SCIENCE AND
THE CHINA MAIL, MONDAY, SEPTERBER 22, 1958.
Weekly Survey Of American Economy
ENGINEERING THE FEAR OF INFLATION
WORLD'S LARGEST
NUCLEAR POWER STATION ONE
year after the award of the contract to build an atomic power station at Hinkley Point, in Somerset, with a guaranteed net electrical output of 500 MW, work on site is going forward on schedule.
Construction ol the main biological shield of the first
reactor is half completed, and BRITAIN'S
the shield new slids 130
feet
above general slation. level.
FUTURE
Work on the foundations of the IN SPACE RACE
leld bogan in mid-January
and, so far. 18,000 cubic yards of
high quality cinerele have been
uf
the
London.
placed in the shield and founda- Dr Joseph Koplon, feader of
jons.
the American Internation- ol Geophysica! Your team of scientists, wamed Bri- tain that its futuro spaca programme would include Failures as well as suc- ceuses.
•!
The foundations hlological shield for the second
wark reactor, on which
www started towards the end of June, Bering completion; re
cubie Some 3,000
yards of: coperete have been placed to dabe
excavation
But the successful first-lime
Information
STEADY DECLINE IN
FOOD AND
·
MAIL ORDER PRICES
New York, Sept. 21.
With the settlement of the threatened auto workers strike and the reaching of an all-time high by the stock market, the U.S. economy today again turned its full attention to avoidance of runaway inflation.
The porsible strike of the tuto
union, wiv 100,000 employees at Ford and 330,000 nt Generni Motors, had been a deterrent to truly dangerous Inflation and had been a mild brake on the stock market.
that the
But early this para week rigns multipled
union- management negotiations in the auto industry would be settled peacefully, end firm
optimism took over on all segueals
The stock Amerlean businies, market, even before, the union and Ford came to agreement on Wednesday, hit a new all-time high of 528.57 in the Dow Jones Industrial average,
Steel strength in orders even without had reported
demand from, nuto concerns, who were awaiting aulcome of union i negotiations before pincing huge orders. With the aulo inakës now free to concentrate on pro-
milk
Also working against intla tier in a cleadly decline in food prices, due to fire crops alman
This everywhere.
food-price decline offsets the small rise in industrial prices, and many où- servers hope wit the uveroll
on
bolh
HONGKONG Railroad Shares
Push Market Up
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange this mom- Ing amounted to approximately $324,000. Noon quotations and
To Record Highs
New York, Sept. 21:
the morning's transactions were: Railroad shares, with their best weekly gain since
Union ****** Lombard SHIPPING ACA N Wheelbel DOCKS, ETC Dock... K. Whart.. Provider
AND
HK Hotel.. lik Lond
Sal
745 760
12 4 700
45 750
5 150
10700
73
100 @ 70
2,500 0 1278
༞ ·༄།
3.83 5.05
100
43 44
11.40 1,000 11.20
21
500 g 31
200 301
XD ...... 30.23 20.70
Shates Buyers Bellers year. Many experts are saying HANKS loudly that taxes must be raised Bank.. to help meet this deftelt, thus taking
of some money out general circulation and reducing | INSURANCES some inflationary pressuno. wholesale commodity price Indexsum, however, since the
Chances of a tax increase are 1930 wil remain fairly steady.
Congress, to be elected this Mait orders catalogue prices are November, will be looking for reported appreciably
lower this word to the 1880 presidentin
ned u year ago, autumn than
cloction. Neither polilleet party some experts believe that he will want to carry the tag of upward pressure whotnale and retail prices has high tax" party as it goes into
the 1060 campaign. at least temporarily subdued
Although employment. hus In the final analysis, consumer Humphreys
Realty * 1.335 been improving lightly. It still buying will be the final deter- or hol the Is a high 7.3 per cent of the minant of whether
U.S. has inflation. The ratio of RUBBER total work force available, and this too is an anti-indation tac- consumer debt to consumer in- came has been steadily reduced due to the past year of recession, fungals as people contented themselves | UTILITIES, with paying off old debts and Tramped. did not malue new purchases,
year previous to 1937, Not even Yet it still is higher than for cry the bravest experis et predict American public will be willing with any certainly whether the in 1050 to go on to all-timą re- cords of personal debt.
tor. On the other hand,
em-
In all, some 60,000 cubic yards test of the British Black Knight of k
has been racket in Australia was an out-
ployment stands at more then carried out ca the main founda~ | standing achievement, Dr Kaplan tions of the two rractors, Deeper | sild,
85 million, and available cash is at an all-time high. Personal in- excavations for the found lions' He said he thought that with
the resetor blower housty are the exchange of
come for August rose to a new now proceeding.
