SCIENCE AND
THE CHINA MAIL, MONDAY, AUGUST 11, 1958.
Weekly Survey Of American Economy »
Pago 9
ENGINEERING Major Problem-INFLATION
Spacemen May Come Back From Space
३
Encased In Water
Philadelphia.
SPACEMEN may return from the outer
reaches encased in water.
The US Navy is experiment-.
ing with a device that encloses
space travellers in a cute COLOUR TV SET
which is then filled with water,
it was seksed recently. So far,
b experienents
Johnsville SIZE REDUCED
PA., Naval Air Developmets? Center, the device has enabled
נוונח
10 willstand 100'
pressure 1 times his weight.
IRON MAIDEN
Rthe
have
now
➜ESEARCH engineers at 1 GEC Laboratorios ¦
succeeded In reducing the sizo of their The device is mented the latest experimental colour "Iron Malden," after the
icloviston racciver to that of instrument medieva turture which enclost the viction in a 0 domestic 21 in. mono- man-shaped front
This represants compartment chrome sot. lined with sharp spikes. The Ex-
a scoling-down of nearly 50 pernents were disckzed by Air- craft and Missiles Manufacturing per cent on the first model built three years ago, and Magazine.
The publication said Plampen there is confidonce that the
bo Gray, & Navy scientists, reached | unit
mada evon to G's for about a second, and smaller after further de-
at all velopment work.
withstood 15 G between two and three seconds, and fines had control of his limbs,
in
Capt. Marvin D. Courtney Deputy Director
the laboratory said the paralysing the G-forces are neutralised in присе traveller is encared water. He explained that in water, the traveller would re- main near nommal weight be- cause, according to Archimedes Law, un immersed solid loses weight equivalent to the weight of the fuld it displaces.
can
The ney colour recriver-the
DIFFICULTIES
Experts Believe That Recession Clearly
In Its Final Throes
New York, Aug. 10. Authoritative opinion, from President Eisenhower on down, agreed this week that the major problem of the American economy now is inflation, and that not much can be done about it.
Post
The recession clearly is in its final throes, the experts believe. All sectors of business are improving steadily, and at a faster rate than had been predicted a few months ago. Confidence is in the air, and (and 445 billion in the last perhaps over-confidence.
quarter.
The 1908 last quarter Probably the
over-- should squat the bigh for the confident, was the New York boom which ended in 1937. Stock Exchange,
Many economists believe that where traders were ignoring earnings state- į businessmen, who have suffered ments and lower dividend to bid in the recession will take advan- stocks up to near all-me highs. tage of the new boom to false to recoup the the prices sharply Experts all agreed that
021 dangerous 1957-38 losses. way
An average five markut ground, but, the inflationary per cent price rise is expected spiral continued unabated. by this group.
However, Indation Is nut entching eennomists by surprise. They were warning of its dangers last spring, when the
recession still was at its worst.
One thing is certain. Various anti-recession
measures now
before Congress will be quietly
allowed to die, and there will be
First official
a cutback in Government spend ing in late 1959 and in 1960.
Instead, there will be renewed In anti-inflation laws. interest
Government anti- nation move catne last week when the Federal Reserve Board raised the stock market margin from its former 50 per cent, requirement up to 70 per ent
which continued Bs advance,
IL
HONGKONG HECTIC WEEK
STOCK EXCHANGE
Our Own Correspondent
ON
WALL STREET
Business done on the Hong- kong Stock Exchange This morning mounted to approxi- The
mately $132,000. Noon quota- į tions and the morning's transac-
ons were:
Sharep doilars in the bank with which BANKS
hat Americans have billions of to buy things if they want, to K Baak. would have touched off a truly
serious ration.
Thus it cont be hoped that the apparently excitement- resistant public would be equally arm against too steep price rises, and in itself be a strong fored against Inflation.-UPI.
Car Sales
Detroit, Aug. 10, New car sales spürted up 12 per cent during the last 10 days of July. Wards Automotive Reports said today.
