I
THE CHINA MAIL, MONDAY, FEBRUARY 23, 1959.
Weekly Survey Of The American Economy
ENGINEERING ABSENCE OF SPENDING
United States-Britain Television Is Possible By 'Sputnik'
New York.
WITHIN three years, American scientists. expect to use satellites in space to relay television programmes from one country to another, including from America to Britain.
It is estimated that at least; three wil be needed for inter-
national television transmission No Guess Work With
requirements.
Defence Department omeials are pushing ahead with an em bitious programme for puttink
as many as possible into orbit pround the world,
MILITARY PRIORITY
New Microfilm
New York.
OUT of the darkroom into
the bright light of the
Recovery Continuing At A Slow Rate
New York, Feb. 22. Interest in business circles here continues to revolve about the cost of money, the conspicuous absence of signi- flcant capital spending, and inventories which despite some accelerated laying in by steel purchasers, show no sign of general accumulation.
HONGKONG INDUSTRIALS
STOCK SOAR
EXCHANGE
by
Our Own Corespondent
HIGHER
New York, Feb. 22.
Business done on the HK Industrial shares soared into higher ground this
I
Rajes
kong Stock Exchange This morning amounted to approxi- mately S3600D. Ngon quan- The
Treasury reacted to cause of
1. a strike In the glass, War
when
goverment tione and the morning's Trans- President Elsenhower's state industry which พชร finally expenditures were barely ap-actions were: ment at his news conference setlied. after several months. Proaching the billion-dollar
Bares Buyers Sellers on Wednesday that he may ask Automotive Nows said U. S. mark and the theory of pump BANKS Congress to raise the 41-year Plants are expected to turn out priming
01795 320 unknown, Was HK Back old statutory ceiling of 4.25 per | 132,150
compared with faster than it has been In INSURANCES Cars,
', 72 721 1420 72 cent interest on Fovernnient 115,491 last week and 89,077 in recent years." Bome economists, alon bends by acting there
of course, the same week a year ago.
contest the validity tombard... little urgency attached to the
of such a comparison.
SHIPPING matter, since the Treasury 'daes not expect to face Its next
By next year the department work day has como a micro-financing until April.
is expected to launch its first space vehlele into orbit round |
film camera that does away the earth with the specise in with the guess work. tention of using it for relaying messages,
Was
The news was taken in stride by the government band mur ket, where There was a brief sell-off and then a comebnek,
of
>
or
Photographers, the profession- Early version will be capable als and the amateurs too, when
enlargement, ah of receiving
and transtaltin making messages at the rate of 2,000 printing a pleture, as they call 20, have to study is pattern of words
using minute. D
grays and whites, different transmission, chan blocks,
shades of colour. Then they nels.
The may try a test strip or a meter of the needs Спес
them the proper armed forces have been looted to give be posure. Will Batellites ofter, the equipped to handle internation-
→
X-
Inappropriate
feel that
more
thon
There is Ho thait
Unemployment
Onc at the most marked trends in the economic picture at the moment is the stickiness in unemployment.
WRA
Conceded
.25
Waterboat 27.10 Wheelocka
DOCKS. ETC.
K. Whaef .... DIS apck
100 72
500 27.50
$.05
700 - 45
125.6 29.33
LAND, ETC. Provident.. 12.10 12.43 IK Hatel - 23.30 23.40
HK Land.. 31.73 32
Erte 4.375
1475 1423
2.125 2.175 1100 2.15 6000 v 2.25 2223
2.3 1134 2.35 1375 2.00
100 110
#33
2000 1 10.00
1635 10.75
28.03 201 20.00 ZJ.20 20.30 203 23.9
0.30
...... 25.63 23.83 1000 2,23,95 030 25.50 3.70 23 STORES, ETC.” Dairy
..... 10.20 10.30
300 & 10.20
100 & 10.3
125 10.20
however, le that much moves by What is generally conceded, Government, as last week's shurt-term financing through While business publications $1,500,000,000 In 217-day 15x neaty streze the fact that inore work anticipation bulla feed the dres RUDDER ers are holding jobs now than of inflatter by adding to bank m
year ago and they are work-reserves.
Trust ...... Bankers generally
·ing o longer week, labour
2.75 Senator Paul Douglas (Re-A. Tawal the statutory limit Is "Inappro-spokesman gloomily prodict
Sungala publican, Illinois), who has priate" because debt managers "permanent army of the unannounced he will head e c011~ Train
UTILITIES need some elbow room in which employed unless Congress sturta gressional investigation Into the Bur re 26.00 20.09 20:0 20.70 to work. The present ceiling
the Yaumati... 035 00 question of Inflation, says was put into effect by Congress pump priming.
