Page
SCIENCE AND
THE CHINA MAIĻ, MONDAY, JUNE 2, 1958.
Weekly Survey On American Economy
ENGINEERING THE KEY TO THE U.S. RECESSION
ENGINEERS CAN NOW 'CUT THEMSELVES
A LENGTH OF HEAT
A
KIT that will enable laboratory technic.ans and process engineers to "cut themselves a length of heat" and apply it to any complex shape that would otherwise pose a difficult heating problem is to be displayed in Germany by a’British firm.
Known as "Heal-By-The-, Yurd", The system consists of a
NEW LEATHER HAS conuens netwirk of resistance
GUARANTEE AGAINST WEAR
A
NEW leather so that the British
wires enclosed in a knitted clas the sleeve of Klass fibre yarn that can be wrapped like tape around any pe. It is to be exhibited at the Chemical Engineerb Exhibition, Frankfurt, which opening Just Saturday and insis until June 8,
tough | The tape is made in hair Inch cum-and ore inch overall widths and supplied in kits inlengths of 25 feet tr 50 feet together with terminal fixings. RESISTANCE
producing it are pany offering a six months wear guarantee will be among the British exhibits at the 27th International Fair at Poz man, on June 8-22.
The Brkish company say they are prepared to sell the tannery method.
Initial together with practical guidance, to tanners In countries. certain OVCITUDS Pailsh fanners have already chown much interest in it, they acid.
The leather is produced by a then Im- special,tanunge and
with a
compound pregheled made up from certain materials Not only 11 extra tough, say tests bul the manufacturers, have shown it to resist water permeation four times longer an nurmal good quality sule that the tannage - They addi system is reasonably quick and that the leather is left sumclent- ly plant to be stitched to the shoe well,
leather,
INTRODUCED
Introduced only recently in Britain, the new leather is sald
The electrical resistance has
been so arranged that a normal working length of 12 feel would require a veltage of 120 volis, while a 23-foot th would
oblin volle la require 230 maximum temperatures. wire is used in the network and this will attain its rating ol 200-250 nominal degrees centigrade,
Nickel
resistance
Other laboratory and Indus- trial healing equipment to be shown by the same firm will include o new "flexible furnace" of ceramic beading construction and suitable for temperatures up to 1,000 degrees centigrade, a new melting point delermination
giving instrument readings of within one degree centigrade over a range from zero lu 380 degrees centigrade, and healing mantley suitable for dasks up to 200 ltres capzelty. Engineering, Electrothermal Ltd, 270 Neville Road, London, E. 7. Enganiel.]
Consumers' Response HONGKONG Utilities Rise
To 1959 Model
Cars Will Tell
New York, June 1.
The belief increased during this holiday-shortened business week that consumer response to the 1959 automobiles due to start off the assembly lines in early autumn holds the real key to the duration and severity of the U.S. business recession,
RUSSIANS BUYING STOCKS ON WALL STREET
By ELMER C. WALZER
up
the
New York, June 1. Indications that Russian sources are buying stocks in Wall Street have brought up question of whether the Soviet could obtain control of the U.S. merchant marine.
be done,
to that is ant secret. The answer
But they couldn't take over the shilps once the Govern- emphatle, "no."
It could not
about their und ment found out here's why:
transactions.
1107- It isn't that way with Back in 1010, the U.S. passed a low-the Shipping Act of 1016 shipping corporations. With those for U.S. merchant Russia or any other alten could corrected providing
marine, That law, as amended-It he trad the money to buy
that Ir provides
a control and actually take over.
"The Problem a registered U.S. merchant ship foreign country buys control of or ships, the ship or ships will he seized by the U.S. Govern- ment.
to have found considerabad Big-Conveyor Belt
lerost
home and abroad,
while orders have been received fcm Sweden.
company say.
