SCIENCE AND
THE CHINA MAIL, MONDAY, JULY 21, 1958-
Weekly Review Of American Economy
Paro 9
ENGINEERING IRAQI COUP'S EFFECT ONU.S.
SUCCESS IN USING SUNLIGHT, FOR ELECTRICAL POWER
THE world's first practical system of converting
sunlight into electrical power for the com mercial tasks of operating telephone systems, telegraph networks, radios and other communica- tion and signal devices has been developed by the Hoffman Electronics Corporation's conductor Division, 930 Pitner Avenue/Evanston, Illinois, U.S.A.
Semi-.
Norman Regnier, chief en- Thever needs replacement, main- Letence or altention of any gineer for solar cell aystems for the division, said the base com- kind," he mudah. pament of the new
Hoffnan
commercial solar system is "modular unit," a 12-by-20 Inch
or
going market,
after the particularly
3..
Bright Future For Oil Industry
And Ship Charterers
New York, July 20.
The first shock of the Iraqi coup and the new red-hot Mid- East crisis has been absorbed. In fact, a calm recon- sideration of the events of this past week led to the discovery of several bright sides-at least as far as the U.S. economy is concerned.
The Aral
recovery how barely started in the United States by Aving
aluminum paced containing 144 countries where communications Bre *being built in water-t, circular sifieren 20ar systems cells which instantaneously cdn-remole, rajzzed terrain and com- vert sunlight dieetly into elec-tural replacement of storagwerful boost to his oil industry, trical energy. Thki mergy Na+batteries or portage of fuel muje either for kit storage batterie plies fin electric generators 19
prohibitively expensive." of used directly,
MODULAR UNIT
Oklahomi,
for
HONGKONG ACTIVE WEEK
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong-
Exchange kong.Stock moning `amounted to approxi- mately $580,000. Noon quola-
this
ON WALL STREET
By ELMİR WALZEÈR
New York, July 20,
tiens and the morning's frens The stock market during the past. Week moved
actions were:
Shares Buyers Belaru Bates
GOVT. LOANS 3412940) 81% DANKS
HK Dank
4000 1
-
700 70715
274
5.00
5.95 1000 $.05
412%
HK Land
Benity
Amoig Trust A Tawab. Sungla The UTILITIES"
K Hotel 21.30 21.70 500 5
eye
32 14.00
163 1.70
1.50 1.923
TO
1.00
1.50 L.BQ
29.70
300
1.75
conclusion is that 1
The improvement was best, however, In
Emai Aala any development disrupting—or mirrored in a series of Govern- instance, crude production perSURANCES limiting the flow of frigi o toment reports:
month would Wheelock nitted for next Its expert terminals can only
be increased as much as 20,000 DOCKS, ETC
Ky Wharf speed up the alow economic
Federal Reserve barrels dally to meet increased | Dock The Board sold industrial pro- demand. Similar moves were LAND, ETC. duction in June rose for the planned by other oil producing
in a row after states. They coincided with second month hitting a recession bottom In Arming ptice structure, as ae- The second “brigh"
side, April. The
Board's industrial cumulated stocks were being n
rid gradually clo.ely allied with the first, is production Index of factory and
Esso eften away. that should the flow of Imaginines output roso two
points In raised
prices for wholesale that He said
the cor of it
Dit be suspended · for
any June to 130-based on the 1947- gasoline in a vast east coust urea solar battery system is
"'con-
perlod of time, more tanker 10 average of 100.
The April from Malne to Louisluna. Each Hoffmas mexiular undt | siderably highter” than What shipping would be required at
low was 128. The all-time high boosts ranged from half a centra Takes 10 per cent of the sun's the mamber of storage balteries.] other terminals-such Iron, of 140 was reached in December • gallon to three-and a batt light energy
Kuwait and Saudi Arabin-10 1950. to turn out dive | required - to produce the came
cent in price war areas, Bulk maku watts of electrical power, he said, | electrical ougut, but over a
up for the lost. This
petrol recently rose a hair cent would help The modular units why be con- period of years the cist of enain-
the ship chartering
on the Gulf Coast and several out taining nected together to produce inu)-
the market replacing
Its present batteries "is woll in excess of un | doldrums and reduce the record.
mid-continent refiners tuve ad- tiplen of live watta, either as a
prices A similar vanced their direct power supply. or for investment n a solar
mothball fleet of laid up lanker power
amount, charging continuously over 410 system which never needs re- tornage. indefinite time six, twelve, or placement or maintenance, and twenty-four vol: storage bat- once amortised, amounts to free terics.
electric power year after year."!
