Page
4
SCIENCE AND
THE CHINA MAIL, MONDAY, JUNE 16, 1958,
Weekly Survey On American Economy
ENGINEERING The RELUCTANCE To Buy
Giant Electronie Brain
This largest electronic brain set made in Western Europe
The
for doing routine office work will soon be in use, machine
the Ferranti laboratories in was designed In Bracknell, England, at a cost of some £300,000. The name: Peretan. First two models will be exported one to Stock- heln, the other to Cape Town, Picture top shows an artist's - Impression of the compleše Installation of the Persrus.com.
puling system:
centre view picture bottom shows the Perseus-Express,
D↑
FISHING BOATS
MAY
BE AIRBORNE
NEARLY 300 experts on commercial sea fishing
will travel from all over the world next year to pool their knowledge, and produce super cfficient and safe fishing boats.
Sane tarifling ideas are ex- puted to be put forward, in a prospektus just Issurd stating
He is of the congress comand is made:
FLYING INLAND
"The Ashing craft of the future might even be airborne
TV Announcements
At Air Terminal
will adjustable Jets to KELEVISION
Ren alaionary at low speeds when fishing, and then flying with their rattek
is
Chief Problem Facing The Economy
New York, June 15.
HONGKONG
STOCK
EXCHANGE
Our Own Correspondent Business done on the Hong- ong Stock Exchange this morn-
mounted to approximal
$181,000, Noon quotations und
Economists agreed last week that the chief problem facing the American economy is that of getting Americans to spend the morning's transactions were: the money which they have readily Shares Buyers Kellstu available.
BANKS HK lank..
Wheelocks
Tha reluctance to buy now Sald Business Week magazine: INSURANCES extends both 10 Individual "There's plenty of money around Union ...... Americans and to corporations.to support an upturn in the The people, simply are not buy-economy If only enough people SHIPPING ing durable goods at the rate could get their hands on 11,"" which will keep the factories und steel mills working at near- capacity or capacity, and cor- porations, equally skittish about prospects, are for below ex- pectations of spending for new plants and equipment." Thus the spiral is set.
ПОСКА, ЕTС. K Wharf Deck Funvident
100
hales
?
73
6.13
€23 4,000 @ 0.20
401%
སྐྱེ ཚོ
This fuctor apparently areounts for the unentvern of European countries with the U.S. reces-
LAND, ETC. ston. West German Economies Hotel 20.70 28.40 Minister Ludwig Erhard had no ik Land
.. 32 33 hesitancy in telling his madlences Humphrey
130 and the press during his recent Really
1.60 1.65 U.S. visit that the recession was business leaders and of slight importance. All
British RUBBER ecollale
are agreed expert
lenders 100 have not been, inal The upon this:
long-range worried, believing that the U.5.UTILITIES business prospects for Amerles, eonomy son
will be at full Train 200 20.10 for the world, re
very strength again and that even al
Star Ferry. anod. U.S. Government spend its present levels It is not in any Light... ing for new defence weapons real troubir.
Electric .... 27.80 29.20 Telephone has hardly been felt yet, but it has been stepped up from a
There is legitimate reason for nual rate of 22 billion from 11g:
U.S. News anul By 1950 Optimism, previous nine billion.
World Report surveyed dozens that tremendous boost certainly of manufacturers and reported: INDUSTRIALS will be felt
Detroit, auto
everywhere. In makers are sure
that the 1959 models will sell
·
300 + 11.20
30 02% 100 33
27.10 100 27:20
1.45 1.475
500 20
50024 20
110 114 17.30 17.