1918,
Much Stiffer
And this goes in Deuce or war, Currently, the US. Is con- sidered In a state of emergency
STOCK EXCHANGE
Our Own Correspondant
Business done on the long- koing Stock Exchange this morn- ing amounted to approximately $300,000. Noon quotations ant the morning's transactions were:
Shares BANKH
Buyers Bellars
703 HK Bank.. 78716 Fast Asli
INSURANCES 71 TRIS
The slump has been centred all alone in durable goods, and SHIPPING** the automobile-linked as 15 Waterboat
with steel. rubber, glass, Wheelock. machine tools, and other pгO-DOCKS, ETC. ducts that go to its construc-x. Whart.. tion is by all odds the most Dack Insportant and significant of the Provident "hard" industries.
LAND, ETC. HK Hotel
It is no exaggeration to shy that at the autornuble business RBCs, 27. Cues business in
general.
First Ray
เอ..
Sales
1773
0.05 0.15 0.10 1,000 6.10
To
A 28-Year
High In N.Y.
New York, June 1. Stocks closed the week on small gains with the general average at a new high for the year and utilities at a 28-year top. The week, cut short by the Memorial Day holiday, brought out a volume. of 9,297,760 shares. That was a daily average of 2,324,440 shares, against 2,507,386 shares daily in the previous week.
101
ALIN
The sales brought the volume ¡year ago; rnils down 20.53 or 11% 11.70 1,000 44 11.00
for the month of May to 20 per cent and 65 Blocks down 8.5314 11.00
64,170,023 shares, most for the 15.08 painis or 8 per cent, 10.70 18.90 DON 19.74 month since 1030 when it was 1,000 10.0 nearly double. It was the best 1.003 10.03 month of 1958.
92.38
1,500 19th
HK Land
3219 32.75 1.753
Rumphrey's Realty
1919
1.53 4 Ou
RUBBER
Arri
1.375 1.40
Triat
1.20
1.00
1.35
116
2018 2311
The period from May 11 to A. Tawan .. May 20, according Words
Automotive Reparts, brought an ram rate of automobile eight per cent rise in the dally Side Ferry: compared
Yaumall
sules esc. Light with the preceding
Sales o fat in 1988 amount ed to 241,227,980 shades, a rise of 18.072,00 Shares or about 9 per cent cumpared with a year
Bgo.
For the week, the industrial average closed as 462.70 up 1.67 points from the close the week before and within about 0.05 of 17.40 17.50 1.000 1140 the year's top; utilities 18.19 up 27.20 27.30 2304772 0.07 and a new top since Octo- 1,000 21.20ber 4, 1936; and 65 stocks 100.55
RD 20.30
up 0.01 and a new high for the 15092.0)
500 20.40 year.
en days, the first ray of hope Electric ..... in months for the hard-pressed Telephone . 20.30 201 car manufacturers.
223 17.50
Bul nobody, including the INDUSTRIALS Amoy Can ... that this STORE, ETC. manufacturers, feil signalled any sudden resurgence Datry ...... for the Detroit-centred industry. Watson ....
L. Craw came as the
COTTONS In fact, the news
scheduled
still Textile * 4.00 auto-builders
cutbacks. Nanyang production further partly due to Friday's Memorial INVESTMENTS
Yanatsto Alfed Day holiday,
37
2015 1000 20.90 21.10 10.30 10.00
121042
0.45
5.40
300 6.55
1
Retail deliverles during the ten days ot May This is the problem facing the second
14,830 vars dally, U.S. Government right now. The averaged Securities and Exchange Com-considerable improvement over day average of mission might be able to inter the 13,750 per
The first ten days, but t vene.
the cent below 21.3 per on the grounds the big However, .5. laws were violated by the like period of 1957.
Thus the auto makers-pinned und the rules are much stiffer, alien-because he didn't register
I differcat with American his holdings
their hopes on the new models. A mission.
alid the hopes of business Under the securities laws, any foreigner might conceivably ob-
10 per cent emeral for at least a small tain control through purchase pemon who holds
10 be riding with of stocks in the open matket. of any class or any equity se-autumnn pickup seemed, in large
System For Steelworks manufacturing corporations.
with the Com-
His controlling could be hidden curity which is registered on a measure, A
securities exchange them. must file certain reports of his Back in 1910, the Brit World holdings.