The statistical agency said new rate of 14,040 a ears sold at
day during the final 10 days, a spurt which boosted total sales for the monil to 347,500, or 13,365 per day.-U.P.I
Exchange Rates
Ordinary, a man at six G's cant developed by the GEC-is barely lift his arm
believed to be the simplest ye! made anywhere in Great B Strong Warning fain, and it is claimed that is
President Eisenhower, in his colour reneptida_standards
Phuck-and-white trosurpassed.
prize, ctuference this past week, exertent. recepting on the same cat is adriel the attack on inflation with a vigorous warning to labour and bushess that care must be alten in the matter of wage and Although the research team de tres increases, lest thero be had little effect on the market, morning, at the following catch-
Cofist:nive revolt that would pot claim that all colone zaobe
bring on government controls, les have been sulver, they
In another step, the U.S. of the At the same time, the President have overeatme ronny
began sub-committee difties it event in combiring that the expeeled 12-billan Senate
mall size with good performațier.
Federal detivit för 1058 "must be taking testimony in connection
116" and The prve pork has been sealed. the highest
that with the recent sicel price - drawn by means of a special
Tavernment spending must decreases. Three companies raiser teelset desinition "Picture orcase. Obviously, he is greatly their prices an average $4.50 per sharpness") has been raised to concerned with Inflation.
ton last week, and this week bugh-quely menechime, atand- grds, and. Ühe aevinale siperfn- Posing of the three cul ur images ed given and blu-as been carefully maintained.,
FLYING BATHTUB
with
Until now, experiments water have been done in a called "Flying Bathtubs," heutshaped device whirled about
a centrifuge.
G
in
Whether or
The "Irco Maiden" is an an- provrtni n the old model, and chisks hope to mise it to 25 in dale, the In expericnenis
A warning about recent Fore- ocupant held his breath while
the water. hot special casts at low-price enlatir televi- by the GEC is being sin is given respiratory equipment developed to allow hims to scientists engaged on the project.
not the Govern- ! breathe while submerged.
Top Selutists say the application Pant gives the go-ahend of the water capsule principle colour in the rear future, they "may perait mair to re-enter the way, sels made by any manulie- atmosphere fasier from a trip turer must still be abs three Into space, and consequently times as-complicated as black- there would be less time in and-white receivers, which a space-ship of the future to lease would be subjected heal-U.P.I.
ELECTROPITCHER
in
10
Thus it is over optimistie claim that cour Is Ukely compare in price, with mono- As in the case. of chrome, duinestic colour camera There are mils to the price reducing technical simplification. which can be metrporated.
Bln
that
many
"I don't think
Americans
the
are
The Evidence
3.01
10.07
Business was done in the local Kameral
US. tollar (per $1)...... Sterling notes (per £11.. Australian nudes (per £!! {Indoomalar rupiah (per 100)
hem fieni per 100) Singapore Straito
Buyer Sellers
710
INSURANCES Uniun
20 Lombard .. SHIPPING Wheeleks
Kalea
انار اچھا شمال
IGA 100
74%
5.03 0.03
|
Dock
DOCKS, ETC.
500 42 300
LAND, ETC. UK Hotel IK LAU Humphreys RUBBER
Amalga Trust
A. Taweh UTILITIES
42 424%
21.40 21,80 31 % 19.00
1.50 1.5714
"
2000 42
1.025
exla
1.90
20,20
2004 20.30
200 20.30 75 & 20.10
Fram
פידן דו
C. Ught Electric...
༣༢.༣| Telephone 23.10 23.30 INDUSTRIALS
22.10 Cement....
Amoy Can. 374) STONES, ETC. Dairyla
17,30 Watum
10.70 COTTONS Nanyang
01.05 1.5-0
New York, Aug. 10,
of stock market surmounted a hurdle increased margins during the past week and scored small gains on average with the close near the highs for a year.
