be at 724-88 for a vim n£:16.67 construction of

stream of adverse news from gave up 3/10 to £52 7/16. board rooms including a sharp

drop in profits at British Motor prayed

Corp. Its trading Fronts were out in half.

and the blun Tecard pask market depressed for com Dow Jones South African siderably long period,

than two kept golds frm but the

thir sald: "We have time closing high counters att

attracted

only minor

made by election day holdery (radiris business, reflecting lack of real confidence. Lead and retreated the metals. Tins ran into

дом

goin

High-quality on the gloomy performance

Over the five sessions the buying and Improved

Financial Times indék moved managed to ekte out tinyi walau 5.1 polnite higher to end at 109.7 near the weekend. Diamonda against the year's low or 204.7. ́piso redged thigher over the The gain marked the second wee

Unam

week of the meady advance in Leading 'olls stayed on the ion. But this is a form

credit side after some seesawing

counters but Shell I added a ~ PER

Amateur: Aalibelated welk to 110/-, Royal Dutz

11088/0", "very strong stille viner nakbet

PEATORU: WAM, tho jarns on the board. | Son

urpija a drop in·

len 'on' sɛ dealkap

wasrior pro botjeve

computer

times

under the tea from high

puter

Dar cells and collature

might be used oceans ang lake!

cied", fro will be probe on ita final

the work, "| being

Estriking the planet' Those wh Bell into

ould

face.