SCIENCE AND
THE CHINA MAIL, MONDAY, DECEMBER 22, 1958.
Weekly Survey Of American Economy
ENGINEERING INSTALMENT BUYING DROP
Power For The Future
of
the
fest
A VIEW breeder reactor (sphere) with the secondary heat ex changer buliding on the alto of the research and develop- ment estalishment at Doun. reay, Caithness, in England.
The station was set up by
group of the Energy
ม
Consumers In No
Rush To Take On Additional Debt
New York, Dec. 21.
Perhaps the most significant development of the week in the U.S. economy was the survey which showed that American consumers are in no rush to take on additional instalment debt.
Much of the American norny and standard of living 19 based upon instalment buying. If consumers move only enulioti- iy tus avoa for the next severoj months or more, the recovery from the TOESSION will be just that much slower.
A strong demand for durable gooda, most of which are pald for vi instalment credit had been expected in this last enonth of 1958 in 1939, with the 1859 mode: automobiles ending the
120
First Time
#natten-wide survey by Business Week magazine showed Est msvaners, although
do
5:4 1st!201 to
Si,
The credit. rushing to obtain consumers, whe ettered 1958 with
Juct of A record bulion dollars, have been busily by more Agure reducing that power
in one billion tolles Central
For the first and of tha
The Industrial UK Atomic Thority, in which they plan to bulld large scale versions of reactor types suitable for producing electrical
Ja the futura.
---
Press Photo.
Experiments To Take
Pollution
Out Of Car Exhausts
A DEVICE for removing carbon monoxide from the exhaust gases of road vehicles has been developed at Britain's Fuel Research Station, This is stated in the report of the station for 1957.
The device referred to in the Tuport constas
الله
catalyst
mounted in the exhaust me. X-RAY DANGERS
During actual tests. 1. bad!,
it was capable of a man vinog tipa bo 855441;;
CH MAY BE CUT
monoxide and 80 per cent of the hydrogen in un exhaust under all conditions of operati ni the roughne
-
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cer what has been and it showed sape signa ef dem carong ellency at 11,000 miles
FIRST PHASE
THE Swedish
tesla being made to determine in the course
Roentgen
<-
war.
34.1-
HONGKONG WALL STREET CLIMBS
TO NEW RECORD HIGHS
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kang. Stuck Exchange thia morning mounted to approxi- mately $104,000. Noon quota- tions and the morning's trans-
actions were:
New York, Dec. 21. American Telephone & Telegraph capital whisked the stock market into new record high ground during the past week when it broke an old custom and split its stock three-for-
one.
Wall Street were taken the
shares Bayern Hellers Raien
DANICS
30 23:3
191
HOM
30
INSURANCES Losniyati
*5
SUOTING
Second, there is the fact that terns are not so favourable as In 1955, the last year of heavy Instalment buying. Then, many Cars were bought on terms of very little down and 42 months to pay; now the companies want one-third down and 24 to inonths to pay
Hardest Hit
In connection with the reves- some money dealers son fear note that the people hardest hit by the recession were those the must use of in- who make |ataiment buying. These low-in- rome and moderate-income
FainiDes need their money for essaytluis. Then, too, in some areas the unemployment rate remains uk ne much ne seven per cent "That has taken the time buyers, the working peo- ple, out of the car market," said Philadelphia dealers.
Wheelock
X. Wharf Ick
DOCKS, ETC
143
+4
Provident
11:00 13.299
LAND, ETC.
JK Hotel
21
2560
300 2100
20
$700 03, 20
150
11 Lund
Hestfly
RUDDER
A Towa
UTILITIES
7:30
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20
Star Ferry
2003
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But this disquieting note Instaliment buying, which could the since these a harbinger of real
trouble total
out or simply be a breather before standing instalment dout for u a nation fully restored in con- year ha this case 1958) will bondence pluangta to i less than that of the previous boom, was about the only non-
the Americum optimistic | year. Overall,
consumers can afford to take on of 1059 additional irstalment debt, but they are not doing su, not even perts in all fields.--U.P.1,
in the Christmas rish. There is
Some
pre-Christmas
מ
galn crextil demand, but it is fer from a boxND.