Issues
The margin rise was a steep managed to close the week with one, smounting to 40 per cent. It gains.
When the came after the close on Monday
toll was taken of alter.4,000,000 shares of turnover the market on Friday, it was id left the market a new found that of the 1,394 high since July 26, 1957. The traded, 32 had advanced, while Federal Reserve set the new 404 declined and 168 hela un- macgia at 70 per cont which changed. A total of 427 Issues 70 on made new highs and 14 new means one must put up
bach 100 of stock bought, at least luws. if he wishes to trade on margin.
Decline
Sales
Sales for the week crossed 10 million shares for the third week in a row. They totalled This brought a moderate de 18,523,120 shares, a dally average That com- fa: cline on Tuesday 9 4,400,000 of 3,701,022 shares.
on Wednesdaypared with 18,700,400 shares or shares. Then when the effects of the margin a daily average of 3,772,082 in rise seemed to be wearing off the previous wook and 18,501,323 President Elsenhower frightened | and 3,710,285 two weeks ago, the market into a decline when Sales so for in 1958 totul he talked against kidiscriminate 380,246,290 shares against 324,- price and wage rises.
410,332 in the
500 22.40
200 17.30
310** 5.30
market The Agreed Merchant Rates Swiss Francs Maximum Sell- 12 3 ng 15 1/10; West German 710 Deutschemarks Maximum Sell-
1.06 30 71 7'8.
20.80
and
The market got over that too and it rose on Thursday again on Friday.
In the Monday market when prices were spurting to new tops
corresponding period of last year and 350,197,- 115 shares for the 1956 period.→→ U.P.I.
the best performance was tu NEW ZEALAND
in by
the Industries which recently had raised prices—steri, cluminium and copper. Copper prices wavered later in the week was considerable there and
bill they selling of the group
HEAVY TRADING
COTTON
ON
FUTURES
New York, Aug. 10.
Cotton futures this past week swung over an ex- ceptionally wide price range on the heaviest trading in months. New crop deliveries were alternatively steady and weak over a range of $8 a bale.
"Ene survival of free Asia and U.S. Steel and Bethlehem Steel, the dentocratic people depends the two biggest companies. to a significant degree upon our followed suit. The average price ability to prevent both do of steel now is about $150 per pression and inflation," sail the ton Committee for Economie Development (CED), a group of 180 leading businessmen and educators appointed by
The companies. expecting Government some two years ago. Government opposition to the
ulation is not inevitable and
price Jumps since President is on evil that must not be tolerated, mid the CED report, Eisenhower had several times steep price bnost was 1201 in the best but at the same time, it notes rested that a
interests of the country, were resigned to "creeping" infalion ready to defend themselves. (vuti are unwilling to take any
Iron Age magazine suld that the steps against it. But said the
steel industry "Is well armed CEO, there is no such thing as with evidence that it needed Hereeping.", slowly pro.
The ilst at Friday's close ruled grade middling a inch. This is Once
the increases, since at least Ave well stressing inflation,
cent of parlly and
of 40 started, inflation must gallon, companies lost money in the first 31 points lower to 41 points at 61 per
higher or off $1.85 to up $2.05 a represented an increase thalf of 1058, said the CED.
Indation could have an im- bale compared with the pre-points from the preliminary rate One broker of the famed Wall
announced in January. The luan A coding week.
Inch Street firm of E: F. Hutton, said portant political effect, too.
based ca middling Most of the business con rate, few months ago, it seemed sure that anything can be done to prevent inflation that the Democrats would sweepcentrated in the new crop months cotton. figured out to around the November congressional where prices became increasingly 35.00 cents a pound, traders said. support rate as long as the population is ma
The comparable under the 1957 programme was present state of mind-that the elections on the Issue of the re-sensitive to Washingtn news on
cession. Now that the issue seems į fatt legislation. dangers of inflation are exag
dead, but the Republicans, who Doubts us to whether any 32.31 cents a pound.-U.P.I. nerated."
look new heart as the recession | nction would be taken before ad- now find that journment kept traders un. the began to fade, they may be hurt by indation. onxicus seat. House rejection of Samuel Lubell, respected its bill touched off a broadscale peal poll-taker, found that covering movement on Thursday, October delivery Thus the soaring $9.33 a bule before the identified as the rally climaxed. of rising consumer prices in the with rising prices."
