Page
SCIENCE AND ENGINEERING
The World's Largest Walking Dragline Put Into Operation
The giant machine at work.
The world's largest walking dragline, weighing 1,675 tons and equipped with a 282-foot long tubular steel jib, has just begun work at an opencast ironstone quarry near Stamford operated by the Ore Mining Branch of The United Steel Companies, Limited.
The £800,000 machine is employed to strip the overburden from the ironstone, which is subsequently loaded by excavators and transported 75 miles by rail to the ironworks of Appleby-Frodingham Steel Company in Scunthorpe..
THE CHINA MAIL, MONDAY, OCTOBER 28, 1957.
TRADE and COMMERCE SECTION
Pagë
US Misgivings About Future
DESPITE SPECTACULAR
RECOVERY IN STOCK MARKET PRICES
New York, Oct. 28.
Despite a spectacular rise in stock market prices on Wednesday the widest one-day dollar gain in generations—American business had some misgivings about the immediate future. Most experts think 1957 will turn out to be a good year statistically- thanks largely to a good early start. But they are less certain than they were a few months ago and are now steeling themselves for some more pessimistic reading a head.
The
market
regained
NEW YORK STOCK MARKET
HONGKONG A Demonstration Of
STOCK EXCHANGE
Our Own Correspondant
Business done on the Hong-
kong Stock Exchange this morning amounted to approxi- mately $175,00, Noon quotations and the morning's transactions were!
Shares Dayara Bellery
BANKS IDC Bank..
Eisen- public's acceptances of
confidence
the in strength of the
INSURANCES falm
For many, the boom appears to have lost momentum. Busi-measure of strength the follow-hower's ness confidence has waned over ing day, although closing lower. economic
flood of country, the past three months, due large-There was, however,'
The weelt's developments ly to the slump in stock market sching from Europe and from all
United States. prompted new reports that the prices and to rcurringly gloomy parts of the business reports and prospects of Much of this took place in the Federal Reserve Board has now current to case its fast our a continuation of decided smaller earnings and dividends,
policy of credit restraint. the Monday collapse.
Speculation
Steel Output
Slee output Is Ingging
of the October normally one best for the industry, may I one of The worst. Bailroads
lower.
Deleno camlogs are cutbacks are tightening opera- tions In a host of vital dustries. Factory backlor for threatening orders are easing.
further production cutbacks and
lower prices.
The up-and-down
movement of security prices last week is
to inany businessmen causing take a second look at the slock
market as a reliable barometer
W*
Lumbard
SHIPPING PCKS, ETC. Dock LAND, ETC.
K Hotel EUX Lond..
Although there was no official | UTILITIES
Tram to
from this
effect
Youneli
port-int
on
#1
SMOS
do 871 22 qr 835
Weakness & Strength
Of 1929 Markets
New York, Oct. 27.
Stocks during the past week gave a demonstration of the weakness and strength of 1929 markets and finished the week just about unchanged:
The big news was made on! Wednesday when the industrial avèrnge spared 17.34 points in its widest gain since Monday, November 14, 1920. That spurt came after the list had plunged to new lows on Tuesday since December 2, 1954 on moderate Josses
On Munday, the industrials phinged 10.77 points in their zed 33.70 widest break since the Eisen-
hower heart attack market of
5000 or 1.525 October 10, 1955.
At the close on Tuesday, the list showed a drop in paper values of all listed issues of 200 10% $47.7 blliton from July 12 when 500 e 15.40 the market made its 1987 hight, 1000 of 18.50
53
14 14.75 39%
Faamplareys
10.10
RUBBER Anal
Trust ... 1.17!
*2.70 21
At 18.40 18
1001 1.20
C00 # 22.30
27.10 27.80 20.00 21
14.00
15.90
12.00-19.20
600
10
280
13
35.30
4.25
6.40
4.12
A strengthening factor some heavy buying by big pension funds, institutions and
parently to replenish
lower price levels. Washington, Wall Street buzzed C. Light folios at Another good omen was the
with speculation that while the number of buyers who Board does not contemplate ony Electrie large were willing to absorb the flood basic change in its policy, it Tel. of sell orders.
would probably lessen the INDUSTRIALS rally A spectaculor
Rope Wednesday, did much to bolster pressure on the nation's banking Cement
STORES, ETC. confidence. The Dow Jones in-stera, dustrial average closed higher to ease pressure on credit and
Tho net effect of this could be Dairy
Watson b. Craw even possibly to lower interest COTTON by 17.34 points at 437.13, after
peaks. Textile re days of decline. It regained rates, now at a 24-year 2,225,000 in valuations.