Much of the drop in instal- credit is un auto sales, where the instalment gure has
fallen 463 million
setting a gain of 381 million in
other instalmest paper With Luk production of 59 models hampered by strikes unlli a few weeks ago, dealers May they
a real chance to have not had test the market, but that there are few signs of a rush to buy the new curs im crexfit. A large
buyers so portion of have been cash purchasers.
Essential
от
mnelines.
int
au-
Most economists have agreed specialist, Assistant
that a strong markel in Professor Nils Bertil Jacob-
tunobiles is an essential for cost find trenumie recovery son, who for four years has
1999. If the consumers reinaln been engaged in radiation
wary of instaliment buying on studies
Carolinian at the
refrigerators, mutos, and Institute, Stockholm, has washing.
television durable This was the first phase T made a secondary discovery sets and all the other
goods which are so important in of his re
U.S. Industry, the business re- the effectiveness or a catalysearches, which ho believes device for reducing the amount will diminish the risk
covery, which was very fas! unce of all burnable
I got underway, but now has and possibly
radiution during Roentgen stowed appreciably, might even Normful constituents of the ex-
halt entirely and remain at cur haust gases freen molor vehicles,
rent levels. The report goes on that a new research laboratory which is be. Ing built DE Stevenage wi: undertake Research Lato the measuremneril und abatement of air pollution and on the synthesis. of oil frem qual. The occupation; of the laboratory will be com- pleted by the Spring of next achieved by using an infioi-
year.
The new
laboratory
w13 be
the centre for research in pollution in the UK. Work will
examinations,
of
that
Prof Jarobst, who has lic | down his dindings in an articio In the Britni Piedical Journal
The
Lancet, preommends the object to be photographesi Thould not be exposed by more radiation the 13 absolutely preessary. 'This should be
in
sily narrow shutter open- ang in the Roentgen camera this way the radiation risk is decreased, while the image ab-
be carried out on the reductained becomes cleurer.
or pollution from Junkies, or Dr Jacobsen emphasises that other appliances,
the his method is still
chemical reactions of pollutunin
in the atmosphere and on dis- porsal and convective processes In the atmosphere.
ENVISAGE
The report
La the
theva Rpment stage, but he be- lieves that it will be possible ta utilise it with advantage in the future.
goes on that with Midget Thermometer
the rapidly develophie
nuclear
energy
龍
Is
Л
HOW
ponsible to envisage future For Aquariums
surplus of low grade coal of tho
Irind now consumed
town' gan by
synthesis,
by power
MIDGET
thermomotor
slations. Such coal could be for use in aquariums is converted into liquid fuels and being produced by a British
a combination of gasification and Fischer-Tropsch company. The thermometer, which measures one inch in The report also states that a diameter, is contained in ga new small portable
instrument aluminium coso which has which can be used other less efficient being developed for
Gmoko
in place of boon treated to make it non- methods is
measuring corredible. It can be mount- ed by a rubber suction ring, Inside the tank and
Stripping Paint
A NEW chemical compound
the water.
under
This thermomoter it is cizim- ed is the only one of its kind in the world manufactured
Two things appeared to be unexpected responsible for the slowdown in instalment credit:
First, there is the enution-
consumer, almost fear of the to be whe
absolutely wants sure that the recession is guno, that his job is sufe, und that he
afford to can
into KU
debt.
"I'm sorry, but the head cashier is out."
London, spreje Service
DOW
feature in the spale business forecasts by
INDUSTRIALS.
Comment
STORES, ETC Luty
0.10
300 in 30.35 MAN 35
500162
their
good
and the nation
Mih Industrials
Jest three on outlook for a the by surprise when jgain since
week ended fourth
Intarrulina quarter, the market Paper and U.S. Steel rach rose announcement
on November 7 when AANZIN Wednesday. Directors of the was in a post-election spurt on more than two points and Union company
also to rise belief
Democratic victory Carbide gamed more than three The 10 the dividend by
cent meant more and more spending point, per which would make The new and Indation The average uf stock pay $3.30 a shure unu stocks also set a new record Knocked Down
ally.
voted
The market tud been edging
light
Dow-Jones
before the telephone bombshell hrt but it took that piece of vital itaarket news to put the market American Telephone rose $23 Lover the top of the old industrial Libove the previous close for the
Forst trude
ihut when ugh set on November 17
stock reopened on a block of 75,000 hares at $225 shure. The stock kostel in Wednesday on n gain of 21 pointa. Next day it ran up to a new high since 1030 L 9227. At that gure the value of the outstanding 70.150.000 shares was 315,032 18,750.