It is difficult 10 war had been in progress
spot the
in Swiss or other sources until national the time came to extrelse it.
for:
of a corpora- exercise contrul
Abandoned
In
AMERICAN
The same firm will also be showing a new labour-saving
Stockholm. mashine for the automatic softening of upper leather after DOUBLE conveyor-belt
will do it has been tanned.
installation for ore, coal 3ix times us much work as previous types of machine, the and limestone, the belts of They add that which are allogether more
The car industry was plan- one has already been bought by than 3 miles in length, is at two years and the stock market foreigners holding stock to this
cariler A the Poles. Barrow. Hepburn &
models out the now Gefe Lid, Grange Mills, Grange present being constructed had resumed operations after a extent bul if they should ity to ring some months ago to bring Ex- than visual In the hope of Rend, London, S. E. 1.
for the new Oxelosund steel shut-down. works belonging
Many ships sought haven in tion, the Securities. and to the
US. registry. To keep these change Commission could track stimulating sales, but the latest Grangesberg Oxelosund ships in our merchant marine, down on their failure to register word from Detroit is that this their holdings with the Com- scheme has been abandoned 'o its Shippingmission.-U.P.I.
get rid Af Company.
permit dealers to
the icp-heavy inventories of being built by
Today the U.S. merchant
current model. Nordstroms Linbanor, well- known Swedish constructors of marine is the second largest in conveying machinery, will cost the world-and there isn't a
chance for foreign nations Kr. 30,000,000 (£2,070: 000) and is to be ready in about gel it through purchase, 18 months.
Special Observatory To Study Lightning
A SPECIAL, observatory 000) a
works.
over
an
necessary
the US. passed Act.
Can Build
to
►
If Russia or any other allen
LONDON
MARKET
REMAINS
FIRM
COTTON
GOODS
MARKET
Now York, June 1. new buying splurge in print cloth yarn fabrics en- livaned the cotton grey goods markets this past Wock.
While print cloths enjoyed much faster movement, other
and
The new cars will come out categories like sheetings, osa- sume the after September 1, burgs, broadcloths, will but the actual dates for various wide Industrial fabrics were moduls
makes Atiti
are dull. undeelded or being kept secret.
ESTIMATED
INDUSTRIALS
Utities, considered a defen- siye kasues, have outstripped the other major groups throughout the year. The industrisia and tils divided gaking and losing daye out of the 108 sessions about evenly. With the utilities. It was 60 gelns, 36 declinos und three sessions with the averago unchange
IMPROVEMENT
The week's Improvement was a rugged one and it came desplie the uncertain French situation which many "thought would be general sufficient to bring a decline, The rise was sparked
1
by many favourable develop- ments such as another rise For the month of May the In-auto sales in the second 10 days dustrials were up 6.84 points; of May; sharp gains in sales for rails up 4.13; utiles up 0.82 farm equipments; a surprise In construction; belter sales for and 85 stocks up 2.30.
For
In
the your the market replacement lyres; predictions showed gains all around-in-that the oil industry would show dustrials up 27.01 points or ute to two per cent rise per cent; ralls 19.04 points or males in 1998; and favourable 10.6 per cent; utilities 0.01 point statements on the indications the or 14 per cent and 65 stocks receselor was nearing an end. 14.84 points or 10 per cent.
When the week's issues were But the list was under the tallied the result shurwed that levels of a year ago except for but of 1,370 Issue 'traded, 121 471 declined and the attics which were up 4.10 advanced, polnis from May 31, 1937 or 6183 held unchanged. There were per cent, Industriale were down 222 new highs and 18 new laws 42.23 points of 8 per cent from a for the year.-U.P.I.
COTTON FUTURES
BECOME
TWO-SIDED IN NY
New York, June 1.
Cotton futures became more of a two-sided affair iti a holiday shortened week, with old and new crop months pulling in oposite directions.
At Thursday's close the list ruled up 17 to of Bi points-- or 83 cents higher to $1.05 a bale-lower than the preceding week.