Nothing radical as a reduction INVESTMENTA
Yangist.c in the current 3% per cent
Allled rediscount rate is contemplated.
According to reports
Sweeping Gain
experts Including White House November
spokesmen were minimise scare, inany
few companies
Encouragement
President Eisenhower
on
ה!
100
per
that the
the
in-
J
200 of 27201 The Wednesday rally brought 500 20.70 back more than 17 per cent of this loss with a doline gain of | $8,225,000,000.
500 24
Argentine
Gold Sale
LONDON
STOCK
MARKET
London, Oct. 27.
Thanks Weekly marketi
mainly to Wall Street's violent fluctuations this post work markets have had a difficult time. Allowances always have to Why the sutiden turnabout? be inade for New Yoric's bullish. No one could put his anger on poss or bearishness, but ali single reuson, but several lowances can't be managed
the signs facts combined and they soèmed junicas
point to to At. In the first place the dependable trend: New Yoric's performance last market had been driven down contric more than 100 polate in the weak thus had a paralysing industrial average to a level effect. below 420 which some held to
disturbing Was the be a buying level.
spectacle of Courtaulds reduc- Also President Eisenhowering its interim dividend, the had warned against too much first time in ten years this con-
Force pessimism, and the Air
servative frm has had to re- that soared duce its conservaüve dividend. shot off a rocket 4,000 miles, 60 per cent farther
The Financial Tineo in- than Hussia's.
dustrial average rose from last which week's 187.0 to 109.4 would have boen really rise in the good worthwhile old days and then slid down to close at 167.1...
MIDDLE EAST
foreseen, Modest
Also
DECLINES
Courtaulds lost
Buenos Aires, Oct. 27.
Also there was some easing The Central Bank announced
of $0,700,000. of Mid-East tension, and stale new gold sales This increases to more than ments by economists that 1050 gold would be more of a levelling. $34,000,000 the sales of dollars since mid-September. of process for business than a No recession WOJ The sale was made during the reccesion week ending October 23.
prost taking later until mid- From Moy
2/- as did September the Bank had sus which brought minor declines on
also Bowaters Paper but most pended cola sales thanks to the Thursday and Friday plus the of the declines were of the pr
on Monday soft little Monetary Fund break International
spot was a rather belated buy- Loan of $75,000,000 which was change in the averages at the der of a shilling or less, Odd the granted to help Argentina tide weekend.
Here is how they closed the ing of chain store shares payments Its foreign
infation means week:
large profita dimculties this year.
1.32; theory mostly up a chilling, Industrial, 435.15 up
Oll shares cocillated -- a good quite strong 03.98 of 0.57. and 65 stocks deal but closed railroad, 112.41 off 1.52; utility, 147.88 off 0.38. The Standard Royal Dutch covered a range of
The gain in the average war of business activity.
Whereas in the past many the most sweeping since | Board would loosen the credit 14, 1920, following reins by its operations In the
In the one open inclined to the market crash,
market via buying and the stock
the this session alone,
market selling securities. on experts now feel erased half the ground lost in
this way, member-banks that the downward plunge of the previous week, but it was reserves and available money prices enn seriously still off nearly $40 billion from for credit can be controlled market
Reserve is de- affect business netivity.
the July 12 levels, this year's The Federal
of the There is no doubt that the high.
scribed as being aware loss of nearly $40 billion
Mutual funds and other major change in business confidence- in security prices over the past buyers
more active in the away from confidence to were shaken market, which was helped also possimism. months has obout 30 years to work three bites at the take Taking 30-ton
business
The It thus feels confidence as well as by other developments, overburden, the W.1400, as it is out.
successful launching or the dailonary pressures which it has called,
strip Is expected to
Designed and built by Ran-investor confidence. 20,000 ton of ironstone cach somes and Rapier, Limited, the The market trend, It is felt. Jupiler missile announced over-been combating with its tight demand money polley now appear to be weck initially,
W1400 Is electrically
la causing some companies to night attracted heavy driven,
The recent thinking about for many stocks which stand to less over-riding. their revise taking power from the mains
as the Many experts feel gain from an expanded govern- market slump is cited The actual rate
0,600 of stripping supply a
volts A.C.expansion.
