SCIENCE AND
THE CHINA MAIL MONDAY, AUGUST 25, 1958.
Weekly Survey Of American Economy
Page. 9
ENGINEERING POST-RECESSION WORRY
NEW LOUDSPEAKING Businessmen Fear Rise TELEPHONE FOR In Interest Rates May BUSY EXECUTIVES
A NEW loudspeaking telephone, designed to give the highest possible quality reproduction, will be shown at this year's Business Efficiency Exhibition at Manchester, from September 22-27.
Known as the Automaster, the new lrument, housed in a
polished walnut cabinet, bon the IMPROVEMENT OF
facilities required · by
busy
executive in one compact unit
It has been specially designed for X-RAY MICROSCOPE
use with private
systems.
the manufacturer's telephone Automatic
A
of the By employing nume Jatest efreut techniques, engineers have succeeded in a has taining
JIT! outstanding
microphone ensures that even from considerable distances it is
hotinal conversation.
LOUD-TO-LOUD
Affect Recovery
New York, Aug. 24.
The state of the money market was causing some worry today among businessmen who feared that unexpected rises of interest rates may affect the U.S. recovery from the recession.
It is generally agreed now that the bottom of the recession was reached last April. However, it was impassible to know that at the time, and the Government went ahead with anti-recession measures.
had
rather
ihan
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the long- kong Stock Exchange bis 211070- ing amounted to approximately
the morning's transactions
STOCKS UP
SLIGHTLY
IN NEW YORK
New York, Aug. 24.
$102,000. Noon quotations and Stocks struggled to a slightly higher level during the past week on poor
leadership and lighter volume.
were
Ahares
Corporate bonds now compete Much the same situation holds BANKS with what lenders can earn on rue today. In the 1930's there | ilk Bank.. mortgages, and thus home-way no Inflation because the builders were somwhat worried nation could produce more than
Unso that their new boomlet may It could use, so no price booste step before It is wefi started. were-needed to stimulate greater
capacity. It is the same today the nation can produce more of everything than it can use.
National Product
Muyers Heller
Sales
TEA
5 170
730
INSURANCES Lombard SHIPPING Wheelocks 4.80 DOCKS. ETC.
Wharf.. Dock Provident.. LAND, ETC. HK Hotel HK Land.. Humphrey'
America's gross national pro-Healty ducts for the second quarter of RUBBE 1058 stood at an annual rate of Amalg. 429 billion, Department of Com- merce figures show, 1 billion over preliminary estimates and
UNIVERSITY lecturer in physics at Com- Dr V. E. Coaslett, bridge,
been awarded on
The, with the surpriski stầy” But automakers and applitace per-£11,000 grant by the Paul arm pickup in business in June-manufacturers agreed that their formance A highly sensitive Instrument Fund Com-July-August the Government only worry is whether the U.S. "for the further justments and begin mittec,
make some hasty, read-consumer will buy, They know
ho has the money for thef un anti- possible to carry on a perfectly development and improve-ination
ant-products if he will spend it.
Savings are at on all-time high ment of the X-ray micro- | recession fight. scope."
actions, The nation's cavings and lost As a result of these Interest on sho-1-term promissory associations reported today that Announcing this, the Royal notes has risen steadily, in line they have uet deposits of $3,103, If more that one Automater Society eays improvement of the with increased yields on D1-day 000.000 in the first half of 1958, Is installed on the telephon" X-ray microscope will be by ex- Treasury blils, which now stand an all-time record for any alx- system, loud-to-louri conversa-tending the resolution beyond
at 1.005
per cent, up sharply month period and 20 per cent billion higher than the figures for the first quarter, With tion can be carried on without that of the optical microscope
from last week's 1,524 per cent.higher than in 1957. Regular business steadily improving, and Telephone". any difficulty,
three-position and by attaching un automatic Several major sales finance com banku, pos'd sayings and other the traditional best volume key nbler tise sound recording mechanism for quanti-panies last Felday announced sources reported similar huge level to be adjusted to meet the fative analysis of elements. another point rise in interest deposits.. riptirements of the user. When
Prof. J. D. McGee, professor rales, the second jump within a required; conversations cars be of instrument technology, im | week. New rate schedules are: held in private by hung a hand- | perial College of Science and 30-to-89 day paper--1 per sel provided at the back of the | Technology, Lendon, receives cent; 90-170 days-1% per cont; instrument which automatically
180-239 days--21% per cent. disconnects when lifted,
the
COM-
$22,000 to enable him to loudspeaker struct a television system for X.
ry image tensification.