RESPONSIVE
down unton pe centred on only a few construc./BGvernment loan rate
General Motors and have turned
dendlock be posals that their submitted to Federal mediation.
been built in Queensland, Austrails, to
The ore, which arrives at the International | railway
an American or of Of couter, help in an
storing yards
other national can build a ship Oxelasund from the company's study of lightning.
here and place it under foreign own intard mines, as well as the A research programme on
registry. Many do because it's alber raw materials lightning has been under way
steel production-unloaded much cheaper to wait a ship that for schhe years. The head-for
way since US, wage scules are querlers of the project are here on the nearby quays—are to be
overhead very much higher than fotelga and enuntries all over the world conveyed
siructure lut the tron-country for ship personnel. send to London reports of their bridge
The capacity of the six Investigations and experiments.
The new observatory, built on miles of conveyer belting posed nequired controlling Interest in top of one of the highest build-1 15,000 rullers is to be 1,100 a stock of an Ametlean steam-
the ships
The Labour Depatment in at 174 cents for average political
Kloomy A Queensland University, tons ph. There are to be some ship company,
the stock would become line Investment activity in the Washington issued. vinduct structures,
major record is expected to
some
The amount of corrugated to forfeiture by the Govern-
city dried up this past report listing 80 which may
embracing valuable results
cer:tres, the dustrial have direct practical applica-aluminium required for cladding ment, the companies subject to
week because of tion in the design of electricity the walls of the bridge structure ants and responsible indivi-
and the curly 00 per cent of the areas French crisia
surveyed every two months, rs lines and in the improvement of Is 330,000 sq. ft. other record dunis subject to fines
un- "substantial" of Including 41⁄2 miles of prisonment or both.
labour altuation at home. regions
term **Kub- protection of buildings against figures
tubing for encasing the bearing The steamship companies have lightning.
with the result that the employment. The The entire bridging a hard time trying to Research
the tellers. workers In
stock exchange had one in heats, that from @thielly from the converter trade has needed for a long time for its storage
8 per cent of the toul work yards ownership of their stocks clear system and obscrvctory will get a
38 areas do other
of its quietest week for a force of such corporations. In with cranes and other inachinery ield of vision for 20 miles
employed. long time.
ins af
or
und
im-
trace just
London, June 1.
all directions. They will send is to be operated by remate Foreign persone or corporations as control from a central switch could make purchases through to London details such
plant with symbol la: Swiss or ultrer tree foreign Nevertheless, the market re- nature and duration of flashes board
dleations situated i the steel banks and keep their identitymained firm. Nobody appeared
and special weather conditors.
works.
THE INTERIOR of the Grangenberg-Dietosung conveyor belt installatiofi, for pru, coke and limestone built by AB Nordstroma Linbahor, Sweden.
Foresaw
120-
no forcsal
DELIVERIES
lore
Orient
Raw Cotton Exports
New York, June 1;
20,725
1280271
$899 24
--U. P. L.
Bank Of England
Statement
Meanwhile, auto industry and the United Auto Workers te
their muined deadlocked in
Brokers estimated print cloth. negotiations for new wages and salos at upward
of 15,000,000
Nearby months proved more hours contracts to replace those yards with deliveries extending responsive to buying orders as Raw cotton exports by de- currently expiring. Alreally through the third quarter. Buteaders anticipated a higher stination as reported in bales
Chrysler
oh the by the New York Colton Ex- even in prinis, the Interest
new crap. The higher stockefrange for the 1957-58 season
trend tions.
market
and
ox fol. selling through May 28 were In faro of
forelgi lows: The basic BD-square print held hesitancy
uncertainties also
Brilaku beted to support the nearbys. biggest volume inmakes, The
Later deliverick tnet tecurring Continent took place on the 30-inch 08 x
turries of selling prompted by omada 72. 4.75 cents nyard print, Sulcs were made at 144 cents. more favourable turn in the Total for sensor
news. weather
Most areas Esme period last year*
excluding liners clear and warmer Most of the buying in print reported
Just what the crop came from only a few directions, weather, which was still in a good open-brst development.
