SCIENCE AND
THE CHINA MAIL, MONDAY, FEBRUARY 2, 1959.
Weekly Survey Of The American Economy
ENGINEERING PROSPECTS OF STABILITY
Red-Hot Reactor
A red-hot reactor is lifted from a furnace at Britain's uranium factory at Springfields, near Preston, Lancashire. The furnace is used to heat a mixture of magnesium and uranium tetrafluoride, causing n chemical reaction in which the magnesium combines with the fluorine and the uranium is reduced to its metallic form.-Reuterphoto,
CHEAP GAS FROM LOW GRADE COAL BECOMES A REALITY
Characterised By Quiet HONGKONG
Money Market And
Firm Interest Rates
New York, Feb. 1.
STOCK EXCHANGE
Busines done on the Hong- kong Stock Exchange this amounted to appro-
tions and the morning's trens-
Bujeta Bellers Sales
Stock Splits
Do Not Help Market
New York, Feb. 1.
Although those who managed the money in the United Statesximately $825,000. Noon quota- This was the week of the stock split but
continue to warn at every occasion of the latent pressures actions were: of inflation, there is a belief today that a period of stability BANKS is the prospect of the weeks ahead.
SHAKE-OUT
IN LONDON
London, Feb. 1. There has been a preity in thorough shake-out stock markets this past week which have been consequence with unly a small amount of business done.
ton
dull in
Profit-taking after the pre- ceding prolonged upward move ment Wis supplemented by nervous lling: based mainly of an early the prospect general election in a climate that may be unfavourable and to some extent on the position on Wall Street where there has been a check to the recent rise. When the small selling cused at the beginning of the new ne- count a better appearance was many directions, noticeable in though investors generally were still inclined to take a cautious view.
Gilt-Edged
THE prospect of plentiful supplies of cheap gas for countries all over the world where deposits of only low grade coal exists has become a reality with the launching of a £8,500,000 plan to supply gas under high pressure to the famous industrial belt of Scotland, an area of nearly 800 will be eut, at least not for un- square miles,
+
The secret behind the efficient
use of low grade cunt which the new plant makes possible is in the use of oxygen to
produce
gas by chemical processes from
type of coal completely Bait bly for carbonisation conventional means. It
known as the Lurgi process.
ERECTED
a day from coking coal.
site,
br
High Tool Grinder
Speed Press
A
TOOL-GRINDING fix- ture capable of grind
Gilt-edged have been having a breathing space and elesed the week at lower levels than week ago. The course of money rates came in for some discus- rion but is not now generally believed that the Dank Rale Up to the other few weeks. turn of the account British funds
of the chief were one
selling subject to
markets orders,
This stability would be char- per cent 21-year bonds that the acterised by a quiet mancy Treasury brought out this month market and stable interest rates, at a discount price of $90, 10 Since the beginning of Janu-yield 4.07 per cent. Last week demands have this new issue declined in price ary, bank lonn been moderate and new fictations to $90%, or the equivalent or a of erplial have been manageable.yleld basis of 4.10 per cent. Capitol Isucas are not expected to be as large as they were last year.
Great Increase
ان
With any great increpse capital investments for plant and equipment being deferred least until spring, such spending expected to have little effeci for several months.
A going rate of 4.10 per cent for the long-term interest of the United States is only about of one per cent less then statutory cost limit of 4% cent under which Treasury ligations due in five years more can be sold,
IK Bank.. 703
INSURANCES Union Lombard SHIPPING
23 190
200 CCD
Der 50.5
72 72.00 20.00
Waterboet Whetlock
ВОСКА, ЕТС
3.53 0.00 10000
1
Thock
Provident
44.76 43.50 12 12.20
LAND, ETC.
cight split proposals gave the market small aid in a genoral decline made on reduced volume.
At the end of the week the minutes behind the market, most Dow-Jones average stood at since October 14. 503.06.0 2.11; railroad 101.91 |
off 3.75; utility 0.88 oft 1.11;
674 and 05 stocks 205.00 of 1.03.