100 6) 20
27
2006 27.10 3,000 27 1,000 y 27
200
27 10
Cement 2240 22.70
100 2300
17.10 17.40
50
200
17.30 17.20
10 B0
"A good many companies have Amoy Can. 371⁄2
six million Cars, the acceptedtarted rehiring workers; rela- STORES, ETC. normal yearly figure, and U.S.tively few now are cutting buck Dalry
laying off Covernment employees, who will on production or
get a pay rulse on Aug. 1, re-workers....some companies, nut Watson .... 1758 troactive lu Jan. 1, will have et ready to step up operallons, L. Craw... greater buying power henceforth, report a better flow of orders.... COTTONS
improvement, in most Instances, Nanyang XD ia regarded
than, Textile more Fensonal....that the broad picture-variations in and among INVESTMENTS industries are witte,"
Long Range
.f
argue the economists, with long-range prospects cer- ini to be excellent, there is no reason for any
worry now. People can and should spend freely for durable goods, and corporations enn and should em- bark upon construction of new plants und equipment sorely Leeded despite the record 37 billion spent last year.
as
is
Auto-Making
Auto-making, which directly
Yangtze Allied
500 17.20
7700 7.00 4,00
0414.00 1,000 4.00
5.00
49 4.005
Rubber Mission
Week
Burst Of Strength Perplexing Pushes Wall Street Up
To New 1958
Highs
By EMLER WALZER
New York, June 15. Stocks rested for a few sessions and then rallied
to close the week in a burst of strength that left the list in new high ground for 1958.
a
A
con- Dil
In London
London, June 15.
It has been one of the most perplexing wooki for stock exchange investors long time, with hopon alternately rising and boing dashed of 0 settlement of the dock
for
and Smithfield meat
markot strikes.
Because of the earlier dips, This week's last minute spurt the
showed averages
unly reficeted genuine spurt In moderate gains
which
the carried
On top of all everybody and the utility | Industry figuro shower
decline. Standard L Poors Index of expected the banic rate to be Industrials closed at 474.77 in production to a new high since lowered at least half a point on the Dow-Jones average up 5.17 January 11. All major lines Thursday. Since this did not points; Toila 119.21
àા the up 1,04; showed gaing
week happen, many belleve 1 will be utility 78.70 of 0.18 and 65 steel, car loadings, auto output. next Thursday,
electricity stock 104.15 up 1.33 points.
output, heavy
All this has had a discourag BEST LEVEL
struction coal output, and
ing Impact on Investors' Industrials were at their best output,
And the Federal Reserve on morale, and business has been levet since last Sept. 10 and
Yet markets rally since Oct. 35. The late Friday reported that in the extremely quiet, Standard
Foot 500-stock month of May Its Index of In-remained firm and on some days average set a new high for the dustrial production gained a full were surprisingly cheerful. year and its gain of 38 cents point, is Arst rise after eight
The gill-edged market re- reflected a rise of 1.8 billion for months of decline.
the mained good,” sustaining the murket as a whole.
eneral Investment sentiment. Small orders seemed to have n disproportionate effect on prices. The fact that the banke rate cut did not come on Thursday caused only mild disappointment congressional, sctivity toward the funds market, since it is alding the carriers. Their gates taken for granted the cut will reached up to nearly four points come.
SOVIET TIN
EXPORTS DEPRESS MARKET
a
ADJUSTMENT Wall Street viewed the setback as nothing the week early in more an technicnt adjust- ment for the market.
Π
Strength In the rails reflected
SCRAMBLE
Louisville & Nashville. Coppery rose when the Govern- ment moved to increase its
There has been a scramble for stockpile of copper. Aluminium
past week, investment Treasury bills this issues were up on
in which foreign banks and buying.
Improvement in oil statistics investment houses joined with proved a tonic for the oils which i zcal. registered gains running 1e more This resulted on Friday in a ferther fail in the bill rate lo than six points in Barber.
the 1,404 Issues traded, 4 per cent, which brings the
margin below bank rate lo There full
ՌԸ per cent. AR
Or
London, June 15. Uncontrolled Russian export of tin into Western European markots have
Buch now reached volume that they are 803 advanced. 453 declined and
unchanged. depressing the world price were 294 highs for 1950 set and
Asia's caly 14 new lows.-U.P.I. and threatening chiaf tin producers with a serious labour and econo- mic crisis.