now Buxible between Britainduction and sales to reach the high for the eccord successive and the United States on
month, reaching $355,000,000,000, FOUNDATION
solld expected 1950-modet sales total which was $1,400,000,000 chead TilelTMröckels—which would form of 1,500,000, the demand Reinforced concrete fonidae second stage of any bid by the auto factories on steel mills of July and $3,000,000,000 ahead
Britain to put a satellite into will be brisk, setting up an in-of August of 1957. thens are nearly complete for the
orbll-this country was quite flationary situation. The fear of 250 jest gauge back to cony we
Inflation uppermost in the 240 for high Goliath crane opable of entering the satellite capable of, lifting 100 tons, Pre-
minds of all could be seen from the official announcements parutions for the erection of this, giant crane are in hand.
race,
OBSERVATION
However, he thought the Heavy plant und equipment will be brought from the works British would try for something In Scotland and the North toke space observation, CTOS
between the American shots at by
mites the incon and the Russian idea wharf to put a man into space.
the
At
site mainly
Combwich,
2010;
from the main sile,
BEU.
The West in any event woukl been have lo consider carefully the and step it would take into ipoce and see that there way as little duplication of effort as possible, i he said.
apable of handling ships of up to 1,500 tona has constructed in six months the first lead arrived by sea during August.
The readiness of the Group. English Electric-Babcock and Wilcox-Taylor Woodrow, to build atomic power stations of the gas-cooled graphite scientife advances in spheres not moderated type in a range of covered by America or Russia, capneltics to
Dr Kulan said he thought i that despite its limited financial; resources, Britain stood every chance of achieving worthwhile
Overseas
customers is being emphasised BRILLIANT
on their stand in the British
Section of the Atoms for Peace
Exlibrion at the Palais
The British space plane, he thoroughly be
"WID desaid,
brillant,"
Dr Kaplan said he was certain the Russians' ability to produce masses of compelent selcalists might eventually prove a danger to the West.
Expositions at Geneva, The planed and I expect it to be group's design studies cover slations with outputs varying) Tren 150-500 MW and upwards. whuch
illustrated ers the aland at Geneva,
For the drst time information Is made available at Geneva on the
design reprovement in which make the atomic power alation Hinkley Point, In Somerset, which the Group> building the largest in the world under construction.
NUCLEAR REACTOR
"We in the U.S. and Britain produce some brillant scientists
from
Money In savings banke, by
Amaig. Trust
A. Tawali..
June 27, 1931, lifted the stock market into record high territory during the past week.
The marke! made its widest | 140.30 up 8.05 points from th gains in the Friduy session, previous week and the best gain.
the especially in the last half hour for any week since of the day when the market was which ended July 27, 1931 when rumming at a rate of nearly oight the gain amounted to 9.48 points million shores.
for that nverEGE.
Soles for the week crossed 18 million shares for the fourth
Average
one
The utility average bl a new
week this year. The avemge] 28-year high early in the week dally lumover umorum ts to at 61.22 and closed 80.96 up 0.60 400 4 30.75 3.022,253 sharce, against 3,140.135 points,
500 € 55.00
stures in the previous week.
Narrowed Gap
The average for 85 stocks in the three Dow-Jones eIVOTs ges finished at 181.84 up 3.32 points and a new high Aug. 17, 1953.
The dollar gain by all lesues the 1958 and the 1956 sales listed amounted to $4,283,000,000, 5.000 1.925 tolls. So far this year volume bringing the rise from the year's
The rise in
rowed the
nar-
volume
between gap
1.40 6.000 or 1.35
10,000 v 1.35 1,000 1.35
1.00 1.875 10,000 1.03 2.125
1,625
112
1.35
1.00
21.00
23
110
100 ft 9425
100042 230 04
was 410,720,508 shares.