Stock Split
In the Friday session prost- taking hit the electronics bard
Also Chance Vought wns knocked down when the Navy cancelled its Regulus 11 mussile of which the company is prune contractor. Chance Vought tost nine points on the week.
Republie Steel section with
Featured Ita
Other items of interest were
gain of more than the listing of great Atlantic &
Годи Reynolds metals T Pacific Teu Company capital
more than three featured the shares, representing a 10-for-one
aluminium group, Utilities had split of the old stock, and the
Ruins ranging le more than three P. Norgan & Co. [merger of J
Al the close of the week, the points in Consolidated Edison und Guaranty Trust Company Dow-Jones Industrial averag Great Atlanile & Pacific slood at 573.17 up 10.90 on the opened on the big board at 50 806 1030 ile a 4-billion bank. 10.30
The best prices of the week week, rallong 154.68 or 0.02; on a block of 15,000 shares. That 300 16.30 were set late in the Thursday atility 80.00 up 1.08; and 85 represented n rise of 6 points
On Friday it ran into stocks 198.01 up 2.70.
from the previous close on the 27.70 1000 24.00 ssion
164 7.65 te inevitably profit-taking that Traders were disappointed Amarlem stock exchange allow-
a weekend of stendy
Jover the performance of the jing for the 10-for-1 split, The and which still are ssues settled back later allrom Issues Despite the realising indus- 3.25 points under their Novem-closed the week at $40% off 5 trials and utilities closed theber 19 high.
points net. week at their highs-industrials
Sales for the week totalled Among the issues making up and the {t} all-time record,
industrial average
shares there 6,850,430
daily hulitles at a new top since mid-were a few losers of a point to average of 3,731,280 shares. more than two points in Interna- Thils compared with last week's onal Harvester and more than total of 18,094,014 shares or a
in United Aircraft daily
of Average
3,818,982 [General Electric rose more thun shares.-U.P.1.
26.00
18 10.30 12.00 13.20
INVESTMENTS Ent. Luv.
4.20
760 7,55
too # 25.70
comes at cdvance.
lat
1930
COTTON FUTURES BECOME TWO-SIDED
New York, Dec. 21.
Cotton futures trading became more of a two-sided affair this
week, with old
crop months retreating while later deliveries scored a fair-sized again,
At Friday's close the list ruled
الے
bale
28 lower to 20 points higher, or off 1.15 to up 1.30 compared week.
with
the preceding
Liqucation In the March- May deliveries reflected a rise in the certificated slock to 00,090 bales new three-year high- with the resultant expectations fur heavy contract tenders against the spring months,
SUSTAINED
The lack of sustained mllying power in face of the continued heavy producer loon
im-
JAPAN WILL SELL MORE TEXTILES
Washington, Dec. 21.
poundings, plas the dis Japan has told the United States it expects to sell
couragingly slow demand for slow-down activity.
spot cotton and the
#1
textile market brought scattered realising.
Selling for year-end 1xX russons and the undoing of straddle positions al the Farrowingg differences between old and new crop months provid- ed other trading features.
The net stock of 1958 crop cotton under loan amounts to 4,100,541 bales vs 1,223,685 Lules inst your. Despite the big in-
indicated crease, some traders
more textiles to American buyers during 1959 because the U.S.
rapidly economy is improving, diplomatic sources said today.
Three
QUIET WEEK ON LONDON MARKETS
London, Dec. 21.
It has been a very quiet week for stock markets but they have been very firm. In particular, equities have done well through buying by in- stitutions and unit trusts and the Financial Times index for industrial ordinary shares closed the week at the three-year high of 216.5.