I business spending continues ment missile programine
best evidence of this change. ironstone is, however, dependent through a trailing cable to feed
There was a lot of bad news to decline, stock prices may be on the thickness of the over-two 1,500 h.p. motor generator
in for another downward assult.
last week. Most disconcerting burden, which at the Exton sela,
Already producers of steel,
has been the curves by the Wall sets in turn supply Pork quarry will increase gra- These
Street Journal hinting at machine tool and heavy equip- to the 14 main dually to between 80 and 90 direct current
| driving motors, each of 225 h.p. zcent point to a decline in this Tuesday night cautioned against serious production let-down for over It., meat of which la llinestone,
"tany in addition,
morbid pessimism" as to
American manufacturers, All the electrical equipment is type of spending.
the country's ability protect care to finance
In the first nine, months of manufacturers canvassed. these conditions, about housed In
in a spacious
mofor
to operate at high capital development programme itself and П 10,000 tons of Ironstone will be room, which is serviced by
levels
Wall the nonelat daily reported that this year Argentine's trade de of prosperity,
65 cent reported order fielt was $107,000,000, Gold The iron 25-ton overhead crane.
in a period of market decline. (Ran- stripped every week.
were encouraged by
roduced to The whole question of the Streeters content of the fronstone at the sames and Rapier are repre-
order down from three months $151,000,000 United Press. sented
in Hongkong by the economic future of the US the President's announcement backlogs ami rate of incoming serves are 3,000-acre quarry is 30 per cent.
ago and a year ago; about 20 was put under sharp focus this also
speeches and it is estimated that it will GEC.).
stock prices rerlas of past week as
their status uti- per cent find and gyrated widely. On Monday, economald
changed and only 15 per cent low cbb, problems.
reported galas. with confidence at
This was taken to mean that investors indulged in waves of
Order backlogs nationally at Drobably selling, eending prices to two-hr President. would
give further reassurancen as to the end of August are off 10 per cent from year-ago levels. year lows.
the nation's economic status and
August, of the During the month of thus dissipate much current
showed a de- pessimism. Wall incoming orders
cline of 8 per cent. Carloadings The Dow-Jones industrial Streeters also speculated that average slumped 10.77 polnis to meeting between President Elson- In September were off nine per
Thehower with financler Bernard cent from a year ago. 423.05 in beavy trading.
and Authur Burns, No Evidence on the Beructs volume of transactions New York stoelt
exchange former head of the President's Advisors
None of this, the Wall Street since September 27, 1833 when in the market was under pressure House concern over the market. taken as "evidence
Elsen- Bernard Baruch, long on nation President
heading 13 following
adviser, depression." hower's heart attack. The main official presidential
He said for the sell-off were was optimistic.
"Even if orders continue to and market's comeback on Wednes-
come in only at the current "evidence" day was
of concern about business,
somewhat reduced rate, they are sufficient to maintain production at a level that would be con- sidered high by the standards of any year before 1950.”
Dogs & Cats May Be
TB Germ 'Reservoirs'
New York, Oct. 26.
Scientific investigation has disclosed that dogs and cats may be "reservoirs" of tuberculosis germs. This is important because if tuber- culosis among human begins is ever wiped out, all "reservoirs" of the germs will have to be wiped out first.
The investigation was not weaknesses in their study-and able because it was made in weaknesses in existing know. Glasgow, which has one of the ledge of how TB germs behave most effective public health in mammals other thou human services in the world but also beings nad cattle. has as yet undetected reservoirs of TB germs that keep "new coacs" rate among people
more or less steady.
the
For instance, their number of human cases usspelated with
| tubercular pets was small, and
It may have been that
TB
Dow-Jones
that
would make
on mator political
totalled 4,070,000 shares, largest Council of Economic
New York, reflected White Journal cautions, should
TOO BODS
the Syrian-Turkish crisis
The New
the
York
Cotton Market
New York, Oct. 27.