Walter P. Reuthur, Precident Treasury has been talking sole. Light ... 4. 1017, and applies When working with. different on April
Workers much about this danger that it Electric al traffic, such as television pre-coloured documents the repeat only to securities with matur- of the United Auto
in- 10) scured ilva | Union, Ims proposed a "March has
off potential flies of ed colour "step-fests" have gramines.
IN on Washington" by unemployed vestors in govemment securities, Mirso E. .. been discarded Ira
われ The new years.
workers.
Teleptione So poes the vicious cycle. what the Treasury com pay on Remington Rand transportable
January's total
The of 4,724,000
Wall men on
(0) Street sort term Issues.. microalm
unemployed came as un un-point out that, with socks
(N) It is obyjous that something pleasant surprise, even when hovering just below the 600 must be done since we are up it is remembered that January's mark in the Dow-Jones indus- around the four per cent rate figures are given a 17 per cent trial average, there was still already," one banker said.
seasonal downward adjustment barrels of money awaiting an The ay the statisticians of the. De-|opportunity to buy stocks. New Treustry four per cent
of 1990 are selling apartment of Labour. February, spread in yields between glocks bonds
16 per cent and bonds is unusually great present for a price that would with a record yield investors
deviation, from the average, and and may about 4.07 per Match
even grow greater with 10 per cent, can when corperallon directory hardly be counted upon for bozin making an expected round President indicated he much improvement.
of optimistic statements at their annual meetings in the near would not attempt to side-step the ceiling by means of dis count selling if the interest rate siructure continued to move up to a point where h-rate of 4.23 per cent is no longer a competisi wan Clague, has estimated
Transistor Convention
To Be Held in London
London.
Film - Record
comers,
STEP-TEST
nt-
A colour step-test strip of film goes with ruch camera. Il shows the proper settings
Sace cach ready figured out. colour throws back the light In its own way, the film'used has way that been made in such
THE transistor, invented Televen yours ago and regarded as a modern won- der of electronics, is to be the subject of the Inter-It has a very stable reaction to national and Scientific Con- vention and Exhibition which the Institution of Electrical in Engineers will promote London in May.
The aim of the Convention is to facilitate the exchange of International knowledge on the transistor and its application and already large numbers of engineers and scientists have expressed their Intention of at tending.
WHOLE FIELD
The Convention, will range over the whole field of theory, translator materials, charac teristics and their measure ments, transistors as a cireult.
element, technology, design manufacture. applications world technical trends.
the
light of uniform intensity. The camera has a volt meter. To even up the variations as light is reflected from papers of different colours all that is needed is an adjustment of the volt meter. The result clear, sharp pictures.
Two significant advantages are evident. The work is easier, the print is better; and there is no time lost walling for a re- port on the step-test. This lost lime frequently amounted to as much as three days.
the and
The camem is compact, design neat and smooth, the speed has been increased by 50 per cent. Documents now be copied at the rate of 150 paper feet per minute.
can
And there is no guess work, and no waste of time and materials.
During its 23 sessions over 30 fectures will be given and some 200 papers are expected to be presented. The exhibits will come from manufacturers of transistors
other and devices, as well a conductor equipment Incorporating tran sistors,
tent.
The
live rate.
The Rise
Bankers say a continued rise
sector
Three Kinds
The Department's Commis icher
of Labour Statistics,
that merely to return to the production level of mid - 1957 Would icave about 4,000,000 without jobs at the end of 1950. Tale figure was orrived ut
The
employment res quired to make up for the displacement, of labour by economies in production;
That required to ab- sorb the existing 3,800,- 000 unemployed when the study was made in Novem- ber, 1958;
That needed to offset expansion the normal
future.-U.P.I..
Watson
14 14.4 L Craw... 14.00 14.00 COTTONS
Text; 3.85 Navar. 10 MISCELLANEOUS
Interi. 18.00 Vihro.
15.40
5.20
INVESTMENTS
int. Invert. Allled H.K. & 7.E. invent....