Another leature of the week has been the tum for the beer taken by British funds. There has been little to comment
Oli shares were depressed by the news from Venezuela, puru-
the
typu cularly speculative such as Ultramar which sold sharply The leaders like small A P and Shell vere much
Drsner
on
in this market but investment buying has resulted in gains which added up over the week. The firmer tone in glits
to also partly due
that the Government feeling
to now ready
BCC long-term rate of
WSB
1s
the
Boing
They said this argument was Japan should be able to sell more drop in the
United States Interest. Dopartextiles presented to the Stake
in the
because the a Japanese next your
U.S. ment in support of
due to the And also partly sending proposal to increase the textile roses.co
and the!
movements nales.
therefore flurry of currency wants Japan
the American econonly United States
the set off by the breakdown of to support should be able to absorb
free trade aren talks. presented proposal
two Japanese goods without being the
Tumours of frene devaluation weeks ago to case the Japanese pinched. self-imposed quota
and other rumours that the Bri- restrictions the United So far, the State Departeneutich Treasury ay soon merge disappiontment. Since they un sale of textiles
has not given its reaction to the the official and transferable thought at least 5,000,000 would
Japan:se proposal. But Japanese rates of sterling. be under loan by the year-end holidayu.
WITHHELD
States.
Stale
and
SECRECY
Department Japanese Embussy cfficials have Southern Sources explainer held three meetings on the pro- that some cotton was beposal during the past two weeks.
officials said they hope BSTCO- ment can be worked out to per- mit the increased textile sales.
withbeld fur year-end tax One meeting of technies the increased quotan is not re-dollar security market has been
wan
The Kaffir market was brighter, most of the week. A number of the more populur Orange Pree State isaues re- ceived fresh support. Finance bouse shares were also wanted. In base metals Bankcroft was The most popular share in cop- pers. Tin shares eased in some cases but lead-zincs were fairly well maintained.
There was a firmer lone in rubber sharce with Indonesians popular. ----U.P.I.
Bank Of England Statement
London, Dec. 21, The Bank of England sinte- ment for the week ended Dec. 17, reads on follows:
Notes in circulation ... Publie deposits
Premium
experts was held today.
With the official, premium ut Cmelally. U.S. agreement to nil all week long, interest in the
reasons and that the mate
quired
self-at a low ebb with the relative since they
Street the entries would likely be speedod
imposed Japanese regulations. quietness on Wall Sume up after the New Year.
The foreign 'The meeting of technicians But the informal endorsement principal reason. belief was held
of ct the Eisenhower Admimatra-bond market under a cloak quarters maintained a
unexciting further
for ,inquiry entries for the full seNETETY that loan
At its conclusion, the tien is considered advisable by with
Without Japanese issues the main fea- refused to impartial Department season will reach 7,000,000 bales, State
Raw cotion exports for the give any detalls.
#uch support, the US. textile ture. But even this was neither Greek totalled Dec. 16
Informants palet scason to
Jupan
Congressional widespread nor large. has industry and is
much bonda received some support 1,163,661 bales vs 2,050,504 balts bean basing ito chief argumenti advocates would have a
time last
year, for State Department support greater chance to impose severe but this was later shaded off by New York un
the improvinst American U.3. quotas against imports of proft-taking.
pleture. They economic
sald Japanese textiles-UPI.
Aze
was
observers.
14,171,653
Private deposits
282,413,230
Government Securities
240,244,850
Qther securities
37,569,603
Receive
Rotto
20.07.106 13.4
to the samic
10 Qur peerling Collon Exchange.-U.P.I.
Weekly U.S. Cotton Goods Market
industrial
4
In the industrinis market the interest has been fairly wide- spread helped by favourablo comment and company ΠΟΥΑ itema ke scrip issues, dividends ctc.
Brilish Aluminium has buen
Sterling
2.164301,12)
-UP.I
Bank Of France Statement
Paris, Dec. 21.
Ailvanej to Stabille
tlon and FOTO
of
Total Dilan ülevanted 2.917.109.401.81E Noten in circulation 3315,079,644,000 and Current seDIRANIH IKİ
deposita
434,010,750 5:03
rising encouraged by hopas The Bank of France "state- duele marking prices up to
wide Sellers of New York, Dec. 21.