Republicans, midst of recession probes a new party of the businessmen and the Inflationary Im-big corporations, could take a und power[] petus is at work in the economy bad drabbing at the polls as the
one that traditional policies
send Democrats 10 They will be unable to control." are convinced that intervention Washington to impose govern
prices-and by the Government to try to mental curbs on
political presumably wages, too, stabilise prices Is ủ The device consists of a tiny
And they suspect the devican Electruplleher us mirror suspended from a hair-necessity. It is cutted-means speedler pro-like monofilament of nylon and they may have to take new and untried measures if the pace of duction and to the shipowners contained in
flation increases as it now seems ely' lo do,"
SAVES MANPOWER
[ow being produced an
device SUSPENDED MIRROR
Nynaside is
4
which speeds up the opera-
tion of scaling wooden deck- SOLVES PROBLEMS
of the world.
TYPE of pendulous
New Measures Said Business Week magazine: ....Omeiuls (in Washington)
#
Ing on ships. Although only recently developed it has already created interest in maring circles in many parts cad beat" in operation and
A foronto unit which is the public to the ten
A number of inquiries have provides a stable datum re- been received by the manufac forence under all conditions, turers, Heron Heating Devices for aircraft periscopic sex- 10.
Works Arlea
Church Street, Newcastle-upon-Tyne. 6. tants has been developed by England. from shipbuilders British firm. Europe, America, Canada
the Far East. To shipbuilders
!
voters
Logislation
ALA
floor Copper Prices
of
Bank Of England
Katie
4
Statement
Firmness Keynote
In London
SEEKS U.S. LOAN
Auckland, Aug. 10. The Government is negotiat- ing with U.S. banking interests for a short term loan of up to £20 million (US$56 million) to help overcome this year's trade deficit, it was learned today.
་
Informed sources said New Zenland was trying to obtain the loan without being forced tu join the International Monetary Fund or the World Bank.
of the major They sald one tasks of Finance Minister A.M. Mordmeyer will be to complete the loan negotiations when he visits
and the United States Canada next month.
The sources said the approach lo U.S. banks was necessitated
Londory Aug. 10. pirniness remained the key-by the gravity of New Zealand's Foreign exchange situation and note of the stock markets the lack of money at London this past week. The City on markets.--U.P.I. is not taking much notice { of newspaper headlines. Sterling is standing up well to the seasonal strain as well 09 the additional international un- certainties and has over. gained ground.
The gilt-edged market this past week had risen strongly under the Influence of the satis factory gold and dollar figures In the and the sharp reduction Treasury bill rate, They were further helped by what appears Lo C genuine investment dernard. 2183.00
Short-dated government stocks 20,840,121 advanced to their best levels 40 202004487
10
£
247.000 far this year. The prospect of a 25317,321 | further cut in the bank rate and 20.305.413 further easing of interest rates →V, P, F also gave a strong Incentive to
the demand for British funds.
War Loan closed the week 3 per cent up to 68, with Old Consols above 31 and "Dallons", the Treasury 21% per cent. breaking through the 50 line to 50.
Bank Of France
Statement
London, Aust. 10. The Bank of England state ment for the week ended Aug. 6, farm reads as follows: Some traders thought
session,
lime is running Notes in circulation.... legislation was doomed for this
However, there are three private deposits
Fubile depustis out. alternatives 1. The House bill Governinta greutiles can still be brought out on the other reutilice
debate, permitting Receipt amendments and a simple temperature
There were Lwo
anti-majority vote; 2. The House can compensated capsule filled with
indationary notes in this week's substituto the Senate bill; 3, 'As it means easier maintenance.
