SCIENCE AND
DECEMBER THE CHINA MAIL, MONDAY,
15, 1958.
Page #
Weekly Survey Of The American Economy
ENGINEERING PREDICTIONS FOR 1959
BRITAIN TO SPEND £15 MILLION ON MECHANICAL BRAINS
London.
BRITAIN expects to spend £10 to £15 million in
the next seven to 10 years on mechanical
braina,
Sir John Simpson, Controlles
et the Stationery Office, anich nt
# lunch before the opening of
Europe's first electronic Com COMPUTER SPEEDS
puter exhibition here this would revolutionize xil government oflees
Seven compubert Wit arirendly installed in these afces, three more were on order, und 40 studies were being made on the idea of laswiling them.
SPECTACULAR
"Progress
UP OFFICE ROUTINE
A computer conic digital speed commercial office routine is being introduced by a British company,
Unemployment Will HONGKONG New High For
Continue To Be A Sore Point In Economy
New York, Dec. 14.
experts With the approach of the year-end, U.S. business
are making their predictions for 1959, and for the most part they agree that it will be a good but not great year, with unemployment as a continuing sore point in the
All
economy.
Indicative
of the
apparent
economists agreed that cord. With ball of the steel users | set I now record, although NEW electronic digital the level of businem will remain now slowly rebuilding their profits will not keep pace, sines
at about lis
stocks, there probably will be an much of the dollar volume jump present state for Da remininder af 1958, with Inventory of 13 anfilion won 25 is due to higher costs.
1956 ends. perhaps Just a slight increase.
Another 4 million The cluef economist of the s will be added during the U.S. Chamber vt Comunereerst six months of 1960, accord-solidity of the recovery, with und a panel of seven
is happy implications for 1950, experts, Ing to best estimates., The steel meeting in Washington, predlet- inbour contracts
"Vis- expire On are the latest figures on ed higher production and higher July 1, 1950.
cretary hiene" as complied sales in all areas in 1980.
by the National Industrial Con- ferences Board
"Discretionary Income available income" is after necessary purchases (food, mortgage payments, etc.) Have been made, and therefore is in- come which may be saved or impairment of spent with no living standard. For the July/ September period, this sensitive measure of purchasing
made a the last Catbed "Pegasus 2,' the new two years has been spectneq;lar." | computer forms the centro He said, "but the fringe of whne Three data-processing systems. is possible has only just been | They are claimed to be ideal for touched."
Cun
A mechament
assimilate
Épist lại which all the
Murli ministrative transaIC. Hons
within mauufacturing
facts nsation
ntained in the Encyclopaeiu Hritannien in four minutes wens shown at the exhibition.
The computers---wort
more
thon £8 range from Perseus,
CONVERTER
the
Good Recovery
the year.
The 30 per cent of steel users who are not building their ext that they feel AL Chiengo, 10 bunens that as mucts alcel
as needed executives, at the annual out-
will be available, whether or look-for-business meeting of not there is a strike. the First National Bank af Steel-makers now are operat- C'hlengo, smid they
expecteding at about 75 per cent of Kood recovery in all nekis ex- capacity, and probably will step rept construction and oil.
up production after the first of The first system is known as
The business recovery The averter data-procentage
frum £300,000 data-processing system, which turns out a high
recession has slowed, but was agreed that there is no system, to Minispece, a £1,500 volume of work because the con-
cuse for worry. Such a slow model, the size of a radiogrin, † verter and ancillary inagneth
ing is normal after an accelerated Witlam Story of the tape equipment ensures that all THE MERCURY
start of the recovery, and here the units in the system work
unal The improvement in business should be study and slow. The 1857 Christmas business rush will be of help Br padding 1058 statisties, and in getting 1950 off to a good start. but for the general overalt business out-
in Europe.
at their optimum capacity.
Among the largest in the £400,000 Mercury, seven <f
24 second system is the which have been stapplied or{ "diere)" data-processing system. are on order for nuclear work whereby information on punched jeand, còn be passed directly into or out of the computer This Opening the show, the Losystems enables versatility to br
Haroli Mayor of London, Ste
achieved and can be integrated c. Hielt.
bad
with existing systems that isrady employ punched car Installations,
subtl
computers by uses. Someone, he had I en told, even went so far as le programmme n computer to write his poems and love letters,
China Mall Spretal,
AUTOMATIC BUS
CONDUCTOR
con-
"automatic bus
which he
Aductor
of
claims would save scores of thousands of pounds a year, solve the problem the human conductor shortage and possibly bring a cut la
bus taros, has boon invented
Tic third system is the language" dnt- processing system, new ap- Duoach to data-processing work This exploits new techniques just equipment for us! By: Funkfurd paper tape us a data- processing inedium
LANGUAGE
sisting office machines such Typewriters, cash registers ved areosandng machines cần be the ordinary way. ritically producing punched pe tape which provides the language" link be- machine.