3.65
COTTON
STEADY
10.20
apo 14.70
past week with the average well above the 600- level. The average gain netted 14.24 points. The advance was accompanied heavier volume. Soles for the week totalled 18,004,770 shares, or a daily average of 3,700,03- shares. most Aince January 30, against. 14,792,690 rhares or a daily average of | 2,050,538 shares in the previous
week,
by
CITY LIGHTS
*I'm sorry, sir, the rest of the stap are not in vel, end 'I don't personally handle the matter, to which you are rejerring—
London Expiei amike
China's Steel Output
The rise refceted pubile in- lerest in my corporation .re- ports showing sharp gulns In the fourth quarter of 1958 which are expected to be fore- runners' of much better Agures for, the first quarter of 1939. General Electries fourth quar ter showed a rise of 25
per cent over the 1957 period. Du Pont had its best fourth quar- ter in three years. American Telephone had” a record year In 1938 both in sales and lo comings.
STOCK SPLITS
A half dozen companies pro- posed slack splits and Their shures moved higlier in most Instances. They included East- men Kodak, Floridd Power & Light, Colgate, Püzer, and Lill Tulp! Cup. Several of these bod
others. raised dividends. or declared extras.
zomu
Industry held high with sharp
steel section where a
All but output was
Paris, Feb. 22. Radio, Peklog reported that Shanghai's steel output topped the million-ton mark last year and its collon yaru output beat in the Britain's 1007 national total, recording to a recint bulletin Issued by the Municipal Board of Statistics.--France-PreRSO,
FUTURES
IN NY
New York, Feb, 22.
Cotton futures ended the week on a note of steadiness after bobbing up
and down on the price ladder early in the period.
Bank Of England
Statement
In interest rates le noi o fore- | after taking into account threo Kono conclusion, even though Rinds of employment; the Treasury during this cate dar must enter the market for about nine billion dollars of new money, exclusive of refunding, They say that while pressure on mortgages and municipal bonds still remains strong, there is evidence of a slackening in de- mand from the corporate sector. "It would well be that the diminution of pressure from the may leave corporate room for the Treasury, was the
of opinion
influential
London, Feb. 22. banker.
The Bank of England state- Renewed business spending
for the week ended Administration cfficials, how-ment for plant, equipment and ac-
been expressing February 18, reads as follows: cumulation of Inventories, of ever, have
that the previous Bank notes in circula-
Sterling course, could bring about an confidence
rate will be
Bon
2.001.133.050 Intensiftentiod
demand peak production of the
the surpassed фу
fourth Publie deposits for bonds.
Private deposite Thinking among officials of quarter of this year.
Government securities the Federal Reserve Board is NEW application of
A reduction of the numbers Other cuclites
Heceipts gold to be that the economile re- A glass fibro rainforced
of unemployed is regarded as Ratlo covery is continuing satisfac-casential before the "war-lime torily although admittedly at a bables" of the 1940's make slow outlook durable, but their appearance on the Bank Of France
Fire Hose Ramp
Demi-Protects Piping
Many of the numerous up- plleations of transistors And other semi-conductor devices | plastic is announced by a will be demonstrated, and Bristol firm, "It frat hose section of the Exhibition will
de. be devoted to research `
designed and and ramp development, with exhibits from veloped in collaboration with
government,
Industrial and the
university research laboratories. Works.
Anti-Corrosion
British
"Ministry of
to
en-
Each hose-ramp consists moulding which Inter-lock form "bridges" over hoses abling traffle to continue to pass freely without damuge to fraglie types of piping.
one
of the labour force.
cvidence of a real boom" would estimated that during the five bea_valid consensus.
"mune Kerns from 1980 in 1965 an on- Federal "Kejërvë
nugl Iddition of 1,250,000 pailey, was still seen to be hold-workers to the total labour force ing somewhere between Case
may be expected.. In the period om restraint;
1853-57 the Department calcu-
The Board's index
uses tho
for 100.
average
of in-
کر
At Friday's close the Ust ruled 21 to 13 points--five to 55 cents a bale-higher than the preceding week,
and New The
New York Orleans cotton exchanges ad- Journed trading on Monday for observance of Washington's birthday.
STABILITY
QUIET
Bains over a year ago, notably record achieved.
Higher automobile. output helped the leading autos. Ameri- con Motors softtened when it was learned, the big three pro- ducers are studying the pros- pect of bringing out new low- priced, small economy cars,
The market gained, more, than $5,500,000,000 on the basis of All listed shares. It would have had much more had the zail and utility sections risen with the surge speed as the indus- trials.
A total of 1,420 Issues traded this past week of which 970 advanced, 329. declined and 118 held unchanged,-UPI.
WEEK
IN LONDON
the undertone remained firm.