The
world's first practica! solar energy unit designed to convert sunlight directly into commercially usuable quanti tion of slectric power has been developed by Hoffman tronics Corporation,
Elec. USA.
Regnier said, "Our modular, or 'plúg-lu' unit, to- gether with the high light con- version flelencies of silicon solar cells, now for the first makes energy from the sun a practical means ul operating communications systems."
The company
and signal
One hundred and forty-four silicon solar cells in a "modu-
Above will Tar uni!"*"icon
supply five walls of power to a 24 six-volt battery system
hours a day for years.
FIBRE BOARD LOOKS
LIKE HARDWOOD
A
Ready & Willing
The
C. Ligu
Electric
1000 21.50
higher.
It rose in the Dow Jones averages except utilities. In
dustrials closed the week at 486.55 ap 8.70 and rails 128.31 up 2.97, both new hight for the year. Uilities lost 1.10 to 79.36 and the 65 stocks gained 1.09 to 108.54.
The market was lower in the in the remaining 20 minutes of Faina and loss registered. Of trading on Friday the market 1.00 the 1,418 Lastics traded 700 fell three point from a high, 350 31 declined while 570 gained and but managed to close up slightly
142 held unchanged. During | on average.
During the week the ten- the trading 230 hit new highs
dency of the list was toward the and 19 made now low,
Sales for the week of 15,415,- so-called war babtests, nir- oferafts, steels, rullo and war 140 shutes-a daily average
for materiala. International oils got
à severe drubbing but regained. | Lama their lodges.
The Best
500 2 24 303,083,028-were he midst 20
chy full week this year.
400k 20
1000 H 20.20
500 20.10
500 # 26
500 $5.00
►
950 623.00 It
11.30 11.60 1000 3000 27.30 2000
Influenced
was a market influenced
17.50 entirely
Business news was considered the best in many a motzsih. It included another rise in in-
of
by the Middle East 21.20 dumtion. The Iraqi coup dustrial production; a spurt in 134 2720 Monday pent international oils construction; Improvement in down sharply and brought sell-ruto and steel output; and good ing into the entire st
100 6 27
Macas E...
9.10
Tel. ...... 23.1 25 60 INDUSTRIALS C'ernest
500 2750
25.40
Steel mill operations alone in creased 15 per cent in June to 104 per cent of the 1947-49 level. Other rists were noted in the production of construction
The one area of business com. materials, television sets, furi- ture and automobile assemblies.pletely untouched so far by the siow recovery movement-not Labour Department even by the initial shock of the *
Char- STORES, ETC, The U.S. ks more than ready
sold new housing con-Iraqi coup is shipping. and willing to repeat its role of struction, both public and pri-ter rates are still at their post- Dairy Watho ull supplier to Europe which it vate-reached a 34-month high war lows, laid up tonnage all ra look upon itself during the rein June, a seven per cent jumput its high, Many liberty-class INVESTMENTS cent Suez Canal crisis. Many from May. Translated into ships, once very much sought by experis see this as the onlyngures, June housing ran at an tonnage-shor nations, go begging quick solution to the U.S.nial rite of 1,000,000 units, and can be had for a pittance, domestle oll producers current | in that month alone 118,000 new dwelling units were started, a 16 per cent rise over June 1957.
Income increased
WDES
But there are second thoughts: Political experts argue with ⚫ome logic that even the most movement fanatic nationalistic
in the Middle East, and especial- ly in Iraq, would to cutting its own throat if it let its ambitions Interfere with the only economle basis of its existence: The pro- duction and export of ofl.