י
ull the
by Mr S. Budricks, a Johan-tegated in the system with nesburg commercial travel-ne central conquter. ler.
He says the mucidne could cost from C500 to £750 to bulld ut Ars;,
but it could be mass produced for £200.
|
some Anal
look, it was felt that the nex!
power
The steel expert at the Waereased at se annual rate of
4.5 lit.. shington Chamber of Commerce level of 104-29
up to mi annvol billion. The meci, publle relations director
level had been Institute
of Scrop
Iron and Steel, said that steel cutput record would be 120 million tons. Most experts
expect that the figure will ne
second-quarter 99.8 billion.
On the money market too the outlook is good. Board Chair- man Edward Brown, of Chicago About 105 million tons as ccm-First National Bank belloves pared to 05 million tuns In that the forces for "light" 1990.
money and "easy" money will counter-balance ench other for the next nine months, holding in- terest rates at present levels.--
A Shortage
Any shortage of steel would
Bi) days should provide thebe felt quickly in the whole.P.I clarifestion needed.
American economy, since Jack
On the optimistic side for 1950 of this material would affect were these indications: A gross the operations of ayrolls en- Dallonn! product (GNP) ux- tirely, and thus affect retail pected at about 475 billion com- business accordingly. pared to 441 billion in 1958; o rise of 10 billion in consumer spending in 1059, making the 1959 total 307 billion; a "posal ble rise in government spending 7.5 ulion, maiding the 1959 tatel 100 billion; a rise on sound- ing for construction from the 1958 total 9.5 billion lo 50 or 52 billion in 1959, and a possible Jump of 25 per cent in corporate prafts,
Two Items
Two Bems were
a large part of the ¦ cennoiny.
the
American
equipment
1950 the
Figures in one other important area-capital spending-are arr- rently pessimistic, but many experts refuse to take them very seriously. At the moment, stili
somewhat influenced by the recession, indications pre that corporate capital spending for new plants and will be 15 per cent under 1957. Bui the experts recall that in the autumn of 1954, as the 53- 01 recession was ending, a sur- vey by the respected and ac- eurate McGraw-Hill Organisa- pessimistle side: The unemploy tins showed that businessmen ment Lotal of 3,800,000 (as of
expected to cut 1955 capital November), and the strong possibility of a steel strike in spending by five per cent, Ac- affectually, such spending rose seven the spring which could
per cent in 1955, as business |continued its solid improvement,
The parallel between It is possible there will be na
ned 1955 is clear, with beprovement Er this unem-
bustness community expecting. ployment figure through 1950.
If anything.
better Most Industry, and the auto-
volume of production, sules and jmakers in particular, have con-
profits in 59 thon in 55. If so, centrated capital spending in the expital spending plans will automation equipment,
which he revised
upward, and workers. In
haps sharply so. bounding from the 1953-54 re- sht from overseas agencies i cession, the auto industry turn- by Telex litr, by utilising new.ed out 28 per cent more cars in checking techniques.---[Ferranti 1955 thun in 1953, but increused Experis for the most part are Lid.. Holinwood Manchester. by only one per cent in the discounting statistics now com- number of man-hours worked.ing to hand October and Today's automation presumably November, arguing that they is for better than that.
represent not the true economic Aulo production in 1959 strength of the U.S., but rather
units, up 25 per cent from the pered by major strikes in the estimated 1058 production ut auto-production industry. Thus 4,300,000. Thus, it the 1953-54 Industry accounts for one of experience is any pattern, there every six Jobs in the nation, may be no improvement at all when all allied Industrice und in man-hours of employment. businesses
considered, co arg any disruption in Detroit is felt along a very long line. Just now the dealers are
The system is said to be of great value to organisations that dunt employ punched cards, or for those organisations where in- į formation is derived from many d: Kerent and geographically dis This Is how his "automatic persed places but must be pro- bus-conductor" works; Passend centrally, as for example, gers board through a
eliminates turnetie groups of companies, chain stores tn the bug platfonn, which and humpitals. Information may
for them as they place turns coins in a alu Diferent sluts Gre wovided for each fare stage,
1
The machine delivers, steadfasticashire.) of a ticket a disc. The dise is replaced to work a second turn- stile when the passenger wants to alight.