Those averages were up 10.31 up 4.20, of 0.12, and up 3.26
21.20
HK Hetel. 23.10 23.40 2023 2323 respectively for the month of January, which produced a, sales 32 33.25 2003173 volume of 83,253,414 shares, the best for the month since 1929.
36
·
the per ob.
Hk Land.
or
Humphreys Realty RUBBER. Amalg Trust A Tawah Burgais UTILITIES Trom
1.478 1523
1.973
The combined effects of the bond offerings new long-term sought by Secretary of the Trea- the Robert B. Anderson; sury. keen demani for mortgage money that has.decompanied the recent upturn in housing starts; and heavy financing by state and are expected local governments
investment to provide ample outlets for savings. The flow of these funds into savings Institu to meet attritiona hag, been lager than ever largely of funds tion on refinancings and to offset before. cash-ins of bills that mature lo
From now on, cash borrowings by the US. Treasury, which ap- pears to be in sympathy with so long anti-Infintion measures as recovery from the recent re
unhindered, cession
proceeds will not be fresh devies on the resources of the money market. These burrow
will consist
March and May.
The fact that the Treasury has now completed the lot of rais- ing new money to finance a de- fcit in the fiscal 1950 budget of the almest 13 billen adds to prospect of stability.
Many economists believe that public debt management
deci- stone this year are going to be synchronised with the policy of the Federal Reserve Systein,
Long-Term
Seme economists say that the Treasury would like to offer long-term Issues an opposed to short-term ones.
Whether the Treasury can and enough investors to, subscribe to long-term issues in the amount that it would like to sell them remains to be seen.
Star Ferry Youmall
c. Lichi
Electriu
Mutio E
Thus, the outlook for interest Tel rates is one of stability, Interest rates could rise later in the year, however, if a continuation of the
add to recovery should volume of private borrowing.
Now Peak
205
27.10 27.50
2000 32
$2
23,000 2
14 * 199
100 111
500 27.23 583 / 27.3 590 / 27,20 200 or 150
01 23
190 91
10.70
17
20 24.30
2006 16,00 240 8.ca
200 4 16.63
2006 20
Averaged
Sales for the week averaged 3,705,082 hores daily, against a dally average of 3,859,540 shares in the previous week.
Since the market sot Its re- cord high in the industrials' ca 100 P1.5 January 21, the industrial aver- age has had three decliner, a big one on Wednesday when it was clipped by 0.13 prints. Ralis declined six days in a row (R131/24.70 24.00 3020 24.09 before managing to gain on 600 24.80 Friday and uulities performed 3257 25.10 similarly, 29323.00
-0.30
106 27.10 sa 20.10
At the close of the week, the ecord showed 1,430 issues traded. Of these 520 recorded gains and 708 losses while 130 held unchanged. There were 220 new high sei and only eight * new lows.
The Friday session, witnessed 'n fairly broad recovery.
IL was. the first session in 12 cessions that all the major averges turned up.
*
Steels, chemicals, copper and a long list of selected issues fèd the recovery.
Production
bit
Automobile issugs did lo with losses tunning to a
Production more than a point, was reduced by glass
shortage
at Chrysler and a cutback in Buick output. However, the total was 14 per cent higher than a year ago.
Qils met a better demand late
cut some of their coins.
The markel's price range on 300 18.45] Individunt sues for the week in the week but profit-taking
10.30 was between a 94-point decline 15.43 117 International Business
Mochines atid a rise of 10% points in U.S. Gypsum..
(New) 23.00 24.20 Cement
$5,00 STORES, ETC.
10.40 10.00 Dairy
the
2:00
100
Waison COTTONS
13.40
Textile
MISCELLANEOUS
J
13.27
7.03
20
6.30
9.40
Vibro Total commercial bank loons INVESTMENT
Ins. Javst approached a new peak of 333 FE billion at the end of last year, about four per cent above the previous year.