100 Star Ferry.. Yaumatie
0315
Electric
-KAI
RI Macao E Tel. X.Ats. 23.00 23.70
190
25.30
year 1935 was the most
has amounted to 475,358,028 low to 44 bullon. shares, best since 1935 when t The big rush on Friday got The into action when the railroad re- aclive ported
their best carloading for the market since 1933.
figures for the year_and__Ston- Standar Poor's Index of 500 aard Poor's foresaw a decided slocks reached an all-time high change in the railroad dividend 23.30 and the Dow Jones industriais picture, which may occur be- 23.60 missed by less than a tenth of a fore long, leading to early re-
point in equalling
record
sumption of pagments on a num- 1990 @ 21.30 top set on Tuesady at 520.37. It ber of stocks and increased dis- 1,000 21.00 closed the week at 520.40 up 7.05bursements on others."
from the close a week:
26.30
1420
0.10
500
1.000
200
23.60
Postal Savings
in
If they do, this, buying spree, INDUSTIALS combined with continued Leavy Cement ... $1.50
expenditure
for STONES, ETC. government
400 Dairy 0.00 17.20
ų
COTTONS
J. Con, Fat. 20.
the Ford Motor Company and postal savings, and in savings by the United Auto Workers and loon associations is at all-defence matter, will present Union of their
new contract-time high. Certainly the people grave threat of "galloping" In- both hastened to claim it would have the money with which to tiation (us opposed to the "creep-Kwong S. II.
things. buy
Obviously they inflation of the past recess Nanyang be non-inflationary,
never lost
The lo months),--U.P.I. confidence in U.S. economy, although They were wary enough to save rather than spend during the recession. Now, confident of re- covery and of their jobs, the
London Advances
Strongly
London, Sept. 21. Stock markets were back in their old form this past week and advanced strongly as the result of further optimism over a
cut in the bank rate to four per cent, the relaxation government's
of hire-purchase controls, and Wall Street's ad- think we produce far more vance to an all-time peak. than the Russiang — but the Communist countries with their The gilt-edged market has competent men will exploit any been greatly encouraged by e of the
mede continued strength of sterling break-throughs through Western brillance at a bame of seasonal train, such tuults are made known to when purchases of dollar com- the sune degree as in the past," modities are greatest, he said.-China Mail Special
MODEL AT GENEVA Fluorescent Lighting
VISITORS to the stand of In UK Airliner
the General Electric Ce.
Ltd. and Simon-Carves Ltd
at the 1958 Geneva Exhibi-THE General Electric Co. tion can walk inside a full- Ltd in conjunction with
Vickers Armstrongs side model of a section of q
(Air- craft) Ltd has developed a nuclear reactor.
Entering the model through transistor-oscillator invertor one of the gas-outlet ducts, they unit which, for the first time unabios can examine the intricate con- in this country, structional detail that lies at the fluorescent lighting to be very heart of a nuclear power used in airliner cabins, opor- siction.
The model is of a gas-couledated at low voltage through
of static equipment from graphite-moderated reactor,
CITY LIGHTS?
on
his
"Borrowed it personal integrity be blowed 10's bank robbery 1"
people may begin to heavily.
10 Gr 150 500 or 0.90 3,000 21.
poluts Ego.
The Dow-Jones rail average renched its best level since Aug. 23, 1967. It closed the week at
COTTON FUTURES CLOSE FIRMLY
New York, Sept. 21.
Cotton futures ended the week on a note of firmness after sco-sawing indecisively in one of the quietest trading periods of the year.
News was highly favourable all around the street considered the automobile labour situation out of the way with the new Ford contract, and that waR BEEN as paving the way for a broad business spurt in the fourth quarter,
The market had two days of wavering this pact week--- Wednesday when Industrials dipped 0.68 point and Thursday when they silpped 3.55 polnis. The Friday rise saw them 434 points while rois rore 3.81 points. The latter gain amount- ed to 2.79 per cent.
Unchanged
A total of 1,405 Issues op- peared on the tape. Of that number 102 galed, 449 declined and 184 held unchanged. A western sections of, lo be more general than usual, total of 310 issues sei new highs.... the belt, the crop picture although a late frost will be re- and 53 made now lows. generally continued favourable. quired if that promise is to be Zenith Radio soared 20% One private survey Bald the realised, especially in the cen-points on the week, nearly half potential of a top crop appears trai beti.-U.P.1.
At Friday's close the list DUCT FOIee ruled up 22 ta off 8 points, or 110 higher to 40 cents a bale lower than the preceding week,
The overtone of sleadiness maintained in face of the re- gular price changes was coupled with a number of lufluences. Foremost of these were: 1. The Improved outlook for textile buying, looming in the wake of an improved labour outlook for the automobile industry; 2. A spend | Umited volume of hedge selling as large amounts of new crop cotton moved into the govern- ment loan stocks; 3. Evening-up operations in the October de- livery, anticipating first notice day, Sept. 24.