Malaya, the world's leading
To Visit China produer, and Thalianet, the fifth
1105
the
128
held
Bank Of England Statement
2
this
proved encouraging to investors in gill-edged,
A
Copper shas received sharp stimulus from the United States administration's decision
of to start Д stickpile domestically produced copper.
Oll shares, with Wall Street to help them, held their ground. In the foreign bond market, London, June 15. German bonde were firmer withi The Bank of England state-be return of continental sup- IC- ment for the week ended June
Japanese issues port and mained Jirm
investment 11, reads os follows:
eased frac 2.03332248 support. Greeks
10,224.004 tionally on the outbreak of fur- 200,031,100 her violence in Cyplus. 231,544,850
Netes in elevisión Public depinis
or indirectly accounts for one out
largest, have both drastically cut of every six jobs in the US.
production and Imlied exports Through last remains weak.
to prevent a collapse in the world Kuala Lumpur, June 15. week. U.S. factories had built 1.070,179 cats in 1856 compared The Executive Committe of price of tin..
Soviet Russlo Netther to 3.000,323 in the same period the Malayan Hubber Traders'
tirelded last night China are members of the Inter- The people do have the money. of 1957. But Detroit plans big Association
19-man mission to national Tin agreement and they generally speaking. The unem-style changes for the 59 models to send a
of are not bound by the overall 40 ployed must be careful of their biggest changes since 1934-Chin to seck an expansion
per cent cut imposed In May and aula men hope this silmules, trade.
other six main in producing | Private clepouts resources, of course. there were 4.9 million mem- plus ficreasing confidence of the
mission will leave for countries of the world who are Government ployed in the U.S., two million public in the general economic Peking in August.
members of the agreement. rubber But picture, will send sales back to
Singapore
traders more than in May of 1957.
to send also decided have there was a seasonal rise of 1.2 1857 levels. million in employment in May,
mission to China. nation's
Auto total bringing the
sales May totalled Besides looking for new mar- No exact figures are known of above 64 394,000 cars, 20 per cent under-kels, the missions employed lo just
will answer Russian tin exports but the most million, the first time since a year ago. But it was the best Chinese complaints as to Chrisimas that figure was month of 1958 so far, and com-quality of Malayan rubber-volume so far this year at about
pared to 302,900 in April,
renched.
Perhaps the best indleation of
The
Reuter,
Д
FIGURES
the authoritative estimates place the
Exchange Rates
market
And the 04 million employed Americans have on depesli in the a return of the needed con- country's mutual savings banks adence is to be found in the stock 321⁄2 billion, more than three market. Stock prices last week emount on depusit reached a new high for 1958,
Business W24 done in the before
World War II. 1 is meaning that people with money unofficial exchange estimated that money hoarded in to invest have been betting on morning at the following rate:
UB. dollar per $1) Industrial Stering noter (per 1 safe deposit boxes aid mattresses a business uptum.
and totals 100 billion,
the stocks on the Dow Jones at Australian notes per £31...... nation's commercial banks re-have risen 12 per cent since last indonesian rupial per 100)
Sian Heal (per 180] .......... to ecmbine the brst methods ofļinstalled there so that flinke / Part time deposits of 00 billion. Oetober's two year lows.-U.P.I. Sinop Stri
being used to make passen- to consump- 9er announcements at West times the
London Air Terminal, the tion centres far inland."
of the London air terminal of BEA But the mall object Second Worki Fishing Bopt and most other European air Congress being organised
closed circuit tines A Rome by the UN Food and Agri- culture Organisation, is to try television system has been
the hundreds of old and new announcements and garera! ons, many of them conflicting, informotion can be present- In different countries,
Onials feel that many fisher-ed to passengers in a more
by personal manner.
too
debound
by
nen are
and ibat tradition, adopting better klem, used i trawlers and drifters elsewhere, they could boost their catches, make their craft more economi- zal and safer,
PORTABLE POCKET RECORD PLAYER
I
Investors have put 43 bilder
svigs and loan associations. and another 84 billion, uns! there is 1.3 billion in postal 2.25 billion in Federal and State credit unions.