germs in the two dogs and two Longer shadows cast over the crop plature speeded the
eats merely were in transit" through the animals,
.. POSSIBILITY Other possible reservolen had been checked and so a Univers sity of Glasgow team headed by
Before medical science, got Dr V.M. Hawthorne looked into Bogs and cats. First; they check- TB in human beings under fair ed the human contacts" of control and the disease still was 14 dogs which were, must lche White Plague," there were finitely tubercular.
no facilities for finding out if
and their 60 people
households These contacts numbered but only 34 consents to medical pets passed TB germs back and investigation. Of those 34, the forth. x-ruya of 13 showed evidences of TB. That's a whopping 35.2
per cent. Three of the 34 hod
active TB,
rate of 8.82 per
INTIMACY
now
Bank Of England
Statement
London, Oct. 28.
Goverment
part:
10
00
or
De Beers suffered heavy soll- the the news that
company General to go into
& Poors 500-stock index closed 30/- between its high and Ita the week at 40.59 up 0.28 point low last week, finally cloeing with a net gain of nearly 10/-. week. on the
British Petroleum IKE'S ATTACK
followed Trading was the biggest for much the same pattern closing
While higher
Shell Trans any week since the one ending 5/- September 30, 1955, when the port gained 2/- and Burman Elsenhower hehrt attack deal and Canadian Eagle 1/-,
British Governments followed ings sent sales 21,093,400
closely the
downs of ups and abores.
Net changes at the week's sterling with Old Consola final- The Bank of England state-close were small for the mostly closing of the long with a American Telephone, gan of £18 which was £3 ment for the week ended Oct. 23, reads as follows:
burdened by a forthcoming de- which was down £1%. It starts next week fairly close to its 1957 Notes In circulation: £1,900,000.355; benture issue, fell 34 points, Public deposits: 41,800,073; Private Bethlehem Steel and U.S. Steel low of £60.
tractions. Chrysler deposits: 2.626,455; Recurites: 249.641; Other securi-gained beties: 30218.33): Receipin: 16,747,993; gained 14, Du Pont 33. Easting that the Ratio: 11.7-United Press.
man Kodak 24, General Electric American Into A
244, Gulf Oil 9. Lukens Steel Electric was ready 54, and Royal Dutch 2. production of Industrial dia- In the recent decline from the monds or rather into the pro- year's highs, American Tele- duction of "Boart" the smallest phone lost 18% points, U.S. type of industrial diamonds,
Japanese suffered some heavy Steel 21%, Du Pont 424, Texas
losses with
ranging & Pacific Railway 67, and Luktens selling
Many more trom £2 to £1, Germans Steel 88 points.
Potash were also down with Parls, Oct. 28.
lost 20 to AŬ points, Elsewhere, machine tool
Tac Bank of France state- The market was the broadest non-asserted down £2 and the down £ in the makere report incoming orders ment for the week ended Oct. since July 20 with 1,485 issues asenteds Inst month off by 83 per cent 17, reads as follows:
appearing on the tape, of these case of the 7 percents and £6 from year-ago lévels, and at Tolai Their
United PresS. lowest level in seven 201 206.309.423: Total offer curses. 702 declined, 183 gained and in that of the 8% percento, years. Steel production
last sies: 11,512,103,674, 81 balance 160 held unchanged, week is scheduled to drop to broad in FP: 11,771.000.000, Ad-
vance to Stabilization, Fund: lowest level since August.
Total
discounted: Bankroten in eir- Mills will operate al 70.9 per 1,943,906,473,700;
Rulation: 3,221,545.170.190: Current cessive week of decline. Mean-Ualled Fren 'while, there were new gulbocics
Bank Of France}
Statement
guki holdings. Frane:
Bilim
upward movement in cotton futures for the third wook | cent of capacity, the third succounts and deposits: 370,295,140,215.
in a row.
estimated the In government aircraft buying Rising to the highest level this past week
In line
with its retrenchment since early July, the list at yield at 12.1 million previous
The navy concelled estimate nd
500,000 polley, about
cati- orders for 115 planes costing 21 Friday's close ruled up 45 to
bales under the survey's
Elawhere, reduced 4 points, or $2.25 to $2.70 a
manth ago, Only million.
for demand
fron bale higher than the preceding mate of a
ore forced about 43 per cent of the crop
as some production cuts in mining, week.
