Page
Q
SCIENCE AND ENGINEERING
THE CHINA MAIL, MONDAY, NOVEMBER 25, 1957.
Fuge 9
TRADE and COMMERCE SECTION
SURVEY OF THE WEEK'S AMERICAN ECONOMY
Out Flows Cable Cautious Reaction To Govt Move
In Flows £2,400 An Hour
CABLE
VABLE which is flowing ceasclessly into a ship lying off Greenwich is boosting British exports at the rate of £2,400 an hour.
BRITAIN'S
NEW COMETS WILL FLY EARLY 1958
The 4,800-ton cubleship Ocean
of
| Layer is restocking her special
holáis with 1,000 Ingles telegraph cables.
Before the end of the month the Ocean Layer, with ber cargo
of £600,000 worth of British-made cable will sail for the Indian Ocean.
hey three weeks since
the cable vessel came back from the Pacific where she was on a first of Britain's now four-month dollar earning task. Comet jet airliners willing 1,300 nautical miles of
Tho
bo flying carly in the New Year. As the 550- m.p.h. airliner is made
load BOAC' ready to ordered fleet of 19 Comet 4's into service, other Comets are making
comeback a great
world flying.
cable between Hawall and Califorals.
ing
in
the
With no fuss or bother, 10 Comet It's of RAF Transport Command ore piling up miles at a rate of 400,000 a month. These jet passenger aircraft, riginally BOAC's Empire routes, have covered more than 3,000,000 miles since the RAF took them over.
planned for
The
FLYING TEST BED
are
other Comet It's being down by BOAC in test the inter type Rolls-Royce Avon engines that are to be fitted into the new Comels, and to gain experience of jel operation.
Meanwille de Havillands are
building up a rost
amount of
Comet lying with the Comet III which is being used as the fly-
ing test bed.
recently
This pirplane
flow from
London to 12 hours 58 minutes, a new record.
Johannesburg
And at Hatheld one of the original batch of Comet I's s being used for engine de-icing tests.
TANK TEST
Two Comet Is. bought back by the Ministry of Supply from Air France, are almost ready to fly again. Royal Canadian Air Force Comets, also are back in the nir. AN have been strengthened.
Production of the new Comets No. 2 on is coming on well.
the production line will never fty. This fuselage is scheduled for the water tank presturisa- 1lon test. It will be
until it breaks,
Other Come!
fuselages
tested
CATA
u
well advanced and will soon into the main assembly shop London Express Service.
PAINT WILL
REPLACE
THE POLISH
A long-term experiment is
being
carrled out by
British European Air- ways to cut down on air.
liner spit and polish.
The Vanguard airliners, four- engined turbojet nirerzit to
info
service In 1080, will
go
be
painted in "light Admiralty grey” i
It looks like duck-cgg blu- replacing the highly polished
metal surfaces of the present Viscount airliners.
£3m order
Lid..
New
Sir John Dean, joint manag-
director of Submarine, Cables,
sald: "Orean Layer in a very busy ship. She will be working on the
Atlantic cable which is to be Inid from Canada to France,
"The order will be worth about £3,000,000."
The cable now Bowing day and night from the shore info the ship, is colled layry upon layer vast metut "drums" deep in the hull of the ship.
Men walk round on top of the ion of cable seeing thul each coil falls into place.
-London Express Seruterį.
Robot Power
Stations
Are Here
to
Nunusual dollar-earner A has
been added Britain's export list-robot electric power stations.
Big Psychological
Boost For
Business Climate
New York, Nov. 24. American business and financial circles reacted cautiously to recent government moves to relax the credit brakes on a sagging U.S. economy.
There was general agreement that the prospect of easier money had given the business climate a big psychological boost. There was less agreement, however, as to whether these steps are adequate to arrest the downward trend in economic activity.
HONGKONG STOCK EXCHANGE
New York Stock New York
Market Review
New York, Nov. 24.
met
the
Stocks digested a vast number of adverse items during the past week and moved higher after a sharp drop on Monday and Tuesday. Clains in the last three days of (been published the rails the week lett industrials at support. Even a cut 2412.68 on average up 3.33 from Pennsylvania Railroad dividenti the previous week and utilities failed to hurt the group further, up 121 at 67.10, a new high Baltimore & Ohio hilved its since September 4, Rails fell 1938 dividend and that brought 3.21 points to 103.96 and this left a deluge of selling into the the general average practically issue. crtchanged.
Our Own Correspondent
Business done on the Hong- kong Stck Exchange this
aniounted morning proximately $207,000. Noo quotations
and the morning's transactions were
Shares DANKS
10
Mayor Roller Hairs
HK Bark INSURANCE3 SIPPING
Wh-elucka. DOCKS, ETC.