The Paul Instrument Fund Committee
ecimposed wxf representatives et the Royul Soclety, the Physical Spelety, the Institute
of Physics and the Institution of
Electrical En- {gineers.—China Mull Speciat.
Among the novel features of the Autommaster is "Time-on- the dial, which ensures that a time check is always available additional without taking up desk space.
Other facilities include a key calling service which makes it possible by depressing one key
Buoyant Week
quarter of
the year, the third quarter of this year is expected to reach 432 bullion.
can be
V
43,50
100
11.00
20.00 21.50
10.20 1.423
100 $2.70
20.0 32.25
1323 1075
2.16 A. Tawah.. Yungata
12.23 UTILITIES Tram
25.00 21 Youmall
C. Light Electric
Anled
The
The market was drawn be-banks are holding at 14 per tween the Ares of rising money cont but and expected to boost rates and substantially improved their rutes shorily. business in the overall picture
market apparently gat and moved mainly on news over the money situation which developments for individuni Inchided a margin rise, but had stocks and groups.
some qualms about the Middie East which seemed to leave when the United Nation voted 80 to zero to accept the Arab
The Industrial average closed on Friday at 608.28 up 2.15 poluts 200 12.25 on the week and off 4.14 points | Plon for ending the crish.
16 4 18.10 | from the year's high set on Aug.
200
100 @ 17.50
17.30 17.00 27.70
100
1,000
Of the 1,302 issues traded, 601 11. Rails closed at 132.58 up gained, 500 lost and 101 held 2.74 points on the week and off | unchanged. There were 198 highs 1.14 from the year's top set on set and 37 new lows for the year, Aug. 4, the day the Federal Re- | ....-U. P. I.
serve raised margins, effective on the 8th, Utilities lost 0.54 on the week, having had only one gain,
25.30 and that only 0.03, in the Friday 700 25.00 session.
500 25.30
Sales totalled 12,270,245 shares
1:05 25.30 or a dally average 100 25.00 abares.
of 2,454,01
That compared with 400 25.50 14,021,500 shares
200 + 17,40
,000 7.17:30
500 17, 1,000 e 17.30
21.40
17.30 17.30
10.00 It
3.70 3.80 7.00
260 04
As in usual with recessions or depression, they feed upon them. selves that is, as the people note believe that inflation
Giving heart to those who INDUSTRIALS
Cement! KTORES, LTC. The darkening economic pleture, stopped was the report by the Dairy they stop buying and save the National Industrial Conference money for the expected hard Board that the cost of living de- times ahead. When they stopclined in July, the first monthly Watson buying, the retail merchants, the decline in 20 months. It fell only. CTAW wholesaler and the manufacturer
COTTONS one-tenth of one per cent, but it Textile all are hurt, and they decrease Bill was a break in the con- Nattvang their work forces, adding to the sont rise. Declines in food, INVESTMENTS unemployment and thus to the housing and epparel made the recession.
smaller figure possible.
With bumper crops now being har- vested, a continued drop in the cost of food--which takes 23 per cent of the average budget..was Although unemployment America has hit more than who believed that there would uneficial
seen by long-range forecasters, Business van dono in the local milllen perzons, more than 65 be a four to five per cent decline. morning si the following rates: The markets had an ex-milion still are employed. But to foort costs, viselting expected U.S. dollar (per #1)
tremely buoyant week, the 65 million have been wary price hikes, on other lines and Sterling notes (per 41)
in their purchases. Now, with a holding the overall cost of living with industrial equities automatically adjusts
recovery obvious, they are
to perhaps a one per cent hike in particularly active. pected to relax their caution and the next year-UP:1. ventilation, after long deve- fopment is
The week ended with available
the make the purchases they have so busiest Friday in more than long postponed--a new CAT. A for export.
three years, Dealings at 65,971 new refrigerator, a colour TV were 11,104 over the previous set, etc. week.
only, for the user to call any one Automatic Window
of 20 predetermined extensions.
Depression of the appropriate
hey automatically switches on Control Unit
Foudspeaker and eals the re-
quired extension, even if the luc
is engaged at the Usic. A pilot A WINDOW control which
light reminds the user that the instrument le Switched on.
now
A conference service enables the user to call and peale simultaneously to a predetermin-
It is a selenideally-designed ed group of up to twenty indivi- duals, who can be called Intrument that can be fitted to any Singed-type window with a or dismissed" as required,
rule mut screwdriver. Once xed, the instrument ulama- tically loses or opens the win- dow to adjust the inside tom- perature 10 prektermined
CALLS FILTERED
The Secretarial Service enables the user to receive all calle direct, and switch his tine through to a recretary, Or, he calls may have all incoming
ered by a secretary before they are passed on to him.