If they do, it will of course be a strong rush toward infla- tion, a rush which can be over- all goods to avoid shortages - nd come only by full production of
resultant price boosts,
The announcement by Sir David Eccles, President of the Board of Trade, at the Com- monwealth economic talks in Montreal of the government' Intention to free controls of the
A step in the right direction purcher of a wida range of
in the matter of production was dollar geeds hus unleashed a seen in July's Agures, which lot of lease talk about possible showed production was up al- convertibility, but It has been though employment was dower, an indication of the govern- Thus there was higher pro-spite operation ment's strong; confidence in the duction per man, which is neces-programme, will strength of sterling. This has sary if the economy is to slay investing works toward o
the several weeks raised the confidence of a lot of proper prospective. Much of lots over
continent in higher production per man is due ahead. people on the
to Improved technology and new steling's future.
i plants mud equipment,
Inched Ahead
Gills have inched ahead, al- there has been a ten- the though
dency to get out of war loan zimilar design to the two which aircraft's batteries.
and other undated and
long- will power the 320 megawali
The first application in on air-dated holdings and into medium nuclear power station now under
dated and short-term issues. construction by G.E.C.
con- and craft cf these units in
But some traders were wary about following the advances. Cautious traders kept in mind the glowing crop promise and possibilities that hedging, do- of the loon Increase har- leak
In
Estimates
crop
SAVINGS SHOULD
HELP CHECK
INTEREST RATES
By EDWARD COWAN
Washington, Sept. 21.
Americans are building up a solid bulwark of savings that should help check interest rate rises, government reports show.
д
of Il in the Friday sesalon, Texas & Pacific Railroad rose 10. Alcoa and
International Business Machines rose 83% and 8 points respectively. International Paper rose . Bell & Howell gained 74. Baltimore & Ohio, Illinois Central, and New York Central rose 3 or 4. American Tele- phone netted 3% points on the week and Schenley was up 44. Strength was noted in coppers, tobaccos, Liquora glass issues, alpre stocks, and drugs. Motary were active and strong with Ford
·Up 3%.
American Motors jed
in lumover with sales of $70,500 stares. It gabed 3% poista on the week. Aluminium, Creweral Motors, Studebaker-Packard and Royal Dutch followed in that order.-U.P.I.
Bank Of England Statement
Greater thriftiness, ex- pecially among family the breadwinners, because of recession and uncommonly high unemployment, More money. In the bank means lear hardship in case the ma of the huise is laid off.
London. Sept. 21. The Bank of England state- The latest government reportment for the week ended Sept.
the from savings
came.
17, reads as follows: Plank lost Federal home Loan
said the nation's Notes in circulation .... week. It 6,200 savings and loan associa Puble deposits
of Private deposits
Goverment securities tions took in net deposite
Other securities $3,200,000,000 in the first seven
Receipta Hallo
soon le
ол
greater
With most interest rales already higher than in the depths of the 1957-60 recession last spring, economists are hopeful the heavy backlog of long, way savings will go towards meeting the stepped- Federal Reserve Bank <flejala The Commodity Credit Cor-up demand for capital that also are opumistle that more poration reporta loans on the usually accompanies business wage increasea will be largely 1958
for, the period' expansion, non-inflationary. The Fed, be-through Sept. 12 amounted to Government Agures lieves that there will be a near- 290,688 boles against only 40,490 be released will show savings torm outlook of price stability, | balés to the same time last year. of all kinds In the April-June due largely to lower food prices. Some traders estimated that up- | period of 1935 wern
In is anti-atice moves, wards of 0,000,000 bales may than in the same period of 1957. Sinton-Corves at Hunterston, Junction with fluorescent lighting The fortnight account ended the Federal Reserve has raired wind up under the loan shelter An all-time record for the full
the discount rate one-quarter this season,
year is a distinct possibility, near Glasgow, for the South of will be in the Vickers, Vanguard | D11 Tuesday, when namal. Sentland Electricity Board.
turbo-prop airliners which
potal to two per cent. Yel, at British activity is restricted, the Finants height, the discount rate was The Captus bureau reported All the principal Internal under construction for components can be seen, includ. European Airways and Traps cial Times Index for industrial 34 per cent, as even now the domestic consumption of raw rate is stl 1 per cent under cotton during August totalled Ing the graphite core with a re- Canada Airlines, and substantial ordinary shares rose to a
against €13,611 its high. Thus the Fal, cannot 038,707 balds ficolor, the bern-sandwich orders for the transistor-peak for the year of 190.4, and
is now back to the levels soon be accused of choking off the bales used in *July and shield bove the L'ONL the inverters have, already bein
before the bank rate was raised business recovery.
605,632 bales consumed int double-shell pressure vessst, the placed for that purpose.