Industrial production in October was at its lowest Wharf ..
point in 15 months. Personal income was also off for the second straight month after an almost steady rise over 18 months.
approved for Ave
experis
The
005
Fast Axa
Unto
76
1.50
117
0.05 15,000 E 4.61
2:00 118
Dek
KANNA
SIS 'vident 2 (0) 11.00 11.80 LAND. ETC.
ilk Note!.. 14.00 14.30
# LA..
331 754331)
Humphrev
16.10
Itet...
1.35
1.40
HUBBER
are
divided more than just an the money picture needed to give the
12
to
Amalg.
1.25
1.45
UTILITIES
... 1.17%
1.23
| gram_ ..................
22.00
23
5tor Ferv. Yaunia
2007 127
934
10
14
C. Light (0) 18:30 18.30
100
| 36.49
C. Ligal ini 1739 17.70 Electtle 27.30 275
130
200 40 27,40
1,000 * 2015
100 26.10
100 24
תוחי
Telephone
20.30 20%
The big news this werk wi
of lower interest whether The prospect rates and a general relaxation in casing in
us was Einight he the money inarke, lauched off last Thursday when sagging economy a major lift.
Reserve Board the Federal
for ex- steel industry, of its 12ample, would like to see a plek- up in new orders from its major member Banks a one-quarter of
in its users--cars, petroleum and cent reduction one per
vale-the
INDUSTRIALS, rate heavy equipment manufacturers. rediscount
Cement 23.00 men think any charged on turns to its members. Some steel
15 Amoy Can. The new rate is now 3 per cent, benell accruing to the Industry
STONES, ETC. back to the levels of August, might be more in the nature of Dairy
13.30 10.30 1,000 +1020 300 44 12.30 Watson long-term one mer than
12.20 1240 The immediate effect of the a
COTTONS in Beard anything
the Immediate
Textile ..... surprise move by the
Nanyang managers future. the nation's money was electric. Bonds and security prices strengthened. Then arm- ness was particularly evident in the
Ordinarily bond market,
down only This week, some lo aues showed advances ranging to three points.
bunds
move up cr
fractionally.
More Funds
Automobiles
4.00 9.20 INVESMENTS Yangtze
5.35 Allied.. * IK. A FE
11.50 Invest.
0%
་ ་ ་
100 10
continues
The
Exchange Rates
Business was done in the locat unofficial exchange market this morning at the following rates: US dollar per )
more their
Boring nodes (për' (1) Australian notes (per 211. Indonesian rupiah per 109) Slom test (per 100) Singapore (Straits)
15
12.47
13.80
20,00
1.01
The suto Industry
buy cautiously. petroleum industry is still hard bit by mounting inventorles Elowhere,
for demand
steel Many has been disappointing. feel that steel production over the first half of 1958 might be about 75 per in the range of Business sentiment got an- other if this week when Alfred cent, below current levels.
Another Hayes, President the Federal
big question being Reserve
Even Bank of New York, asked:
with cheaper impled that more, funds might money, just how many be pumped into the credit companies will add fo They are made by J. and H. stream by upen market agera-production facilities next year? already many of them tions by The Board. By buying With McLaren Ltd., an offshoot of the Brush engineering group. Treasury securities in the open plagued with over-capacity, the be less Hawker-market, member Banks add to fear is flat there will hy
incentive for expansion unless ¡demand improves all along the online. Already, Canada and Ecuador
Many experts insist also that have placed
for the caster money had the following
cffect:
even if easier money and lower RACO's as they are called.
Commercial paper rates interest rates might attract more IN PAIRS
were reduced by me-eighth of capital financing, the net effect one per cent to one-quarter of un the economy might be Working in pairs, these small one percent. Three major segligible. These experts ECG dealers inclined to minimise the number operated power units are
finance companies and diesel engines and need to on- the-spot workers,
other
now
Siddeley.
owned
orders
They switch each
بودن
thel lendable funds,
week's The
emphasis
in commercial paper thus moved t corporate Anancings which back their Interest rates on were posting bond because of short-term paper to September the high interest rates one City
and October levels.
tine at 24-year highs. Those
and off, and if they go wrong they automatically "confess" to
a central ropai depot.
If one generator fails,
over until
its
repalry
twin takes are made.
Canada and Ecuador rr using RACOs to set up radio-
Unks telephone
across wild country.
What are the orders worth: Brush is not saying.