Mr Budrick has had bla In- yention patented.-Chin Matl Special
Detecting Faults In Welded Aluminium
TORK on dotecting do- WORK
re-
др
even
Discounting
per.
Aluminium Used For probably will reach 5,500,000 | a crippled U.S. economy ham-
Underfloor Heating
N
improvement in the
A underflour method of
heating has been introduced by a British Company. This development uses aluminium foil and shoot to increase the facts in wolda
officiency of the systom. In aluminium which has The aluminium foil in cement - been carried out by the ed to 1-inch thick expanded
made
British Welding Research instie heat-Insulating sheeting. which in turn is cemented in the Association is expected to tongued-and-grooved wooden ald designer and fabricators subfloor. On top of the foil is of aluminium alloys.
Jeld the warming element, located between 2-Inch wide hardboard
The research, which has in-strips. The foil diffuses the volved the use of radiographic heat from the underside of the techniques to examine and | element, thus eliminating any analyed large numbers of weld | heat ridging, with a correspond- failures in aluminium, is of in- ing reduction of any downward dustrini Importance beznusohent font more defects occur in aluminium than in mild steel.
This in because aluminium alloys are fabricated by several
INFILLED
Steel Pinch
is
by faclory supplies which thar
The pine in steel, if there a strike, would be caused users' refusal to build up on felt were to be had all along. inventory. A recent check bv
STOCK EXCHANGE
Our Own Correspondant
Business done on the Hong- kung Stock Exchange morning amounted to pp- proximately $200,000, Noon quotations and the morning's tansactions were;
Shater
BANKS
ZEK Bunk Daci Asla
K. Whart
Providenst
(0)
HK Hole! jik Land
Dnyors Sellers
Bales
705 200
64 200
71
Industrials
In London
London, Dec. 14. Industrial equities rose to a new high for the year this week and reached the highest point since July 1955, when the Financial Times industrial ordinary index touched 216.0 on Thursday.
This peak was reached rathor | the fall in the treasury bill rate
since ungstentatiously
condi-and there is still a great fuck of tions on the stock exchange interest in this section of gilts. have been
Dollar on the quiet side
recurities have not with the end of the last ac-been very active and the dollar count of the calendar year and premium has been out of the the beginning of a three-week picture at nil. Recount which Christmas holidays.
But the claas was based on
fomncso វភ prices 4 enteral
stemming from the widespread confidence that is very evident These
INSURANCES
Union
SHIPPING
Waterboat. 20.00 Wheelock
0,67
5.0
DOCKS, ETC.
Doek
43
100
11,00
LAND, ETC.
21.30 213
3016 30.18
i
Throgmorton
400 400
J3,78 30.10
days.
Realty
Humphreys 10.00 10.00 1.370 1.40
RUBLER
Araig
1.723 1.75 20300
Trust
210
A. Tawah
2.45
2.00
20.30 20.60
1800
20,40
1100 a 20.40
1) 100
100
103
30 in
03
500
1031⁄2
20
Sungain UTILITIES Tram...
Slag Ferry Yu
ċ. Light
Electric
10,40 10.00 34.00
20 200
9.18 $400 24.00
Maceo E Telephone
INDUSTRIALS Cement 23.00 20.20 STORES. ETË.
Dairy
10.29 1840 Watson
13.10 13 COTTONS Nanyang
$.50
Entert, INVESTMENTS Int. Inv. M.K. & FE.
Invest.
MISCELLANEOUS
10
5,20
960
rovers
Strect
Firmer Trend
the
L
Low Ebb
Interest in foreign bonda hus been at a low chb with what Price changes there were down- been arm in advance of inter- ward, although Japanese have est payments.
The spurt in investment buy- Ing in industrials this week has The Amer trend on Wail not been
caused by the new unit trusts. It is too spon yet 1.72 Street has not passed unnoticed
for these to affeel the markets here. The week has also seen The November trade
fact that they will be figures Lut
In the year has with a sharp rise in British ex-buying early
helped sentiment. There is an ports and an even sharp fall in the
have upsurge of confidenen in the gap. There
and what up- been
300 or 24.00 1000 2415
100 @ 20.30
100
10,30
trade
It number of ccclient political outlook company reports with prots and dividends up and the new anl! trusts arc selling weil forecasting' ал Increasingly 1eady demand for stocks and shores in the new year.