Although the money supply (currency and demand deposits) 138.5 to a new peak of rose billion at the end of November, that 1058, economists point out
smaller, is still significantly relative to the level of business activity, han in the comparable
of other post-war
coveries.
-
Invert.
the
On Wednesday when selling was' most acvere, the tickers *** 08 much as
Cotton Futures
Erratic In NY
11
Market experts believe the list performed well. Some of them felt that the market needs
larger correction than it re- ceived before it can resume Its attempt to cross the 000-level which was all but registered in the closing average a little more then a week 66.—UPJ.
Bank Of France Statement
Paris, Feb. 1, The Bank of France state- ment for the week caded Jan.
New York, Feb. 1. The other side of the inflation Cotton futures climaxed a week of erratic price first picture is a continued moderate-
changes with a sharp drop in the new crop 22, reads as follows; bondly high level of unemployment:
On the uther hand, it will be
in the remembered that hot of last
Year the morket became over-loaded with long-term government offerings and the Treasury, found itself forced to resort to very short- term offerings until the market returned to normal.
Central banking authorities
of industrial
deliveries at Friday's close.
Total gold holdings.. the percentage
Total other currencies capacity sull'unused; the relative
gress and evening-up in the sight balance abroad siblity of most prices so far For the period, under review und the absence of a strong re-
higher to 50 points lower-up covery in exports. Recent wage the list ruled net 29 points maturing Match delivery. Eettlements, notably in the auto
Surprise
!
Loan entries for the week sharp drop from the preceding week, tolotting 241,724 bbles. The net stock of 1958 crop col- however, loan, ton under. reached 0,103,450 bales or almost three times the amount under lean at the same time last year,
In the forein bend market chief interest centred In Greeks at the beginning of the week on settlement hopes of a Cyprus but the tone deteriorated as the
Although a new move by the and oil industries and with In- } $1.45. to. down $2.50 a baleendal January 23 showed a
in Chi- compared with the preceding ternational Harveyler 10
week.. week progressed and most of
economists to be less inflation- the gains were lost. Hungarian make money tighter may not be cago, are considered by most
federal reserve
made ary" than some of those 4 per cents Jump from 4 to impending, ing press tool punches in fif-
74 on reports that a settlement officials have indicated that such
in 1058.
The mid-January parify price of this foon would be condi-a move would be probable if the
All in all, the recovery so far
support deall a shocking surprise tional on any trade agreement Inflation is regarded as the num
has been devoid of the infallonto the trade. The rates were 3B reached with Hungary, negotia-ber one public worry.
cents a pound for middling Alfred Hayes, President of theory abuses which marked tions of which are due to com-
from Federal Reserve Bank of New dramatic boom of 1955 following inch showed a drop of 03 points Buying mence shortly.
who speaks the 1053-54 recession.-UWP.I.
from December, whereas traders various continental centres was York and a man
Expected à sharp rise. pointed German seldom but saya much,
The 18-cent parity would again reported for
(on
indicate 30.40 cents purchase renewed upward pressure bonds but the support was not out this week that "the seeds of of a very persistent nature.
and prices) are clearly visible
Exchange Rates price on 1050-00 crop cotton. cannot be ignored," despite the
relative stability recent prices,
TBC
fixture
- The Stolfish plant is being teen minutes compared with
erected in the heart of the hours
other taken by coalfield on the edge of a vast methods has been developed open cast coal
The coul direst will be transported
by and put into production by from the open casa British firm. conveyor field to the gas plant to produce
Is primarily thaty million cubic feet of gas designed, for the grinding of poor-quality non forned press-tool panches from Thrash left after cylindrical blanks, but it can the process has been colapicted also be used for light machin- will be returned to the open casting operations on copper, for the site to aid in and Alling
example, as required for
01. electrodes for production
park machinery,
being It is described as
of capable
zrinding radial, argular tul In tuct nny geometrient form quickly with a sciting accuracy of .0002 inches and the special radius dressing
As the secret of the new plant lies in the use of oxygen for the chemical process, an
asential
part of the plant is the install tion of a tennage oxygen plant that will not only work con- tinuously night and day feed the gas furnaces, but also pro- duce reserve supplies to The peak demands.