Announcers can be seen by
The grand total of money travellers, giving details of light
to thrifty departures. This is followed by a quickly available caption repeating the informa-Americans is 278.5 billion. tion for the assistance of passen- KOTS.
When the screens are not, re- quired for announcements, they are being used for advertising purposes,
PORTABLE record SHOWN INTEREST A player claimed to be so
small it can fit in a
cont
The player does away with the turntable and provides sim- ply a drive at the centre of the record, a plekup, a transisterisel ampiller and a speaker all en- inch thick compassed in nn "gundwich"
four measuring Inches by eight. Any 45 r.p.m. or long playing record fits be
lower the upper rund tween "es" of the sandwich, while the pleku forms part of the lid. The present model is bultery driven and has a spectully de- signed DC motor,
The installation consisty
✡
bave
.
of
Confidence
"If public confidence continued
to grow, if business continues to
spur the upturn....the economy should continue to improve," zaid
15.000 fong tons.
Other curitien Receipta
Itado
sterling
39.304,924
The Kafr market was rather 118,213,700 more cheerful, but turnover re-
QA
mained light,U.P.I. -U. P. I.
Bank Of France
Statement
Paris, June 15.
Discount Rate Changes
Baset. Juno 15.
The Banic for international The Bank of France statement Settlements reported last week the week ended Jime 3, that twenty countries effect 40 changes in their offelal discount rates in the period from January 1957 to May 1938.
Much of this Russian Un has bren delivered on the London Metal Exchange and considerable sales for forword delivery have recently been made, the weight for eluf these deliveries has depressed reads as follows: this by several pounds sterling the Total gold holdings 578 price of the forward metal. 19.00 There have also been sales of 1231 Chinese tin but in considerably
than quantities 27. Smaller
1.60 Russlan.-U.P.I.
RECESSION-RIDDEN AMERICANS GET
AWAY FROM IT ALL
By MERRIMAN SMITH
Washington, June 15.
the
Secretary of Commerce Sinclair Lo, the recession-ridden American. He is drowning his sorrow
Weeks.
in a new swimming pool or flying to Europe to forget it all.
Naturally, the man who is out In April
Jumped 21 per cent business was contrary
to the
to
be
Automobile
One Answer
Total uflier cur.
reneles
in EPU.***....... Sight balance abroad Advance to Stabilien-
Total bills
Franc
201,204,302,420
41,223,100 £1
The Bank said in its report 11,771,000,000 that 22 of the changes were up-
zero
flon Funds 2,020,410,127,07 at the end
Banknutes in circula-
tlon
Current secounts and
deposits
ward and 18 downward and that of the period only three countries-Denmad, Ger-
3,311,023,001.450 many and the United States-
537,327.164.200 had lower rates than at the
-U.P.I. beginning—U. P. L
Cotton Futures See-Saw In New
York
By WILLIAM T. PLUNKETT
New York, June 15. Cotton futures went through alternate rallies and declines last week as market sentiment, blew hot and cold with the changing complexion of prospective new farm legislation,
fot
terminals Other air
Speaking to the corporations, shown on Interest in the use of Willum Vaughn of the manuge- pocket but is able to play a
television for making passenger ment consulicet firm of Bruce Hormal twelve-inch long-announcements and it 13 ex-syne & Asociates sald; "In this
of work due to the business over March. May figures were general trend of business travel. sunt most com-
resort even more Numerous summer playing record is announced pected that several other places recepira
Florists.
liquor areas belleve business during in the Brush Isles will follow panles slashed frantically instead alump is not among the swim-expected by a British firm.
telullers, and camera stores and the next three months will equal the lead given by Air Terminals of pruning skilfully, woundingming pool customers nor is he flourishing.
er better that of last year. The
After three days of rising screage allotment would their corporate body more with taking his family abroad.
But mullions
more report booming cales. of his
forecasts were based on re tendencies, the market becanic supports al about 84 per cent of Ltd, who run the terminal for BEA
each frenzied incision,"
fortunate countrymen are plan-
Estimated
servations and advance In-
more two sided and at Friday's party. Those decking on in- Said General Foods Corpora- ning to spend more on re-
quirler.