The overall dimensions of the automaster cabinet are height, 9 inches, width, 3 Inches, depth (back to front) nt base 0% inches.
gure. There are no tunning costs. Once installed the unit needs no fuel, no revisorging, no electricity, and no supervision,
It has found favour in the is hotleultural world where it used in many greenhouses throughout the country to con- rol temperature without any attention.
In London
There
London, Aug. 24.
Unemployment
in
*x-
All of this makes for indation, is speculation as 10 wliether a definite bull market and to combat inflation the U.S. has got underway. Investors tiovernment has tightened its have been docking back to the money policies. markets and prices have been forced up by a great shortage of stock.
INVESTORS
Investors believe that good times are just around the corner. There is the, continued firmness uf Wall Street, the growing aum. ber of reports of the more en-
The superior rates for short- term investment were one result at this policy. Another result is an increase of une per cent in the interest rates big banks in New York and other centres pay on
of a daily
average of 2,024,000 shares
TE
the previous week and 9,921,528 | shares or a dally average of
1,084,385 shares a year ago.
Last year at this time the la- dustrials closed the week at 475.74 of 12.40 points and rails last 4.53 points to 188.21.
Exchange Rates 377.500.407
exchange market
Australian noteń (per £1) ... Indonesian rupiah (per 200) Hjem leal (për 100) Singapore Straits)
-Sales
Sales for 1058 to date amount Lo 410,139.030 shares, agains! in 1957, 344,100,522 chores
1036 and in 430,003558 in 1955.
for During the week rates commercial paper and bankers acceptances moved high and the 5.30 Dalias Federal Reserve Bank. 18.07 raised its rate from 1% per cent 12.52 to two per cent placing it on the
0.00
San Francisco. 28.06 same level 1.80 The other
10 Federal Reserve
this
49
Erratic Fluctuations On
NY Cotton
Market
New York, Aug. 24.
more than rne billion of foreign Cotton futures closed the week on lower ground climaxing a
time deposits. The new rate of two per cent applies to foreign and certain special lime deposits
couraging U.S. business outlook, of 90 to 180 days duration. On the apparent passing of the such deposits of 90 days or Middle East crisis, the greatly less, the rate remains at the legal improved labour almosphere in
one per cent. Britain, and the results of recent indicating
Inflation public opinion poils a
that the majority of people here Favour the Conservative Govern. hower nt ment.
A
Being demonstrated for the first time by the sune company SPECIAL COMPOUND will be a new telephone dictation
The unit has a cylinder con- recorder, a system which makes
taining a special compound and It possible to dictate inte
with machined piston-rod central recording unit through a regular telephone instrument special glands and seals to make connected to a private automalleit leak-proof. The compound is rensitive to temperature changes, exchange,
The system is so armutiged that expanding and contracting to !! does not use normal connecting the slightest change and thus window-opening ditulis on the P.A.X., and operating the
Other and closing mechanism. therefore cannot cause conges- tion in the telephone service.ypes are being tested in Dace the switches have connect conditioning, factury healing and
ventilation. ed an extension to the recorder,
The Company can also handle the circuits are autoguattenlly re- tensel to handle regular inquiries for special units. Called the Thermoforce, the unit is ex- telephone traffle,
Particularly useful is a device peeted to have many uses in which prevents anyone using the agriculture and horticulture, as wells, hospitals, homes, fat- recorder from overbearing or
tories, hotels, and even aviaries. erasing a previous message on the tape. A key unit is fitted with three control buttons
eir
remains the major problems, said President Elsen- his press conference last Thursday, and he proposed The gilt-edged market reto fight it by tighter control of mained very firm this past week, Federal spending. He firmly re- but marked time and the genera jected the idea of governmental scramble for industrials lett glits wage-prior controls, and sold the neglected, The market cased Government should try to avold as much as 5/16.
large deficits. In foreign bands the demand for Germans, said to be from the continent following the cuta in German bank rate, sil the persists. Japanese bonds also picked up with guins of many directions.
QUIETENED
Trans-Atlantic stocks quieten- ed on lower Wall Street trend The Financial Times industrial
Psychological
series of erratic fluctuations while traders pondered the possible effect of the expected new farm bill
Marking the third week of re- cessions, the list at Friday's close ruled off 10 to 34 points-50 cents to $2.70 a balender the The October preceding week. and December, 1959, deliveries, dropped to seasonal laws.