During tests, the The Elceiropitcher also re- sileone oli.
According to the CED, real news, Copper prices were raised a last resort, separate legislation Rijali was subjected to vibra- presents a saving by mUNPOWET,
of operational output, or production has been a half-cent a pound-le 27 cents for cotton may be enacted to
forced reduction for one maturaling a group tions in exeCAS
requirements, yet the maximum prowing at an anual rate of two-by custom smellers last Friday, preclude
in 1959, as required of three, can be "paying"
error was only 3 to three per cent per year since but later two smelters had to
under the existing law. ceam with one while the glue 1ecorde
the d of World War II, while drop back to the 261⁄2_cent
because Europesn Agriculture Secretary Ezra in the other two is dissolving. minutes of arc.
wages have risen annually five pound level Using the model fitted with a
to six per cent. The difference is demand refused to meet the two Tatt Benson sald cotton acreage
And In Chicago steel allotments will havD to be reads us follows: prices. thermestat, the compound enn be
Inflation. brought to the cores tempera-
unit រង The
cylindrically An
inflationary scrap prices dropped $2 to 53 slashed to 13,675,000 acres in immediate
However, the crop 1959 if Congress fulis to pass Total gold holdings. ture without overheating, and
Total other curreïscles This new legislation
sessice. shaped and measures 12 inches threat, according to Government per ton.
Sight balance abroad the cene thick insulation of inch diameter and is
Allotments now, are fixed at 17.3" is EPU virus the container mards against
Atled lu the instrument
qulek uy unexpectedly
recovery last manth's prices.
Some economists also were 534,520 acres-under a law ex- Advance to Stabilisa-
tion Fund heal fos.
The Kroas simple
New York market's recovery bayonel-cap arrange from the recession.
Total bills discounted 2,039,117,044,099 425,0 heartened by the U.S. public's piring at the end of 1958. national product Was tacat.
After the close on Friday, the Banknoter circula- Mid-Eastern the
has been reflected in the prices FUNNEL-SHAPED
billion In the first quarter of reaction
Clas bagong 3,430,040,004,860 of Trans-Atlantic stocks, Möst of Current accounts and 1953, an estimated 428 blillon in crisis: There was no "searé" Department announced the final
deposita the second quarter, and should be buying. A sudden huge dematid [support rate for the 1988 crop figures show at 81.23 cents a pound on base 432 ilon in the third quarter--and the latest
CYLINDRICALLY
The tool, is a funnel-shaped The practice of suspending container, 24 kiches in height mirror by a halrike Blument to and with a capacity of 10 lbs. overcome a basic fauit in con- of liquißed compound. A spur tremporary instruments, was the
at the base of the container subject of an earlier pricat
ferds the compound into the
the decking.e
seams
the
self-
element
اتا
taken aut by the comply. Lord Kelvin, then Professor W.
mirror Thomson, Invented a galvanometer in 1830 to Im- the measurement of preva
elcelrical impulss transmitted over long distances, for exan-
enble.
rourers, is ironically enough the steel is $8 per ton higher the |
to
acreage
Paris, Aug, 10. The Bank of France stalement for the week cnded July 31,
FOREIGN BONDS
The foreign bond market has been largely neglected this past Frane week, although Prime Minister 247.000 200.400 Macmillan's sudden journey to
11,430,203,000
talk with the Greeks in Athens 34,125,200,000 lifted Greek acnide over "ope
sterling.
zero
400,142,350,077 the ended over two dollame up. ~U, P. I. The stendy rise in Industriai shures continued. At the close the Financial Times average stood at a now high for the year of 180.2. Net gains were mostly limited to
round alx pence.