Gerente allotments close ruled 12 points lower to 35 creased The American
While this is going on, why points higher-00 cents lower to would accept supports ranging [2- Pan American Airways
estimated that are sales of automobiles, stores. $1.75 a bale, higher than the as low as 60 per cent of parity. ghi 21-inch receivers Ave Intlon President Charles Mortimer: creation this year than in 1037.
on the basis of Association has the upstairs passenger lounge, "I do not think it is an exag-1ports that
First reaction to the news WOB and three in the main hall on
iravet this reservations that recessions current
giore domestle
summer refrigerators and other durables
preceding week. geration to say
will travel
Washington the ground floor. A small studio begin and end in the minds of Americaus
abroad should be appreciably higher suffering?
Joglalation un-sharp sell-off, especially in the than last year. For the entire
certainties
semi-October, 1959, reached n
delivery, which miniature television
men. Nervousness in the front this summer than ever befo:e,
be the drat position with camera will be staffed by one
year, it was expected to jump at business prospects
climax on the closing ression of would office about
least 10 per cent over 1887.
the House affected by the change. camera operator and an an
can be quickly translated into
A group of management One answer came from a close last week, when Juwered carloadings."
Evening-up operations partial to the Eisen-Agriculture Committee approved nouncer, The "station" will be
The airline people say new experts for the nation's largest economic adviser
the omnibus farm bill callingly featured" setivillen in the in use from 6 o'clock in
Business nervousness was re-economy fights and pay-later hotels reports in a survey cover-hower Administration:
most sweeping changes nearby July delivery. pribe to "We undoubtedly have many for the morning until 10 o'clock at night,
day on June 24. Rected in latest #gures for out-pians are partly responsible for ing 21 major cities that allen-
households in the form programme since first notice Madame Tussaud's in Black- tayr for new plants and equip-the increase. But even on the dance at 71 per cent of the con- | instances where
to commit juclf to the new deal came into power Open contract in July at the
25 years ago.
weekend werg -127,400 bales. The manufacturers have plans pool have installed a TV system men. For the first three months cheapest fight it costs a couple ventform held since the start of reluctant
well above the purchasu of Di expensive
The certificated Block totalled to produce a mains unit about to show holiday-makers on the at 1958 it was at an annual rate more than $800 to Gy to Europe this year was
"Which Is 4.4 and back, “
same period inst year.
durable puch as an automobile,
A scheduled 40 per cent 20,464 baler, the same size to ampilly through Promenade the attractions in- of 32.4 billion,
rate and 10 The Swimming Pool Inalitate · The survey covered 271 con but has the cash in hand to go side the waxworks. Pictures of under the 1957
in the 1958 cotton flaw cotton exports through A radio,
The hotchmen found on a vacation. A vacations, in reduction At present the Arm is pur- the controversial Epstein statue billion previous government fore reports timt more private poolsventions.
current acreage would be cancelled, and | June 10, as reported by the Naw showed most cases, represents of them wide ceata for 1088.. It is now will be built this year than ever that 180 Hcularly interested in selling "Concals," as well d
alter:dance than last spending and not a commitment growers for the next three years York Collon danger totaled their battery pocket record play-variety of figures, are displayed estimated that the 1950 capital before. Sporting goods manu greater
Attendance at 82 do- to Instalment payments extand-Would fave a choted between 5,069,102 Bales against 6,613,000 er in the United States. (Camp on screens in the window. [ye spending figures will be 31 facturers also forecast that 1958 year.
Video billion, 17 per cent under last will break existing sales records. clined. They also found that' ing over à gróat përled of time."" two price" support programines bates reported to the same time
convention '-U. P. I.
Those electing to hold present last season.-U. F. I. Bin Group Camp Bird House, Limited,
Netali, sales of sporting goods ithe year's 37 billion.
Audio Anılı
39 Dover Strest, London, W.1.1 Rentals Ltd, Cambridge.1
tho
New Economy
Increase her
REDUCTION
A