attacineni allows forms
1 A inchrs konvex 10
Irem
1
It
for
inches courave to be generated The oxygen plant i being in- on surface grinding, wheels, stolled by the British Oxygen con br vece not only
Engineering Ltd, a subskinty of punches, bul also. bronches, the warld tamans British Oxy-drifts and gautes. (Lennie &
Western Company, and will អ្នកក
Roar, be, Thom Ltd., capable of producing two Bracknell, Berks, England.) hundred lens of oxygen a day,
TWO STAGES
The erection et the new plant elready began will be in two
Plastic Material
stages. Stage one, with an out For All Pipes
put of afteen inition cubic feet
of gas everyday in expected to
The dollar bond market con- tinued to be a very dull affair, American Issues drifted to the extent of a point and Canadians trended mainly downward.
Industrials
The industrials market hat had to contend with the usual end-account selling as well as the bout of small selling which
With buyers began thst week.
curee prices have tended to It also begins to look as 50g.
Liquidity
Aroong these "seeds",
of
Hayes
1)
the
balca
The open position in March at the close of the week ap-. proximated 160,000 bales, traders estimated. The certificated stock available for contract delivery tolal 02,054
with 1,138 bolcs, awaiting inspection. The trade had expected a 50-
Raw cotton exports for the point jump in the parity.
the
season In the week,
through January 27 Earlier
totalled 1,587,085 baled com- market bobbed up and down as
pared with 2,810,977 bales re- 16.93 traders followed developments in
ported to the same time last 12.08 the current loan programme,
Benson by the New York Cotton 0.10
along with President Eisen- 26.70
inhower's farm message to Con-Exchange.-U.P.I.
8.74
dene in the local Business Was anothe exchange market morning at the following rates US. dollars per $1) Sterling notes (per £1) Australian notes (per mentioned the increased liquid-donesian rupiah (per 1001..
Slam 11cals (per 100) ity of business and individuals,
Singapore (Straits) the threat of price increases, the difficulty of bringing the nation- at burget back into balance, and the prevalence of inflation psy- chology."
Hayes sald the money, man- agers should be spending less time then they are now doing
If the main impetua of the unit trusta initial purchases has protecting the value of the dollar more time promoting apent itself. Political stresses and
the have made Impact on steels economic growth, but that
American which tended to drift. Engineer- unwillingness of the
hove people and their leaders to bear a witole ing shorea ng
1185 been fairly subduct and the thole share. of. the burden same has been a feature of forced inust of the task on
| the mancy" managers." motorn
"Our problem has been to keep a sufciently close rein on bank reserves to discourage ex- pectations or fear of lollation-
Aircrafts were quiet with a downward tendency, Shly PRITISH Geon, a member ping shares have had some B
support. Store
shares
WITC
to
nry developments in credit and be gas moking by the autumn of
the money supply, and yet to of the Distillers Plastics subdued on purchase tax co avoid interference with orderly 1060. Two years Inter stage two will be completed,
Group, has developed a new (siderations.
Restrictive The
recovery, and, rèmumption of court's decision Currently with the erection of material for manufacturing Practices
Hayes also praised the Trea- against the yarn opinners' agree-owth," he said.
the plant a high pressure and pipes to carry wator, gas, ment has given textiles a badury for Its willingness to pay medium grid pipe system is beschenilcols and effluents. shock. ing laid to distribute the xas It is called Geon RA, 170 from one end of the industrial | High-Impact. Tugle Scottish belt to
PVC.
loyal
of
the
WESTBOUND
“MIMALATA"
Lec: Vane
4th Apr. (27,955 tons) "HHIMALAYATM 24th Aug.