AMERICAN TEXTILES HAVE SLOW WEEK
New York, Aug. 10. TEW business in-
Market
yesterday, Industrial
A valve controlling the rate of
be adjusted by flow con
Buying of ordinary shares was operator by pulling upring
analysts found a boosting path, olher traders sald,į Same strengthening also was mostly confined to leading stocka landed
carded and those favourid for special trigger. The
the further reason to pause as they is the existence of inventories in reported on high-count heating contained
Fonsens, such as property, hise- becaine baffled by the wide- some quarters on sateens, wide yarns for the insulating trade.
and purchase finance, ensures that the compound
and commer- Hard fibres were quiet ple in the Atlantic telegraph cotton grey goods mar-] swinging market for raw colton sheeting and broken twills,""This ||
were clut television, kept in a liquid state. A con
and deepening confusion over surplus must be eliminated be- Irregular., Burlap prices tinuous-long of seum
In the enining shares, business In that instance, he cemented ket developed at a slow pace at Congress mer, or may not, fore these goods can be moved Inclined to slide with the easier can bo
quiet,except for "payed" without the constant
Sisal prices has been do on farm legislation before up," is the way ne source sum-trend in raw jute. a magnet to a tiny mirror at this past week. walking to and fro which is suspended it in the Induction
marised the situation.
held steady with little Interest flurry in coppors. Kaffire have The buying rush which follow adjournment. necessary when using the boiler coil of the Instrument by a
In the domestic market. Henip kepi steady. There was Brenness ed the landing of troops at and ladle method.
filament of "pocoon sile". The Lebanon slackened to practically The boosting of stock market
Cotton Yarn prices rested on a dealer reported more offerings of backing for oll shares, despite The design of the tool, mirror reflected a car of light a halting point.
the fact that on the face of it the margin requirenenta and the Armor foundation. Carded counts, available from the Philippines. sures that the stuling compound which was deflected over. A
strong gyrations in security wore
among The appearance of some lower- ensulag
In rayon grey goods, soma im.outlooks le pessimistic..
British Potroleum rosé 4/- on is "payed" directly into the gradunted scale by the move-priced
offering on valuations further muddled the Carolina spinners, with some km. prøvernent reflected a belier do- seam, thereby evolting tement of the magnet in relations standard print cloth number overall business picture, traders provement also noted on combed and in the dress goods after a the week and Shell Transport tendency to wador when using to the strangth of the induced helped put a quietus on now felt.
yarns because of uncertali raw prolonged period of inactivity--| 61⁄4%, much of it caused by
U.P.I.
American buşing.-U.P.I. the hund-tadle.
#pid.
buying interest,
***The big obstació"In the priče- lotion supplied.
TO-ENO
QULDA
EARN IN AUSTRALIA
9%
PER
ANNUM
INTEREST WITH SAFETY Why Take Loss? INVEST IN A GOOD SAFE HIRE PURCHASE COMPANY ISSUE OF
£50,000
REGISTERED FIXED · DEPOIN KOTES
1. Your money warns Interest from the day of Investment, Your inter est rate 10-4 fixed rate, not vesiable dividend. You have a regular income, your interest Tw paid quarterly,
2. Your capital repaid. In full ab maturity Australia, no market fluctuation # with sharm, to lower the value of, your laveste ment. Your money always remaina Infect.
3. Your Interest is paid quarterly direct into your local account of Into your teava) In Avstralia, -20 required by you
4. "Fixed Depoalte” have fire pre- ference over all share capital.
5. Bank references xen be dir
ecled la our Australien Bankura
A. & N. Z. Bank Ltd, Windsce
Branch, Victoria, Australia,
6. A safe and conservative Invesi- ment.
Deal With A Company Est- ablished Many, Many Yeara
OUR INTEGRITY
IS YOUR PROTECTION
----------------------
WESTERN ACCEPTANCE HOLDINGS LIMITED
Bira Purchase Fiszeciers "Western Hetas"
162 Greville St, Praline, Vie, Azt, Please send me without obligation, particulars of your invo.
NAME AND
ADDRESS...desesperate
so the man van dan men▬▬▬▬▬▬ US At the dy je
ני