These experts soon confident, therefore, that no matter how things shape up in Iraq to even excluding the possibility of
A
survey of chartering firms showed there was de rush into the market because of the Mid- East crisis. The attitude serm ed to be one of watching for The further developments, charteron admitted that if nay body booked
a shilp fur the
probably have to pay higher Middle East now, he would rates, But there was no site
The Commerce Depart ment said personal income Jumped two billion dollars from May to an annual rate in June of $331,800,000,000. This is two per cent above the recession low would
not be very much
Yangtze
3.30 300 221 000 to 1.75
16 20 17.10.1304417
11
16 JU
Exchange Rates
گی
ונt
Business was done in the local unericial exchang tarket morning at the mllowing rates; 14 u.8. doilar (per BI) Sterling notes (per £1) Australian notes" (per ED Indonesian rupiah (per 100) Alam teal (per 100) Skigapore (Strata)
18.12 12.31
1.00
'The subquent recovery which was accompanied by a 3,000,000-share pace, reflected
the moves of the Government da send troops to Lebanon with the implications that go with sch n venture,
On Friday, the market ran inle new difficulty and the Federal Reserve Bank of New York announced that contrary to curtom it would be in the market to buy long-tein as well as short-term issues to support prices.
That action of the Reserve seco DO a highly infetionary 21.00 Cevice. It is compared to print
ing press money for it introducer buch
credit into the stream that it opends in bonds it buys in the open
market.
demond, they said, and the rates Agreed Merchant Rates when
Swiss Franes Maximum Selling 7434.
of February and came $300 higher in view of the surplus million below the record rate of of laid-up tonnage.-UP.I. August last year.
income
all nationalisatio there...the The Increases in now of Iraql oil to its usual shared by all lines of manu- markets will be maintained.facturing and private business as well as Government, Manu-
It was this realisation, no facturing payrolls showed a rise doubt, that stopped the first for the second month in a row day slump in oil locks and after a ten-month decline. Whlie actually reversed it during the the May increase reflected only following days at least as far as fr longer factory work week, the domestic oil producers are con- June advance resulted from en cerned,
Increase in work weeks and hipher employment.
Meanwhile, U.S. economy continued at a good pace and of The only decline was in farm its own doing, without an as- Income-down $100 million to sist from the turbulent Mid-East, an annual rate of $17,400,000,000 -the Arst break after a long scries of Increases,
Bank Of England banks
Statement-
Reserve
The Foderul Board caid loans at city expanded-by some $2,300,000,000 from early Juno to early July, About half the rise reflected borrowing for purchases of U.S. Government 20, recurities. Yields on govern- statement see
securities and corporate July bonds generally advanced from mid-June to mid-July, while common stock prices showed 2.070,092,497 little change. Yields on long- 10,716,450 term Treasury bonds jumped - 224,092.217 | sharply to a level slightly above 3186481 the previous 1938 high of early
London, July The Bank of England NEW type of fibrement for the week ended
16, roads as followe building board, known
last summer as "Panelboard", has been Installed the world's largest developed and launched on silicon solar buttery unit in a renger lookout station in Cleve the market by the Swedish loed Notkeal Forest, California, | Cellufore Company. It is a test conducted with the co-claimed to have all the operation of the U.S. Forestry Service, Henter said the solar qualities of prime grade hardboard und has, in addi- uf consisted proximately 500 square inches | tion, one sido with a special. of silicon solar cell area. I was ly propored surface which mounted on the, lookout and kept a standard, 12-volt gives it the appearance of tomative battery continuously decorative, tropical hard- charged while operating a radio wood, reports the Swedish relay station. The tests wore Timber
Wood Pulp and
converter
ap.
tower
"onsidered a real success," he Journal.
pald.
While no detalls about manufacturing process
the
Notes in circulation Puble deposits Private deposits Government securities other curlifes Receipts
Natio
serting
258,009,550
23,792,450 February,
-V. P. L
Bank Of France Statement
Still Spotty
NY
more
It looked bad to the market and it last little time in selling.
20
business at retail.
There were some impressiva Pains on the week. The active issues, topped by Royal Dutch which lost 3 points on Dile, the week, included soven
na tobacco-Lorillard-five steels, two autos, three aircrafts, one farm implement and railroad suĆ.
oma
Gulf Oil lost 8% points, Standard of California. Was down four points and Texas Co. lost 3%.