The gt-edge market has been rather mixed this week. The shorts have lost ground in the continued steady dribble of small selling but some of this has been switching into short- mediums. The irredeemable
stocks were little benefited by
COTTON FUTURES IRREGULAR IN NY
New York, Dec. 14.
Cotton futures this week continued on an irregular down-
grade with new crop ebbing to seasonal lows.
Major Averages Make
Gains On
Wall Street
New York, Dec. 14. Stocks during the past week registered gains in all major avoragės and all but scaled new record highs.
The list rose sharply in the but Wall Street experts had, Wednesday session after a noted A fair amount of tax substantial rise on Tuesday,. On selling which was holding the Thursday, the list started higher is back. and finished lower. The year's high were too much to scale at one jump, it appeared,
This Borrier
the experts predicted break-
Practically
Practically
At Friday's close the list ruled 10 lower to 13 points higher, or off 05 cents to up 05 cents a bale compared with the preceding week.
ап
The July, 1959, delivery w03 the only position to show advance. Buying there wol against sales of other old crop months. Because of the heavy rate of impoundings under the loan, some quarters expected a situation strengthening supply toward the end of the current season-Aug. 1.
|[{CITYÆLIGHTS:
Funлу- Our shipping keeps on the ralls búť our railioays are heading for the rocks!"
London Asprave Serolan.
pears to
be the diminishing chances of the Labour party with its nationalisation pro- gramme getting in at the next
This has election.
helped stecis.
Elections
As the line for the next general election geta nearer its Approach must be expected to play a growing part in market sentiment.
Electrical shares have been Pro- quiet most of the week. perty shares and motors have been wanted. Chemicals have been firm and also stores, paril- On Defensive cularly the chain stores,
Tel Other old crop months wern vision chares have fallen back
kept on the defensive, reflect- somewhat,
bales.
Exchange Rates
Business was done in the locat 'unoffelat exchange market this
ing December liquidation be- Interest in the oll market has fore its axpiration on Thurs-not been at a very high level, day. The steady rise. in the atthough elements in Iraq have certiileated stock suggested the not been very helpful investors chance of heavy deliveries ontrolls now seem impervious to the March contract, bringing poiltics. In consequence most additional selling in that month. oll share prices have been in-
Cotton available for contructclined to drift. delivery at all points rose to, a The Kaffir market was dull, new three-year high at 57,815 The copper prica has been receding steeply and this has Additional March-May sell had its effect on shares. ing was presumed to be hedging Rubbers hardened as tho all lines of pro- by merchants who bought cot-commodity price ruse.P.I.
scason and duction except autos showed on casler in the This barrier,
however, left food gains on the week and most have carrted it unchanged. Re- banks have been of them were well getting satis Wall Street experts with new levels of a year ago. The ex-forcing merchants to hedge the
above the portedly, theories of the future. Many of perts predicted
that Industrial cotton on The November inctory output through will occur before the output by the year-end would advanced. the magazine Purchaslog Week index was 130, up one point
Heavy Rate new year with the market clos- bu abreast of the highest ever showed that only half the sleet from the October figure and 12 ing 1958 in a burst of glory in recorded.
Moreover, despite the heavy buyers contacted were building points from the April low; the traditional year-end rally. Storks sales during the week rate of loan Impoundings, a con-
inventories, although all durable goods production was
amount
*froc" of aigns point to
totalled 19,004,014 chates, bring. sklerable their demando, seven per cent under a year At the Friday close the and the companies have said they will be firm in their offers her personal income figure has
ngo, and in October the Novem-Industrial average stood at 602.27 the year's total to 707,800,858 cotton has been coming into the
shares. The
average market, iraders said. Loand on daiily up 6.64 points from the previous trading amounted to 3.818.908 the 1998 bales to approximately Опс expert source wait the not yet been compiled," but it weck and down 517 points from shares, against a dally average the Fame into last year. udds are about 65/35 in faveur should be appreciably higher. the all time high; rulroad 184.70
The Luctory Quiput gure up 0.03 on the week but of 3.21 of 3,513,002 in the previous
week. Yet steel
inventories across for December should be at least from the 1950 high; utility 07.03
ed on Monday, proved slightly the nation are at their lowest two points higher, and the per- up 0.48 on the week and at a Activity centred on the less lower then expected, but li had point since 1950, standing at ansonal income figure also should 2-year high: und ab stocks conspicuous shares, including iliile markei Influence. The in- cetinated 12 million tons,
Dur- be up shorply due to the busy | 195.01 up 1.04 points on the such stocka na Avco, Sperry and, dicated yield of 11,501,000 baler Ing the recession the usern cut facto:les at Detroit plus the sp-werk but off 1.30 points from American Motors, Studebaker came about 100,000 bales under surance and a good backlog of back Inventories by 11 million parently all-time high rpending the year's high.