the A Brust of selling hit fo-bly basilion on the 08 x 72
July-October, 1959. deliveries bumber
Mi the weekend following a proval by a House Agricul
subcommittee new pro- gramme under which cotion In a rush to sol and buyers
The repart
prlee supports for the growers
London, June 1 held, pending clarification of the slaukstit actline in unemploy Hosiery, underwear, outer-
The Bank of England state- could be cut as low as 60 per situation. In consequence,
tuent before autumn. The wear and special garment pre-cent of parity, Supporte now ment for the week ended May Financial Times Industriel urvey
embraced 149 factory duccra reported little business
per 28, reads as follows: ordinary sharo average fell only centres. In all parts of the was done.
Most of the interest cannot be cut below 20
cent of parity, 0.7 this work to 168,8.
United States,
deliveries deferred
After the initial reaction, the Total notes in circulation 2,033,907,946 Live market quieted
tradurs Pulia deposita.*** The full effects of last week's
But the Wall Street Journal, with ttle chutige noted
short-term delivery requests. pointed
out legislative dis- Private deposits" eut in the bank rate were begin-
still a long way ning to show. This was parti- while adultting that the "post-Looking ahead, consumers show- cularly evident in the alt-edged war boom" has lost its steamed more concern about suppliers from actul adoption. market, where last week's im-ught a silver lining by point because of the scarcity of batter- provement in short-deted funds, ing but that "another legacy trade cotton harvested from the which was the first nature of the war and early post-war 1957 crop.
has barely begun b
The mid-May parily piled reaction to the cut, was replaced period
Weavers of synthelle fabrics, support, published late Thurs- by a return to favour in long make itself felt. It is the huge dated gilt-edgod.
population of children. Those resting on a substantial backlog day, showed a nine-point in- aged 13 to 17
are over 20 per following increasedonies in re-crease to. 30.00 cents a pound. cent more numerous than those cont months, inaintained an The Anal loan rate for the new aged 18 to 22, while those agad optimistic attitude. Sono fabeles crop will be determined on the Favourable company news 16 to 12 are 30 per cent more have been marked in a much basis of the July parity. provided
Paris, June 1, stimulus to numerous and those a to 7 sro as threo conte * yard with buy. If the current parity of 36.00 Ing interests brisk for spol and cents à pound is maintained
The Bank of Franes Maid- various Issues, but they have 70 per cent more numerous.** been comparatively few and far
for the next
two months, the ment for the week ended day From this the newspaper nearby deliveries-UPL between. The undertone, how-
Town rate for middling lich 22, reads as follows: ever, was drm, end gains tendeebncluded: "A"
cotton would be around 35.18 to predominate, but movements:llions grow
д pound, statisticlats calculated, The were unusually small.
comparable Total gold hodinien- 201204201325 season le 32.81 | tri bacios abrosi for this
Â1,771,200,000,
STIMULUS
sorde
the
TERAS extra older they will
was In
increasingly demand the goods Exchange Rates
cussions are
110
PRICE SUFFORT
Government securities .. Offer securities ................. Tepelpla Raila
String
Bank Of France
Statement
Ol shares were uncertain of adulthood, and this demand during the week and tended to will expand throughout the problem toward the end. Anglo-comics decade....the Egyptian "B" vero down 75may become that of supplying 1620/5, arkt Belts Ferolou, the goods those new. adults will Hader**** 106 York Cotton Exchange, totalled Bics notes in civisas Burtnah, Merlon Beko, demand." Canadian Enkle Boot shared TAKICE
rait Duties was done in the soak cenis a pound.. unotikiel, avokatitu 歐
Now cotton exports for the Advance to Biblios -- moeg we the same
season, as reported by the Newelry, ball dieegunted (var. 63)
1.
Shell Transport were all down
Cantorting but not
* sellonally 17. P. +L
help this year UPI.
much test (ver 200)
Sogapore Untrasis
*** 1944 000 208 bales compared with 9.00£95,940 bpien shipped the 100 same period last year-VEL
depositi
Trand