The July delivery developed The relative weakness late in perica. Sellers recalled July the last month of the "old" sea- son, after which, under the new farm ow, the form price drops. Sellers doubted whether July enukk hold its wide premium of cents a pound over succeed- ing 1939 deliveries.
2
Agreement
is
Many experts close to the Goverment in Washington be- lieve that the coal worry ia inflation," in "psychological
The House-Senate agreement which business and consumers on the new farm bill, which was would create real inflation by expected to become law, and a their fear-inflation-by over- subsequent
JULY DECLINE
IN U.S.
COST OF LIVING
New York, Aug. 24.
The cost of living declined in July for the first time
in more than two years, the National Industrial Conference Board reported last week.
designated for dictation, stop Nickel Coating For ordinary share Index roso e on and over-buying on the part of viding for the sale of cotton for first break in the Inflationary the depths of, the shortest but
ping and listening. (Communl.
cation Systems Ltd, Norfolk
Houst, Norfolk Street, London). Metal Plating
PAINT FUMES
A New Era Of American
Prosperity
. Flint, Mich., Aug. 24.. A new era of American prosperity, beginning with the introduction of 1953 models by the auto in- dustry and almost doubl. ing by 1985, was pre- dicted today by General Motors President Harlow II. Curtice.
Curtice said his own company would boost the surge by re-
100,000 calling
unemployed hourly rated workers by mid- October. By Nov. 1 he said, General Motors employment of hourly-rated workers throughout the nation would reach 323,000,
He predicted, new car sales would June by one million 30 0,500,000, in 1850 and would almost double with sales of eight million by 1005,
ANTICIPATE
"I anticipate a marked increase in the level of automobile. Pró- duction with the start of the 1959 model year," Curlice told about 2,000 Michigan dyle and business leaders at a "alute to GM" Luncheon celebrating GM's Both anniversary 'here.
Не
Bald the Increased automobile production would "set off a chain rouetion through..... out the whole economy" because ao many other industries are de pendent on the auto industry,
The surge has already started
· “la modest way,” Curtice said, but added it would become more apparent after Introduction ol 1859 model cara.
"Industrial production has re- covered from the low reached in April," he said, citing, employ- ment and sales figures to back up his statement.
But the Gemoral Motors Presi- dent warned the surge would not be "automatie."
To achieve these gains by 1885 will require a co-operative effort, with all elements of our society working for the common good," he said.
Tho free enterprise system must be kept sireng and virile." -U.P.I.
Bank Of England Statement
London, Aug. 24.. The Bank of England state-
agreement of the Tho decline- slight one-July break. With the economy ordering on the part of dealer conferees on public law 480, pro- tenth of ono per cont-marks the showing signs of recovery from 1950 after deepest postwar recession, sorte the week and now stands only consumers trying to evold the foreign currencies, removed two apiral that began in
three years of price economists have warned that in- 2.0 below the top level, ruling oven more inflated prices they of the uncertainties which have almost
hovered over the market for stability.
dationary forces may pick up kunediately before bank rate expect later.
sometime.
OFFSET
stream. Was waised to seven per cont It can be argued that even o last September. Television, 12 billion Federal deficit is no! Cation available for 'contraci NICKEL coating process.
Declines in foods, housing andļ The Conference Board sold the which can be used for banking and steel shares have a cource of worry. That figure delivery at the weekend totallock
is less than three per cent of 32,580 bales the highest gure apparel costa offset increases in purchasing of the US. dolar in been particularly prominent.
foods and for the year so far.
transportation and sundries, July inched up by 0.1 per cent the non-alectrolytic plating The scene for the upsurge in overall vu'put of
the board's over-ali to B3.1 cents, using the dollar of ment for the week ended Aug.. The Census Bureau reported sending of, steel, aluminium, copper, equities was largely set last services. In the 1930's, with a
consump Index down 0.1 per cent from 1913 as a base of 100 ecrits. The 20, ranche un folows: Steel and huge depression-fighting pubile domestic raw cotton magnesium and a number week. The Glant
Notes in circuístion ... gained works programme, the annual tien at 813,611 bales. The figure June to 107.4 per cent of the 1033 daller in July was worth
deficits of from 2.4 billion to 4.4 came substantially under trade buse period. The index was 2.5 cents less than a year ago, how- Pubile depots substantially. NEW method of trap-of other industrial metals is Engineering Products
During most of the week there billion, the figure was four to expectations although it com- per cent above July 1957.