"But we are excited about the prospects for these minia ture power stations," Brush spokesman.
said
Television
To Aid Airlines
AIRLINE plots may
A
to
High Levels
• Rates on bankers' DC- that needed such funds were ceptances used
finance always able to find them, they foreign trade-cased one-quarter added. of one per cent. The new rates are now 3 per cent for 30-10- 10-day paper, 3% per cent for 16 to 170 days, 3% per vent for 180 to 239 days and 3% per cent for 240 to 270 day paper.
This
Bank Of England Statement
Weakness in railroad issues,
Deep Chill
Cotton
Market
New York, Nov. 24. Cotton futures this became more preek two-sided after the market climbed to the highest level in five years.
While old crop deliveries, propelled by an increasingly un- favourable crop pleture, pushed standily forward, the new crop deliveries tumed casier whoo new uncertainties over future farm legislation developed.
Budgetary considerations and defence spending, some quarters
which lost. 4.35 points on Mon- Secretary of State John Foster dlay and 3.75 on Tuesday, was Dulles gave the market a drep a major force in unsettling the chill for a time when he sal general list. At tha Tuesday economic controls night be felt, might lead to some relaxa- close the rails stood at DB.77 of necessary. The markot was tion of Federal farm controls 4.15 points and a new low since saved from a deeper plunge next year. January 18, 1954.
At Friday's close the list ruled when Alfred Hayes, President of Car landing had noother the New York Federal Reserve 19 points higher to 82 pointe sharp decline but after they had Bank, hinted at further ease in tower, or up 1.85 in off 1.08 n bole compared with the proced- mom.cy.
Wall Street reasoned that the ing week. trend toward easier money
set aff by the cut from 3 to 3 per within striking distance of the cent level, setting the
September 7, 1953, chart
LONDON STOCK MARKET
Spot December
crowded to
cent in the discount rate In 1904 eight Federal Reserve District highest price for any contact Banks would delay a test of the inco
recent lows cati carly In 1958. readers réportet.
In the meantime
pbservers
severat
anticipated a year-
good pru
end rally of fairly portions for the market,
Trading increased
JTt
the
Heavy Toll
Adverse weather conditions, London, Nov. 23.
according to most reports, have This is supposed to be a general list with the week's total not early taken a heavy toll h
period of "deflation," but of 12,505,122 shars, the largest in the number of bales, but has
about a month.
irreparably lowered the grade of a substantial part of the crop, the market has found it Compared with last year in-
dustrials rather baffling this week.
are down 0 per cent Low crop idense were backed Financial and rails 33 per cent. Utitles up by the exceptionally slow Bince Nov, 1
of ginnings. Through Times Index of Industrial Shares show a gain of 0.75 point over rate has moved stubbornly up from 1958 or a little more than one November 14 ginnings totalled 101 to 170.2; in points that was per cent, a game 9.3.
the But the market looks back toot a September, in which this in-response to easier money made The supply stringency was 'ng-
sevourites by pertentage gravated
the
only 6,737,650 bales compared The defensive characteristics with 11,100,170 boles processed utilities nd their to the comparable date last year.
dex fell a total of 22.4 points, them and to October, in which it fell gain during the week.
The Friday market got a lif
anncuace
u further 17.1 points, making
a letal for the two defintionary from an Air Force months of 39.5 points, of whichment that it had shot meteers
into outer space. in November it has thus for re- róvered, as we have seen, some A points.
This was reflected this week in modest rises of the more im- portant stocks-Rolls Royce us 2 shillings, Unilever up 1 shill- ing 9 pence and others up by pence or a stillllag
BAFFLING But when we turn to the oil
.
Final Tally
by the scurelly of quality cotton. As 0
result, prices for better, grade and staples staged a sharp advance.
Average price for middling Inch cotton at the 14 Southern markets rose to $4.00 cents a pound, up 2.73 a bale from the more than the 33.35 cents lovel previous week and 6.55 a bale prevailing a year ago.
When the final tally was made, it showed a total of 780 stocks closing higher, the best for this
Some market quarters awalted group since July 5. There were the Brat sale of government- 438 declines and 189 issues out owned cotton for
unrestricted of the 1,407 traded held un- use to be made on Monday, changed. A total of 18 issues November 25. The initial offer-
set new highs and 108 made new ing will contain 1.3 million bales London, Nov. 24.
from the 1955 crop and appro- The Bank of England state-shares, we find the spot that has lows.