The Baltimore and Ohio Factors generating the main had been harvested against
ported wall CurlinIDDI price-lifting power includert: 1.1 per cent at this time last year Persistent unfavourable weather the survey noted,
workers by the end of month because of a drop harvesting cold and wet con-
freight traffic. ditions with the overhanging threat of frost; 2. Possibilities those for a sharp cutback in the next
But now there is the all im- cent. In mass x-ray examina-portant question of the "re-
REVERSAL
whero
FOCAL POINT
LOAN ENTRIES
Einco
Exchange Rates
Buxhem was done in the beal wooficial
this exchange market morning at the following materia
1.80 U.B. dollar (per $1) you ru-
15.63 3,500 Sterling noter (per £1
Australia notes (par 21) .. the indonesian rupiah (per 100).. 135
In | Biam deal (per 100)
Gigapore (Strata) ....
Tommy Lawton,
SHIP
12.23
***1.50 1,81
A good feature of the week carno
Lions
NAMESAKES of Glasgowans at large, servoirs" and
Loan entries for the week from the auto industry. Only a the rate was 0.72 per cent. "reservoirs" are.
government crop report - do
Answers: 1 Nottingham, They found that the tubercu- November 8; 3. An extraordin-ended Oct. 18 rose to 101,908 few weeks ago, the industry hád
4 Team, 6 lar owners of tubercular animaleury Ing in ginning activities; 4, boles, the greatest volume for a total of 800,000, uneold cars in
the Benson showrooms. However, this total Touch, a Game, The scientists then revered lived togather rather intimately. Heavier entries under the loon any work themselves by ecamining the The dogs in most cases were programme; 6. A growing con- started on August 1. However was whittled by 200,000 during Penally, Chelecs, 7. Head, 8
of 1980 paceton, 11 Kettering. household dogs and cats
of bathed in the same tubs inviction that price and controls total impounding to date of September. Auto sales are now Forwards, D Brentford, 10 Ever- human beings at whom TB had which the people bathed; some will continue through the 1958 406,808 bales are less than a slightly shead.
third of the 1,329,441 bales Im- United Press. been detected. There were 37|dogs and cats were permitted to crop. much persons and they owned lick the dinner plates; half the
powding at the same time Inst year. animals slept In the 20 dogs and 18 cats.
STTUR their masters
became Two dogs and two cats were rooms in which
crop situation
While loan entries continued found to be containers of TB slept, and some were permitted the focal point of attention, to lag in face of the slow do
the master's
outweighing Intercot in the mind for cotton, both from germs. This, the scientists said, to get on or into
swinging and active stock mar- dostrestic mills "must ratee the question of the bed.
and exporters Dullness In their report to the British | ket
in the advisability of slowing dogs
textile some mumled traders pointed and cats to live in tuberculosis Medical Association, the scien- market and uncertainties in the out the internet, rate under the households."
tists remarked that this podcia | general""""business pietura - miso | Yonka-1g only 31⁄2 per cent sanitat Hawthorne and his acistes to the ease with which mutual rated secondary attention, | fym pret aged or chew theclath ré- wine charys to conclusion infection night oogur"--Unitted Anticipating the government mark skinking :: channels, ma Jumping They pointed out Press...
stop report, and priváta'qulving GELIGA #Am.
The
BENDLINE
PHOTOGRAPHS
by our Staff Photographers
D.B.5. Fate at School
Visit of Afifi Shriners Indian Diwali Celebrations. Southern Pacific Coċktaji
Cocktail Party Aboard M.S Ball Special Constabulary Parade at Aberdeen Window Dressing Competition (Judging) Kowloon Rotary Club Ball, Peninsula Hotel Presentation of Swimming Certificates at EYİM.CA. Kowloon Women's Welfare Club Ball, Peninsula Hotel, Vietnám. National Day, Reception et Repulse Bay Hotel Lady Grantham Opens Painting Exhibition at Cecil Arts Chinese Section TV Talent. Time Mission to Seanah K.G.V. Parents-Teachers Tea Party at KGV.. Final of European Section TV Talent Time Halloween Party, Kowloon Junior School Interport Regatta Prize Distribution S.P.C. Fashion Show at Jockey Club All Local Sports Local Presentations
Local Weddings
Etc. Etc Available at
SOUTH CHINA MORNING POST. LTD.