London, Feb, 22,
Belated stability reflected it has generally been a quiet week in stock markets bút 13231,150 covering before the long week- 207,341,874 end holiday and covering in the
when 20,833,637 March delivery
expectedly early tenders were
250.174.530
60,043,798
14.0
Statement
Paris, Feb. 22. The Bank of Franco state- ment for the week ended
Old Tranc
in EPU Advance to Stabiliza-
zeru.
dustrial activity rose one pointlates that this inercase has been February 12, read as follows:
only 820,000 per year. from. December to January, to Trade- unions..are not supply-Total gold holdings 291,002,513.500 143, on the strength principallying the only pressure, for. greater | Tutal other currencies 0,221,543,000 of increased output of steel and
outlays. Sameight balance abroad household goods, The Index government
real of 1947-49 persons forence a very
tion Fund danger from Soviet competition
Government Total bills discounted 1,033.580.750.100 the unless
Bank notes in cir stimulates expansion. Thrown
culation Into the debate now going on Current accounts and
Deposits pvor, the extent of Government rine WUS the ninth-d
for. ensuring Tho
responsibility straight upward adjustment growth of the economy are such At the January level, indus Interesting sidelights as, which
Adjustment
2,274,007,973,540
Liti-
In the foreign bonds market The t-edged market has promptly taken up by spot held its ground despite the Greeks were the main interest. Interests.
Industrial prices have moved temporary upset over the on- Pumping addional buoyancyuncement of the new Rhod?- gently forward as the result of
The Finan Into the price structure was the sign inan and the disappoint-selective demand, steadily rising volume of cottonment on Thursday that the cial Times, Industrial index OSC on balance 2.0 to 219,0. Glaxo, going under the Government Bank Rate was not lowered.
Dunlop, Imperiol. Chemicals However the early losses and Courtaulda have been loan and the consequent belief that a tight "free" supply slun, were rezveidd particularly in iminent. tion wiit confront consumers the long-dated and undated before the next harvest becomes
.Company, results have | Iripes, which showed, gains on
the week up to us was the helped prices particularly such available in the nutumn.
chise of 3 per cent Transparis.
Bruce as British Oxygen and Electric, Tobaccas have, boon weak following American selling on a new port on the link between smoke- g and lung cancer, in motors to go Jaguars have continued not to
ahead.
IMPOUNDINGS
SENTIMENT
Sentiment in the gilt-edged market was helped later by the Governmiunt's, decision
draw the remaining $250 million
English
UNREST
also
Loan impoundings from the 10,504,000,000 1958 crop through February 13 totalled. 6,423,032 bales versus only 2,870,443 balas to the same time last year. Thus, more than 55 per cent of the estimated crop
of the line of credit offered by has gone under the loan shelter, the Export-Import Bank in 1957. 440,013,443,008 with the privilege of entering | A further helpful sign of the
Reports of Middle East unrest Government's confidence. in the and extending through April.
the British Petroleum Hopes that the Commodity strength of sterling was the price cute in crude oil had a de- Credit Corporation would make decision to restore one of the the 1958 loan cotton, avaliable facilities banned in the autumn ket. But ells tended to recover pressing effect on the all mar- immediately after the loan of 1357 to prevent speculation late in the week and only
UPI
Metal Formula
Among its uses is that of sup- AU.K. firm have de
veloped a new chamical porting equipment for fire fight-
for ing units,
construction based on fannina, which is workers, and for airfields. The said to combine with oxidos remp, has been designed in its Initial stages to protect piping to form an Insoluble cor-
up to six inclics diameter, and rosion resisting film. ovor in effect forms miniature the surfaces of metals. This "bridge" affording a passage film will stand
for heavy vehicles up to 10 tons, trial output stood at th-month represents a grester increase in Exchange Rates up to
It is completely portable and weathering for covoral days, can be carried as part of the
normal even in exposed places.
of n equipment Under cover. the coating will engine or any other type of remain intact, for several months, heavy vehklé. (Microcell Ltd, Insite buildings, under normal Camberley, Surrey, England.). conditions of temperature and ventilation, it will lost
much longer.