The conference board's Index ping paint fumes has now nearing commercial ap-
plication.
gross pared with 595,640 bales used in WDS 。 fair demand for gold five per cent of the boon Installed at a Birming-
The operation of the process shares both from London and national product, yet there was June and 839,778 bales used in of consumer prices had risen 20 hom spraying works.
Involves fisc
consecutive months before the use of a special South Africa-U.P.L
no inflationary push.
July last year.--U. P. I. nickel solution. The
process
GO INTO WATER
A
additives.
At the back of each spraying as boen developed initially for booth is the usual extractor to the plating or magnesium, which but instead of the fines babe is used for a number of applica discharged into the atmosphere tons in the electronles industry. they are ducted to a large tank and the development of its use containing a colution of water for plating this metal is furtiva solvent, delergint and other adat.cod. Further development Fumes blown into the tank work on its use for plating other metals is now being carried out. meet a continuous blast of com- The operation of the process de- prossed air — below the jovel of punds on the use of a hot bath, the liquid-which prevents them the temperature of which must rising. The result is that both be very preckely controlled. hannful particles of paint and The nickel deposit can be pro- their accompanying amell are duvod, it is claimed, to any de- completely trupped.
sired thicknes and it is cloth. Exportmonds have shown thated that owing to its phosphorous the system cats also be applied potent brunetions as an age- the control of dust and hardening alloy giving improved renatal fumo emissions (Wort | hardness and Bromwich Steel Publications | alatande. The now plating is Limited, West Bromwich)
also said to bo eway, to solder,
LIMITED ACTIVITY ON US. COTTON GOODS MARKET
during
the
has
100q
ever.
2.3
Private deposita Government securities Other securi Постука Ratio
Sterling 2,050,000,501 12,019,875
218,014,203 240,109,660 20310,01
43,021,043
Bank Of France Statement
FOOD PRICES
The Board said food prices, In July dipped 0,3 per cent from June, mainly reflecting lower prlocs on vegetables and fruits, Housing costs also declined 0.3 per cent from June as priots of house furnishings, household demand.
Brazilian operations
and Bolid fute!* New York, Aug. 24. with the lack of digesting the generally during the weeks. De-oversbas ELLERS of grey and fin- large quantity of goods taken on mand from the auto upholstery Haitian and British East African declined. Rents and electricty extremely simi prices were essler in tone, increased in price during the buying splutro trade ished cotton goods re following the Lebanon troop sluggish, reflecting labour un inucneed by easing Middle East month.
certainties. However, brokers political tenor. He trader's ported another week of inadings.
said, the long-range outlook for centred attention on an impend. The decline in apparel prices | na follows: limited activity--the fourth
Despite the slow-down, mills industrial cotton yarn is buoyed ing Navy Department award for stemmed from declines in mon's
WOMEN'S clothing.
Tot reld holding.. in a row.
maintained a firm policy on by reports of record onstruction the procurement of 2.000.000 and
Berounted to b.1 per cent, | digit boarios abroad Seasocial conditions, vacations, prices. In fact, one onsburg activity. Higher costs for raw pounds of Minila kemp rope.
Rayon grey goods trading re-Trimportation costs rose 0.8 per the steadily diminishing Middie weavers boosted prices 1⁄2 cent; cotton will compel prico ed
Que cent "despite a weaker markes Advance to Stabikia » East tension and tightening ad- or more, a yard, effective in vances eventually, sellers in-mained on the quiet side.
large werven of myen sentato for automobiles," the Board said: Tout bu decuted 2006. ministratión, policies all combinediately for spt, nearby and stated.
Hard tires were essler, and synthetic fabrics withdraw Used car prices moved higher Banimovre, as elecská to keep buyers operating strictly fourth quarter delivery, ob an “in-Deeded" tinels. '.
Yarn spinners maintained i Burlap followed the lower Cale from the price for main during the thonth" "Blong with
In a move to public transporte son chay Derrent Acommité stud on prices, although crita trend where thila"- lyers | mediaim period
U.P.I. interest. blackened willing sellers in race of a slack,' bolster prices -URL
Cotton mill, executives) math firm front bitters were' proocoupled
Paris, Aug. 24. Bank of France, statement for the week ended Aug. 14, reada
Total other cucreticles
tion und
берова
$37,500,000 ARE
14,220,200,000
496,230)