Ameruda gained 5%
in the domestic List where others were up one to three points.
to Steels har gains running
pointer in Continental which produced a higher earn- hgs report.-U.P.1.
Red Faces
On London
COTTON FUTURES Exchange
HAVE SHARP
GAINS
New York, July 20.
Cotton futures turned sharply higher this past week under the twin influences of an explosive situation in the Middle East and gloom over prospect for new farm legislation.
At Friday's close the list ruled 12 to 00 points higher, or up 00 cents to $4.50 a bale compared with week.
the
proceding
The upturn was pardally in- duced by the rising tendencies of all commodities in a potential war situation such as that pro- duced last week by the over-
LARGE SCALE BUYING OF
AMERICAN COTTON GOODS
New York, July 20,
seem
Kize
riso
ק!
Higher cotton prices and the threatening situation in the Middle East combined this past week to set off a large scale buying movement in primary cotton textile markets here.
Much of the business came Rapid expansion in demand Sirel continued its steady climb. This week's pro- for most types of staple cotton from small and medium
who hnd beel duction was expected to reach Goods came es no surprise to convertera 1,515,000 tons, against 1,442,000 mills because it was preceded operating cautiously for months. to feel that with the tons last week, the second week by fairly substantial buying by They of improved operations after the large chain organisations prices at a post-war low
market had reached bottom and the July 4 holiday week. This even before the Iraq revolt. Paris, July 20.
estimated at well that prices were bound to would equal Soles were The Bank of France statement wock's estimate CAN BE USED
10.4.4 per cent of average steel over 20 millon yards, Print as a result of the increase for the week ended July hove
production 13 the. 1947-40 cloth In the constructions ured cotton valuca
The crisis in the Middle East Regnier said the Hoffman solare revealed, it is stated, that reads as follows:
period. the divorative "urface
Ehit it would still be mostly in apparel were the most
and forts
pushed up prices of wool active. electrical system can be used to an
only just above the half-way integral part of the bre-
After booking sizable con-wool tops in the Boston markot, operate
Total gold holdings 201204 302,430 mark of the nation's rated steel tracts for delivery through the On tops the increases relay board and is not pasted on to
ranged statione, traffic signals, airport t
production capacity. Production 19 present runway lights, telephone, tele based on two surface textures,
Lost quarter of the year, maliks from three conts to ten cents ETA, and radio communications or "gains," and six variations
moved up prices and these were pound, and in of all types, cecan signal buoys.in colour. The surface may be
The oil industry, too, at paid by buyers willing to cover much as 15 cents. Carpet wool radio pets, lighthouse beans.
last joined the climb. part of their requirements into prices rose to 10 per cent at either sealed with irons-
wis still spotty, the first quarter next year.
the Liverpool auctions.-U.P.I. parent cellulose
plcture or plastic "These, and a hist
of other cquer, or unsealed. The latter électricity supply applications type has a soft mattelustre and where short-lived storage is suitable where the board batteries, alone or in conjunction will not be exposed to with expensive fuel and power ture, grease or hard west. generator equipment, are now being used," he said.
microwave
Panelboard is
n
mois-
"
Total other currencies
Sight balance abroad
in EPU
frane
10,45,100,730 17,771,000,000
xena
Advance to Stabia-
tion Fund......... Total billa díacousted 3,062,637,309,800 Banknotes in ekeyla.
tion Current accounts and
dispone
****........ 3270,100,433,745 The
429 370 $10,032
manufactured Copper Deposits
In standard hardboard sizes and
The company is actively in thicknesses of 1" and 1⁄4" engaged in opening up both it may be treated and worked domestic and foreign markets for in the same way as the usita!
the new commercial solar trades of building handboots among the biggest in the world energy system” to akled. jand it can be hot-presveri.
"For the drst time since the
Among uses to which tho now can be applied are
milicon solar cell was developed material
an officient system is available mentioned wall-panelling for to meet the demand for a con halls, offers restaurants, etc., tinuous, year-in, your-out power interior fittings in wardrobes Boutros which never wèim out,) brad exhibition stands.