FASTBOUND
Orient & Pacific
LINES
Japan/Pacific Servico in 1959
Honolulu
15th Apr.
2nd Sept,
Yokohama
23-24th Apr. 10-11th Sept.
Ban. Fran,
Los Angeles
6-9th Apr.
26-27th Aug.
10th Apr.
28-20 Aug
Kobb
Honolulu
13rd May
10th Nov,
Vabeduvek átti San Franektes
20-20th Any
24-23th Nov.
A
31ht May
27th Nov,
Yakoboma Leve: Hongkong
10th May "CHUSAN” 12th May
(241225 toma) "ORCADER" 7th Nov. 10th Nov. 11-13th Nov, (28,000) tons
Japan/Australia Service in 1959
SOUTIMKOUND Li
Hongkong 24th Sept. NORTHBOUND
Manlin
Air: Sydney
18-19th Sept.
27th Sept.
of
“OKCADEB"
27th Oct.
A
4th Nov,
air: Hongkong
0th Nov..
the going rate of Interest Stils new security offerings. With; Leading ou shures opened
the determination of the cost of the other--75 Among the advantages claimed the week on a stronger noto miles of 12 Inch piping and 55" for RA. 170 are Lightness (one-
with ngarçagive buying of Shell hiring money in the hands
Sratem,, Federal Reservo miles of smaller,
and fifth the weight of iron
Dutchka and the ecuuiry' COVER | "HIMALAYÁ” Transport atid steel). high impact strength, from New York and the con- the, Tivanity, continually, faces Imido the works, coal as it is
resilience cury polnilna,
and tinent. fed by the belt system from the low resistance to flow. They are
The mere speculave të problem of Hetping wit the main the statutory Interest cost us shares, eased be crushed open cast alte will and screened before ute..
nig to be non-corroditle | although there were some rice white was rel ko ihe days
the Trinidad group. the and incoluble. largen. coal will be fed to
is believed that in due time The smaller Lugi generator.
F. S. Gedulds repòria on the roal wil be wed, for strain rak- all iron and steel water maine
Last wook, 19 of the Tren ing. Largo quphilities of steam will be replaced by high-Unpost great values of the new strike are required because the gas is rigid PVC or that one-twentieth sparked off activity in gold suty's 40, markglable fatus of indo.by the reaction of cont of the 1967 metal pipe market thares with considerable buy-nolos and upnda apid at prións tó ing from Jolinésbing, parti: Mald inventius frur per cent of with steam and oxygen." under will be taken over during this high gremure,
Hjøar and held for 20 years, cularly strong market, U.P.Emura, one who the latus or four
Also
The
World War 1 financing.
Marketable
>
Advaneş 10, Blabilise-
tion Fund
Frano 247,458,200,00
1,420,639,673
14,125,200,000
Toth te disccunted 1,027,001,000,85%
Seokrates in circulas
tion
Current accounts and 3,272,743,519,000
deposite
Bank Of
423.500 дорта
U.F.
England Statement
Londen, Feb. 1.
The Bank of England state- ment for the week ended Jan. 20, reads as follows:
Sterling Notrs In eiretatios.... 2,002 204,09 Pubre, depois Private deposita Severnment recuuifita other securities Jennyly Rako
291,251.877
340,760,650
20,480,120
49,200
Kobe
25-28th Apr.
12-13 Sept.
Arr: Bhogkong
20th Apr.
16th Sept.
+
(Cruises-ihen leaves 5.Ę., 2014 June for U.K. via Panama.). (Continues to Sydney via New Zeálbud.)
(Leaves Sydney 2nd Oct. for U.. via Bus
(Continues Trans-Patile-nce above.) Routes and Bailings are cubiretto change or cancellaios with be without, Kotine, *Leaves Hong Kong 20th Apr for U., via Svez: + Contades to Rydney--999 above;
For full particulars apply tome,
TELIVIONE NOS: KIIRIZA, 29408.
BLADEONMON, MACKERED A CÓ ON HÀNG BẰNG 2TH