Easier money helped the bend ximately 325,000 bales of the 1950 ment for
endt been really baffling. The official ihr weck
initiation that British Petroleum market with all groups
except erop. November 20 reads as follows
rally showing Stering proposes to invite its sharehold second-grade
With Notes in circulation 1,967,035.04s to furnish -probably next gains. Puble depusita w............ 10.4170,604 weeksore 50 million sterling Ou shares, heavily oversold for quite limited, mills are CX- Private securities "
strong perted to bid actively for Government
market on Friday. They closed better qualities of the govorn- Other securiifes Receipts Ratio
383,135 039
起 enjoyed
commercially destrable grades from the new crop thus
the
209.121.572 in new capital, has flabbergasted recently,
47.457,117 'he market all week. 16,182,532 Actually, the British Petro- the week from unchanged inment-owned cotion. United
leum shares have enjoyed a rise Jersey Standard to up 5-3/5 in Press. United Press.
Bank Of France
Statement
G.O
2 shillings 6 peace-presum- Barber. Du Pont rose 6 points ably on bear covering though end Allied Chemical 5 In their AGREED MERCHANT
Stecks were
the others have been weak with section: Royal Dutch town 12 shillings changed, notors slightly
casier 4 pence and Shell down 2 shill and special issues strong, Na-
(lona) 1ings.
Lead gained 7 points, an- Newmont Mining 好
Polarold 5% points. United
Suez Canal shares lost other 1 sterling to 44.
Parta, Nov. 24. The Bank of Brunce statement
British government stocks Press. for the week ending November were not very active, but the the14 reads as follows
Anuther big factor being watched at this time is week's offering of reaction of American consumers
Lo tho new emphasis on 01-day Treasury bils was sold
Tola! holding ...... Total other currencies at an average interest rate of defintion. Some experie are sight balance aboad in 3.145 per cent, lowest since last now concerned lest the Board's P
when the discount rate easier money moves will be Advance to Stabilis July,
three per cent. A weck interpreted
ties Fund the by
average
Total bulls discounted go the Treasury had to pay consumer 25 1 sign that the Bank nates in circula- 3,37 per cent on similar bills economy is really headed for a
Long-term capital issues major slump.
Currani sccounts and
deposits were offered at lower rates and the US government itself was able to trim ita costs on a 11,500 million refunding and cash issue announced this week. The lowering of the rediscount rate helped sell many bond issues, many of which were logging.
Speculation
soon be
The largest $250 millon offering
of these
d
Orie airplane of the Viscount A able to know whether their flect is painted in the new controls and landing gear colour that the full advant-even engines are working pro- ages can be assessed, The perly by looking at o television underside of the fuselage is the screen In the flight deck. surface with the new treatment. Closed-circuit TV has already And it does not need to be been used on test flights. It is highly polished like the gleam being used. Increasingly in in- ing mirrored bellies of the dustry for inspection and in ndimal Viscount Dirilnes,
seleniffe, laboratories,
Biva
France
They would like to see more encouraging business statistics.
Output
or
reason.
to
very
Interesting festute was that they on several days 101,204,302,420 broke away
11,063,330,005 from their close attachment
sterling. They moved up or 13,771,000,000 down without much regard to the movement on sterling, How- 1,085,575,241,270 ever, by the end of this week it was noted that during the days 3,101,308,061,34D
In which sterling had improved 434,351.100.131 | from 2.80 dollars to 2.60. In that event, it is reasoned,
-United Press. dollars, glits-led by war loon they might not be so ready to
-had Improvet one-eighth Luy at previous high levels.
sterling. So for, opinion appears to be January or February. Many
IRREGULAR divided a to whether more also feel that there is still the
bonds were German people will be buying hommes, prospeet of a test. now that mortgage money might
irregular, moving without much Potasli brcome
New
rhythm more available. housing starts have been off by
bends illustrated this, for while 10 per cent., High Interest rates
Potash 7 per cent non-assented and the tight money situation
fell 1 sterling, the assented rise have been bluntl for tho They were generally little
4 sterling; in the case of the 04 was a drop-off.
Impressed with the igure per cent the non-asscnted were Although housing starts have released this weck by the unchanged, but the assented American telephone dobentures shown signs વર્ડ picking upCommerce Department. These rose 3 sterling. The Daws made in October. It was only lately, the general feeling is showed that, the nation's output
improved Loan non-assented about
durica half cold They were that such stars may total of goods and services
one-half sterling, but assented priced to yield 4.00 por. cent at around 1,000,000 in 1958, slightly | the third quarter-the groNS 101.451. Within a few minutes more than anticipated in 1957. national product was running geinod 11⁄2 sterling.