very
Furthermore, the tannin pro-
a
le
duces a surface, which bond Servo Test Equipment
well with paints and cannot
chip or fake; since it is an in-
tegral part of the metal surface,
It will considerably prolong the
A NEW British
ot
high, only two per cent below production; five per cent in the the pre-recession level of mid-Soviet Union or three per cent 1957. Production
non in the United States? was nctually durable goods four per cent higher than
Subsidise but that date,
output of durable goods Ingged five per cent
closed on April 30. However, against Use pound. Binks will Burmah fulled to recoup lis
Gold shares taa into some
Business was done in the 'lent
that the now be able once again to this unofcial exchange market
latest Indications are morning at the following rates:-
trade between. third losses. agency will not offer the cotton finance 5.24 US dollars (por BA) › .... Sterling nales, (per. #1)
for sales until after July 31, countries on bills of up to 120 Australian notos (per
when the corporation will take toys. Since 1957 they have profit-taking which affected the on more speculative fasues, Platinum Indentestan huplah (per 100)
over all unredeemed cotton-been able to do this only Siam Heals (per 100)
bills payable on sight,
Was higher.-U.P.I. U.P.I.
icfall sales also maintainní ("Fetiail of Growth" and "Fiscal singapore (Siraia)
ol
1) (
18.3
17.80
0.30
28.70
&
Weekly U.S. Cotton Goods Market
New York, Feb. 22.
gooda
whla
Editorials under titles like
Fantasy" aro.common today In their December pace fic financial journals as the..debalo allowance for the normal post-in Washington between what Christmas slowdown, the have been called "spendera" Federal Reserve report said. and "saven" grows increasingly process
In other sectors of the serid, response antlyser enables
economy, certain forces which The US Chamber of Com- life of ordinary paint on steel for the first me, precise
were strong elements la the metee pointed out recently: or iron by proventing the measurements to be minde on
early recovery, such as Federal | "On grounds
growth,
Sporadic bidding developed ever, wide coating fabrics were goods relatively steady formation, of rust beneath it. control systems such as are re-
expenditures resulting from paradoxically many people The formula is à imm-acld and quired för nuclear, reactor heat
in broken Wills and at wide "emergency" harmless chemical, which can exchangers, metallurgical pro-
all-recession suggest that we should muusfilie BUYERS of cotton grey fourth quarter delivery, but noted with limited transactions early shipment goods contintied
teported alittle
business was actually Seme bills, and, housing, appear, to be dedining Industries;. Inngjate
sellers Indicated
Rayon grey goods prices heid ' of the film, "Converters, indicated prices, be used liot unly, on metal sur- | cesser, chemical plant; automa-
losing some of their momentum. producers, workers or regions tightening situation both placed. Most prospective buyers appointment because faces ofready kilited of corroded, | tio... production... éyrics of many but alta on, painted surfaces, Industrial tybes and YALITIMISTOPILI Housing starts fell from an an- from economie, change; rediis on prices and supplies for kept under bidding the market fallure, of auto makers to, come for anished goods will have to where the coating or paint types of motor control when the Ductile of 1,430,000, als in mobility of labour and explink; rast lancard constructions and met with a flat-tura-down through with mord releases, be incured core grey soods
December
Hand Abros were finer, previously bought at lower 1,550,000 In and divert, reSQUTCDS
generally. Most of the business either partially, or completely systems are in normal opera-
January tion. Accurate measuremonta -on
booked ranged from nearby pivoting on strength in the hemp levels, have been processed. productivity Investments and this week.... The Arm will ochibit at the aty slow and medium-spood. Automobile production, will away from those which yield Considerable dickering over through June, market, Unfavourable weather Activity in wool fabrics Industrial fabrics, fabrics, conditions in the Philippides slackened following a weaken- Ebtinest Magino, Welding dynamic systems are posible ch ite highest point this Higher real returns to society prices developed - but sellers
offerings from that ing trend of market for woof and Nuclear Energy Exhibition, even under severe non-incan work since January 24, accord
khan,, also, as William Henry had the upperhead most of the fair-aired sales of duck fzbrics, limited Dondon tross and noisy, conditions. (Bolat- In to Aukambilve News, in Chamberlin, noter nythe Wall Ung, and were able to announce were reported at Armor, prices dirbation this wook Brazilian taps. For no apparent reason, savere winter weather solers mirked-up prices on | triders sald, somo cambers cut sblue for iron in Abenonl Group Ltd, Cortars Corn raisina de aerial Street Journal. The rate of mark-upe loc, jane print fabrics; The
Kog Studiiler Chry
American indilitibi krovky do bythestan dua beary, weight around the country increased ass offerings. Burlap was the price on tops around, ave by reduced output, party ban the hermund Sünde Beworld mailethaben
the call for tarpaulina, - How-mized, with? spat, and~adost", conta WprundUPIN DEMAN
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