Hard Abres featured strength that the tube investments ofter ment for the week ended Dec. Holiday
fabrics reported a small, but in zisai, while burlap prices would prevail over Alcans but 11, reads as follows: Influences held cent a yard.
Trade Aources estimated mills ready flow of orders, with some roftened In face of a lower Cal- the shares are Atill come way
Franc new business in the cot-will go into the feat quagter of fables moving into a light sup-culla market and largo Jute tubes 78 shillings offer. Total gold holdinga 267,030,200,49
Universal Stores have Total ether currencies 0.473,100,407 ton grey goods markets i959 with an order backlog of ply situation for the next 60 erop prospects. Hemp held frm Great
14.123,200,000 the days. to less than a routine rate around 400,000,000 yards,
Mill executives delected and mostly unchanged, Sisa! been strong on American buy-ght blue in 'U peeln paint from all kindspecially for fish tanks, and the
Indicated Brazilian Ing. There has been Bub- greatest since the Koren buying | indications of heavy first quarY SOURCE this week. of surfaces, Ten ininutes after
American buying firm have now discovered a
week ter commitment to be placed offerings may be reduced stillstantial hoom, and equal to 17 the initial application of the
after the New Year.
further beenuse of a drought in "Enniles," (Electrical means of vacuum
prottiiction. sealing the remover il la possible to wipe off
With many weavers shulling
growing areas. Some traders Muslenl Instrument). Phillp Instrument. A guarantee that it tho oki coating of paint with a
down for die Christmas holl- La completely waterproof can
Converters reported a "good Colton malen Farm spinners thought the dry weather night Lamps recovered well from the damp cloth.
days, and with mill Inventories bakire In Anished goods, but reported the traditional holiday cutie Brazilian crop about depression enused by Amster- The operation of the com- now be given, because of this
on the small side, selling agents some cutters and retailers were slowdown,
a general Both combed and 20 per cent compared with the dam where development. pound, which is based on non-
Tho Thermoncler measure only a token amount of
caused other Dutch stock Exchange Rates fillaminable methylene ditoride.
about going beyond cardest prices held steady with current denson's crop. Janumry, Consumers keep in fewer reporte of pro- Boston wool traders report-ns Unilever NV and depends on the use of a chemical from 40 degrees to 110 degrees bustes, lostly for immediate
of the fail because and can also be supplied Interaction which brenkta down F.
mind te posiblilty for lower | mlum offers than A month ed activity at a practical stand-Dutch to
Bank was done in 1 local raw colton prices next year on ago whenk the bond between the paint fan with a centigrade scale.
kaliters - were still in the worsted yarn market, Inteet oll newn from Venezuela,
EXCHARES market thor usecint With Christmas near, prices were qualally and the surface underneath It In the last three months, over
a larger acreage and with Tower, ordering catch-up supplies for although
has been a lot of faterest. Itong at the following inter
6.B. dollar (per 111 and and yet which does not attnels or 2,000 of there novel instruments
government price supports. Haw Christmas sales. Coarne carded unchanged.
gfinren | Marling notes (pee (R1), ***** Rayon grey goods solters to food and cutfectionery harm that surface. The remover have been exported to Canada
cotton for delivery in October carpet yarns hold firm at recent has been developed by E. 1. and America. (Singleton Bron. But the market maintained; a : 1959.
Indorretan zuplati, (per 100)". now is selling around advances, although the demani ported a holiday lult, aldough Muloran pircraft have not Australian net per £1) DuPont de Nemours & Co, Inc (Instruments) Ltd., Alverton, firm tone, with nome sellers of treo cents a round cheaper has dropped off sharply in the the down was mild to --by | attracted much attention this fiesta (per too) Wilmington 90, Delaware, USA. Penzance, Comwall, England), "I bag sheetings, drills, twills and I than the current market,
Bingapore ĮRİZMLED) paal forlight.
tena tunrked than trust-UP.I. | week.
thoed.
Opinion conservus Indicated a continued slow situation until after the New Year.
Alarm
Royal
This
0.70
10.00
1474
20.14