September to ? Fer cent 111
The biggest single indationary August last year. The figure was fuel elementis, control rods, and In the Vanguard, 1 ft and .3
Federal about in line with trade ex- pressure still is the gas-sampling tubes for burst-ft Oscam curescent tubes are 1957.
estimated defelt,
bepectations. cartridge detection equipment, being used for the main cabin Industria's moved forward
$12,200,000,000 for thir Ascal Despite rains late in the week Lighting. To secure the denirod
all week on a brood fruit, low surface brightness from the helped by the relaxation of 'Perspex" diffusing enclosures,
Somo hire-purchase controls. the tubes will be operated at a of the rises were quite sharp. reduced wattage.
Aluminium Bonding
TUIE Auninium Company of
America has developed a
ape
process for bonding aluminium LOW POWER LAMP
to other metals, Including steel,
copper and other aluminium si-
loys
WORLD
traveller
accentuated by shortage slock,
new
of
to
turn:
main
months of the year- Sure equal to the fatal for the first nine months of 1937 or all 1962.
Her July alone,
of
Wiz
report
TWO REASONS
Economists plve two Teasons for the savings up-said, ravinge associations had
net deposits of $40 million, con siderably better than the hamillions of net withdrawals in ★ Personal
bean running at a re- July, 1057. but far below the the month. cord rats this year despite the all-me record for business recceton.
incertio
-U.P.I.
I
WEEKLY U.S. COTTON GOODS MARKET
Sterling
2,020 2012
13,670,709
303,470,911
271,079,550
30,007,7
31,500.248
10.0
-U.p.i.
Bank Of France
Statement
Paris, Sept. 201 Tho Bank of Franco state- mont for the week ended Sept. 11, rents as follows:
Tong gold bolden 347,45,500,408 2006 other cirronicles Wahl-balaro abroad
Lion Bund
Stabili→
10.000,007,947
14,120 200,000
Total bile discounted 1,207,189,315,307 Decope the clang
C ROCOLINcs and
deposite
Exchange Rates
In the foreign bonda section,
New York, Sept. 21. set the pattern: for negotiations | However, slepics doubted Borich reported a much better full-scale undertone throughout the weal extended there was renewed speculation
OTTON good manufac- with other motor manufacturers that and
of the Chinese
miecket, mainly because [spurt | buying would get under way. Issues, Japanese turers this past week They expected a buying who bonds remained firm, but ho
on a wide variety of fabrics
uptum expected in Aunseling Harti Abres ruled mixed. The process is likely to find found few hotels catering. 1907 issue lost the whole of the saw considerable encourage used by the automobile Industry,
people who read in bed. September 12 coupon.
Comment
from the progrose "within two to three weeks," construction for
Burlap price wore stoedier in maricple also helped. Rayon ger appileation in the
a new type ptinental support for Germen
Buying of apparel fabrics con- company with Calculie and re- goods registered an improve- of small ocean going vessels. For hus invented
Hulch loans continued and there made in the Detroit automa-nued on the pet sto
parts of Australiaet buying Inment activity, following example the British Navy is electric lamp which consumes
mkal
Nisfied Considering the almost com- the primary
Hemp bolter movement building Motor Torpedo borts minute quantity of electricity was further all cound Intprove bile tabour negotiations.
The new enlivennt Interest plete quiet which has prevailed prices were mostly unchanged. goods. Prices on several grey Busingen. ww done to the Jocal with wooden hully pinned to but by man of a bulit-inment.
freines An effective magnifying glass provides an
after two months of ionclivity, see the brine buying movement wtalle sal prices continued to good mentors wore fit. Ob-q melni
mogaine, at de folowing Dollar docis responded well although actual buying continues in July. coincident with the case in line with the lower mar- bonding method might make intense light on a concentrated
Lebanon Landing, brokers ket for British East African pro- waited to see when tha possible a substantial reduction point. It clips on to a bed and to Wall Street's advance, but at a routine pare,
down to pickup will conțiaus after the Aunmiller a In weight by using steel for the can also be used as a television the premium dropped 14 per Market ariants hoped the that the need to replenish duction. Prices went Reel and aluminium for the roon light, a porch Hafat or for cent on the wok to a near fabour agent worked out insantorise would bring in perps the lower level in effect just bad of the Jewish religious holt-Indonesian Fullah Cber 100)
before the Middle East eriala: "*" | days "next week--UPI."****** Singapors (BErašte) low per cont.-U.P.I. with the Ford Company would must buying before, loog. ribhing.
a garage.