Packard, Continental Motors, experations out compared with cash savings why not be an tens, the largest cufback on re- for Christmas. Rotailers re Business news generally ruled Electric and Musical Industries | 10,904,000 palos lart
port that dollar volume may favourable for the stock imarket, and Parke Davis-U.P.4. Bank Of France
up
of atria,
$
Statement
Paris, Dec. 14.
which loons have
morning at the following rates:- Us. dollar (per $17 Bterling notes (per
5.70
18.30
Australian notes" (per 21)
1970
Ridonealan rupiah (per 100)
5.60
Slam tiesia (per 100) Singapore Straits)
24.35
103
The government final cntariato of the season, publishi-
erop
WHY NOT BE AN
U.P.I.
Year
WEEKLY U.S. COTTON GOODS MARKET
1
the
short
INVESTOR?
If you have enough life In-
Investor?
Through Mutual Investment Componý skares you can obtala an ownership interest in up to 100 or more sécurities, undor constant supervision by pro- fessional investment manage- ment.
PEARL MUTUAL FUNDS INVESTMENT LTD.
When the resistance cable bas different process. The de-been laid and filled with n focto examined
beet have
special compound, 3-ft. square analyzed and the cause of their sheels of aluminium niloy are existence explained in a report cemented on top, spaces being
the propared by
association. left between the sheets to allow This report also rocornments for expansion. The aluminium methode dor avoiding their veour-sheata pre covered by fitted Tence.
carpets, linoleum, or any other The major cause of fallure form of floor covering a re- choountered during the research quired. Because aluminium in an were cracking, lack of fusion Ixcoilcht conductor of heat, the weld, the occurrence of quiet heating response in ob- anvillea, the oppobrance of in- tallied, in contrast to chunlobs of unwanted materials tionel floor warming systems in retai vill decountie 1,906594942401 2001", after ten weeks of large- |pected to bestir now Interest a ond source summarized the Some rers of coating fabricstion about Mutual Funds,
conven-
from flux used, and shape da- | which thý heating éléments are fects-not visible to the maited covered with a denso jop screed, #== A thoro daused by (Healing Investments Lad excessive penetration, or under-Church Crescent, Tinchley,
London, N. 8.)
chatting
cica
Fratio
802, BANK OF. EAST ABIA BUILDING, HONG KONG Tel. 98321
Manufacturers keeping a bold fecale, and if consumer resistance | groups to abandon THE cotton grey goods The Bank of France ainte- market this week com- front on prices thought the tank to liigher prices for finished work week and return to a alx- ment for the work ended De-menced the traditional lull of digesting purchases made in goods siliterin, a new appraisal day basis, come quarters felt, cember 4, rends as follows:
Oct/Nov will, be completed by of the future prospects will bo before the year end holiday the Now Year and that buyers in order..
Manufacturers of wide ini Total gold heldinge 217.430,200.494) BENKON.
then will be ready, tá cover for January
is the month to|dustrial' fabeles sold busincar Total uthar currit.
A pause' was enteral, 'come the spring and aiminor seasons, watch for a clue ba to what was not largo this week, but 9.004,247/404 1423,200,000 quarters, felt. Since the market Prospects for a boost in mill' may occur next in the cotton that it developed at n rather
WHA ready for a breathing worker wage rates also 14 ex-grey goods, ploture was the way | steady paco in email amounts, Plones rend me more informa.
scale buying.
fow weries 'hencë,
pleture. Banknoter in cirouja-
bought January goods. Manu- Bon
Despite the alowdown, 'prices Coman NAQ0,890,289,004
Optimiam was tempored, hơi... Another round" of price. "Ins | facturers counted on a pickup Name for many - constructions, | ever, by
for print cloths, and in buying by the automobile Addres some; quarters" which | cranes Dark of England statement was cappolally print cloth rebelus, foll that if revived bybig falls other standard fabrics, might industry in the near futureN Not availabE-UP.I.
| held steady to strong,
to materialise on the expected' Indues come of the larger mill" U.P.I.·
Bght balance in KPU
tion Fund
Advance to stabilien
Current accounts and
deposite
避
423.447824 BIT