Japanese were active and- of the opening of the business One expert felt that while at an annual rate of US$139,000
an increase of $5,000 unlike the Germans-saw both day on Friday the entire issue easier money might not add to million,
amenteds and non assenteds was taken up and being quoted the overall total of housing million over the second quarter.
together. ot a premium
starts, It might have the good The increase, however, was due moving up or down
Jasue was the 1890s, There Was considerable effect of arresting any down- mostly to higher prices und did Strongest
not reflect a bigger outpouring which gained one sterling, while speculation that the lower trend ward trend.
of now
wenkest was the 19079, cars, housES, clothing the
Several which lost 1 sterling. and personal services,
one-half sterling. Most of the third-quarter gals ulliers jost so far this year amounts to Chinese bands, where changed, At the were down one-half-sterling, as Wall Streets meanwhile look about $19,000 million. credit
the news in stride. While they end of 1966, the top gure stood were also the Greek bonds:
Dollor stocks lost ground All other interest rates are look upon etsler money as at 8420,000 million.
woelt the during the Also disconcerting was generally pegged to th rate. Inflationary and, as such, good Financial clrcles reasoned that for the market, they are not fairly static trend in personal promium reflected this by casing French Locomotives the prime rate would
Higher have to altogether certain that any up-incuitté.
and one-half to 10 per cont-Unite wages come down more in line with ward move in prices Is in the palories in hot-manufacturing | Prèss. Two of six electric locomo- the three
rediscount offing.
espoMally
and per cent
They point to such obs
trade in the lives ordered by the Burmeco | rate. They point out that factore de dividats and proft services, accoinfot for about 75 world has been sat up at Fer Railways have been delivered ordinarily there is only a spread margins Ав more compelling per cent of a $4,000 mulon
In (Pas-de-Calais), neat and have arrived
money in taying increase in the national rate of Burris. of one per cent botwoon the than easier They will be in service on the | rédisconní ráte shd the prime the basis for an upward surge parcial income.
Answers-1 Stago, 2 Radio, 3 line. The rate.
The now intébmo In the market.
of Rebording, figure
3 Entertains, As matters stand now, The new derrick meatures 13 Rangoon-Mandalay
Some and lines have been reinforced
Vdentling. market men fed the 8510,800,000,000 was a record Microphone this spread is 1% por cont metres (280 zeof) High weighs 10 tons, 35. was, built carry them.
The prospect of erster money cut in the discount rato alght high, but the ghin Was about Track, Malodies, o Tunes, 10 | ja generály, considered an delay the test of the recent lows gauni to pried“: rišek---Unitól | Bröddzākt,
Inflationary
** BAMKE MINE- But many la the Stock Market to Bart Prem,
official said: "The paint Now one airline in the United has anti-corrosive qualities States is going into the which will be required on the problems of
closed- using Vanguard because of the dif- cireult TV, and on American ferent types of metal used on electronic concern has atted out; some parts. The colour has a Dakota with four cameras baan choath by exports to blend focussed on different parts of with the colbur scheme of white the airplane,
(London Express Serulow). and red.
→→London Exprim Service).
HIGHEST DERRICK
The highest derrick
que
Boulogne
by a technician of Chambery, hk.
Haulotle.
to
Builders of the aloetzle 100g *motives aro Alsthäis, óf Thrusă,
In the money market might horakd a reduction in the prime rate. The prime rate, currently
4 per cent, is the rate charged by banks on its best risks.
mový.
Wall Street
and
NAMESAKES
4
8
The
T
and
RATES
Canadion 3: Maximum Selling,
105; Minimum Buying, 107 T/T, 15 15/10 O/D,
West German Deutschemarks 12 5/10
SHIP
BENOLINE
PHOTOGRAPHS
by our Staff Photographers
Foot
Regatta
C. A. S. Exercise in Kowloon 4th Macao Grand Prix 2nd Day Tennis Exhibition at H.K.C.C. Presentations at Government House
.. International Y's Men Club jubilea
Indian Reception at Cloucester Hotel Fire at Talpo Road, Shamshuipo, Kowloon Crown Prince of Iraq Arrives at Kai Tak Indian Farewell Party to H.E. The Governor New A.O.C. Visits C. B. F. at Flag Staff House Opening of Rural Training College at San Hul, Castle Peak Director of Education Visits Portuguese School at Cox's Rd. Asia Foundation Cocktail Party at Gloucester Hotel Queen's College Speech Day at College Hall A.O.C. Leaves at New Queen's Pier for U.K. St. Mary's School Party for Poor Chlidren Wah Yan College Kowloon, Speech Day Shek-O Golf Club Presentation Prizes Arrival of Japanese Prime Minister St. Mark's School Speech Day All Local Späits Local Presentations
Local Weddings
Etc.
Ete
Available at
SOUTH CHINA MORNING POST, LTD.
Wyndham Streat.