FORTIO CASCH BE
London, July 20. There were red faces about the stock exchange at the close of last week, when | second thoughis made it clear just how Indiscri- minate had been the mark- ing down of prices.
The fall was out of relation wills the amount of selling, | which was fairly snoll,
But by the end of the week,
thinking fitulo ΕΠΟΤΕ clearly about Iraq and
back to the propositions that while
throw of the Iraq Government and the British and American | operators inndings in the Middle East.
wero
were
a
But the main influence was a feeling among traders that | Middie Fist all is vital to tho prospects have dimmed for living standards and progress of
of any major form the West, Passage
a major war is at legislation during the current most
Impossible ad Ciddio session of Congress.
East oli is valuable to nobody unless it is sold and used,
LEVEL-HEADED
The
more level-headed re-
were
Developments in this connec- tion included an announcement that Senator Humphrey is plan- ning to block the bill as in action of Wall Street to Middle troduced in committee by In- Best situation and the lack of and any widespread heavy ceiling, troducing four changes, statements by the Chairman of particularly of sterling, the Agriculture Committees of steadying fuences on London. both House and Senato that After mid-week the recovery Congress would adjourn with-was fairly widespread, particu
latter in oils which had taken out taking
the brunt of the shock, amnlbus bill.
However, today à large group of Texas cotton men appealed to the Democratic polley com- mittee to push through legisla~ tion that would expand cotton nereage next year and slightly lower the loan rate.
action
011
дл
But again this week despite behind the scenes gagging, the bil falled to reach the Senate Coor for debate.
DEVELOPMENTS
During the week, sterling swing widely, but it recovered nearly all the ground loch and was only 14 down on the wook.
The Middle East flare-up- hit the gilt-edged market at a particularly vulnerable moment. Everyone was looking for a rico in prices and another cut in the bek rate. Short money rules had been falling and the dis- count market was competing for bilis. As a result prices were techuilently vikterabia,
EQUITY SECTION In other developments, USDA Thursday was; the market's raid sales of cotton on call at worst day since last September unized prices based on Now with falls of up to 221⁄2 shillings York futures rose in the week and falls in the four days tolal- the art ling two sterling and over. The ended July 11 for time in several months. They Consol yield was past the ave jumped 6,700 bales to 141,400 per cent mark. Selling, was repout never largo, just a small steady emid.
|«tream of small publie welling. Banky and públic toatation The weather VIS mostly have held on, Coriolk weme
but reinfall was down on
War the woods, axtension of favourable for temperkry benbit payments. That brought excessive in some parts of the Loan 1, Dalioom 135.
belt: Reports were that con- In the equity Bretion, olls The total number of extenutonu; claime in three walks of At-siderable acreage is overcoming took the brunt of the selling,
lateness in planting.
with both Middle Eastern and ing to 420,400.
· Barelog z worsening of in- Weaters hemisphere companies Bled hyternational tensions or u merer» i suffering equally. These claims were
workers who have exhausted their normal payment periods, In states which have accepted idarel fons for payment ex- tensions--U.P.1.
AMERICAN UNEMPLOYMENT BENEFITS UPles outstanding, the
the
WAR
Washington, July 20. in that week, bringing the Thá Gavàrument says the num• total to $2,500,000.
ber of
Americana A year BRO, the tatal Jóblora Pairs, July 20.
$1,300,400. drawing anemployment bene- Copper deposits probably
-fits-robe-In-tha-week-ending However, the department... suld
July the -have been found along the
Arst time
new benefit clalme in the week Killen Mountain In Chinghal total had troňa up since early ended July 12 dropped by 71,000 to total of 399,000 April. Province, Stadio Poking reported.
Laboër department guros ro. after an incrensi in the pre-
Totaled fath yesterday showed oeding, wook. #7,200, persona ware added to the jobless compensation rðila í
The radio claimed this
По
deposit is of high quality.— FUNCO-PRODS,
The report also said that 125,700
pareone filed blame fast Week |
Copper Shares were dome- ed crop, ar'overmbiback, so trade sources now grodiet * what better melded by the price record average yield por acre of the metal, but fins and lead-
11 zinca TanakaⱭ very quiet.. and a crop of roughly million bales---U, P. L.
Rubbers were dim. UPL
}