SCENC
THE CHINA MAIL, MONDAY, MARCH 16, 1959.
Weekly Survey Of The American Economy
Of_The_American
Page .9
NENEINE WARNING TO EXPORTERS
Power Plant Supplies People With
Heat & Hot Water
Stockholm.
A NEW thermal heat-and-power plant, at
Hasselby, on Lake Malar, which is to supply 60,000 Stockholmers of the western suburbs with heat and hot water and provide the city's power. network with 80,000 kw of electric power, is at present nearing completion. It will have the largest electrical output of any such combined plant in Sweden,
The plan is to have three steam bollers of AB Svenska
Maskinverken make and three Gutters Made From
steam
turbine
inits
STAL crupita to ASEA generators. In
Dollar Goods Must Remain Competitive
New York, March 15,
"It is crucially important that dollar goods remain com- petitively priced, for if they become non-competitive then the national problem will become serious indeed. This is one of the reasons why it is so important to achieve and
fiscal and maintain anti-inflationary
creates monetary policies at home, for inflation
environment both for United States
HONGKONG Fifth Weekly
Advance On
STOCK EXCHANGE
“Our Own Correspondent -
Business done on the Hong- long Stock Exchange this
Wall Street
New York, March 15.
morning amounted to apprord Stocks in the past week registered their
mately $935,000. Neon quota- lens and the morning's transac flons were:
Shares Buyers Beijers
sajer
fifth wookly advance on volume that almost matched that of 1929, tha busiest year in stock market history. After the Friday cloar; the no et 7250 Federal, Reserve moved to
a
ex-
BANKS
UK Bank
20 175
136 6 322
100 773
INSURANCES Union
PARA
#315
menacing porters and for domestic producers of import com- peting products."
Zact, the major purt of the Glass Fibre Laminates in the US.
manufacture,
in-
despite so-called electro filtering OVER
is stored
machinery, balldings, etc. are of Swedish cluding the
VER the last couple of plant, claimed to be 97 per cent
years manufacturer effective. The plant is fun within the plastics fields hava coal or all.
level, and made increasing use of glass parily partly above, The submarine fibró laminatos that is, storage la walled in by embank-glass fibre impregnated with. ments of rock and by concrete different resins to bond it calssons, which also constitute the quays for discharging the and give it a smooth finish. necessary fuel imports,
below
Бел
In a recent edition
"New
That
of
in Agrecimento
Д
an
the
whart..
43 71290
20-472773O
100 72
400 734 2072
tighten credit for steck markel purposes by proposing chang tu in credit without making any change in margin_requirements 0.20 watch remain at 90 per cent. 222 The Federal Reserve Board anid It was putting out proposed changes for comment by intercat groups.
2015
22:30
1500
210
6.00 1033
3.05
沁
1225
1300 g 29 60 110 29.00
(Ft) 4.42
1.475 1.545
2.123 2.20
A. Tewah
UTILATIES from
Youmini
C Light
Electric
But Ferry.
25.00
D
Registered
NEW YORK
the
TEXTILE MARKET
The market currently is only 12056 29.80 about two weeks behind 1820 1
170 of 4.423
volume. The American Stock Exchange is vying with the big boprd for a record. During the week this exchange 100626 1.95 Past
1400 or 15 registerci
12,001,000 saler of 0909 2.84 shares, best of any week sines
New York, March 15. Buyers needing cotton grey and for qulek goods nearby delivery paid pre-
mium prices again last week when they found supplies increasingly diffi- cull to locate.
The second made in respons | cutlook is for oven more de- This warning is contained in the March Isaye
the too considerable amount of activation of tonnoge to add to of Quaranty Burvey, one of the lobbying on the part of domestic the 278 tankers already loid-up most
perlodical producers have reen their us the large Importers cut back Lombard respected
production Jimited analyses of economic conditions all
by their shipping from Venezuela Underwriter various state regulatory and the Middle East 10 the SHOTING
Waterboat.. Imports of American market.
Wheekick In point of fact there is agencies while Rttle doubt that the only have reached record levels Although the Federal DOCKS, ETC.
"voluntary" Reserve Board's move to tighteneck effective way of narrowing the
import control, was taken credit WEER rommended by Provident 12.20 130 1300 deficit in the US, balance
да publications
LAND, ETC. payments which has prevailed under the National Security financial
HK Hotel .. 23.40 23.70- apce the nutumn of 1949 is to clause of the Reciprocal Trade timely danger on inflationary Land
Act. Although pressurez, the money market хо
20.00 20.00 raise the level of receipts, other words to increase exports residual fuel oll is regarded as generally viewed the move last
goods and services. To being in short supply, Imports Thursday as attempt to Land
the this attempt to
commodity were help the Treasury, finance on of cut down
Renity abroad,
the included in the list of imports { defielt
outside cxpenditures
banking RUBBER Its which are now to be controlled system. Tho discount rote amalg Guaranty Survey reminds of the readers," that it might bring under complicated systent increase, the third time since Trust XD ..
under US Customs last autumn, dla enforceci
apparently was EBC General Overseas Service about a repetition of the
Accompanied by a rise in pres- . Tho cont storage site is cap-
Idetribution experience of 1930's Laws. programme able of holding 180,000 tons, and Michael Jacobson of the Daily following cnactment of
Foreseeing the pressure the
for sure on member bank reserves.. the oil cisterns, which have been | Mail reported
higher prices for their product a small Smoot-Hawley 'Tariff Law.
from domestic oll producers in Lancashire is blasted out of the rock founde- family firm
Two Points
who
And themselves
In New York banks were tion, can hold 250,000 barrels now making gutters for houses
Two further points from the effectively sealed from the this
MRCD E of liquid fuel. The annual fuel and other Hulidings from
temporarily delaying any Guaranty consumption of this surburban materin).
arc 'worth | Jowering Influence of the world Survey
were in their "prime rate" Te XD
INDUSTRIALS plant power and heat
more market, the President's "The importance of this new noting: Thero si are
d. Cement XD 23.30 13.30 1900 @ 2.40 daily average at 4.203,500 shares mills by V to cent a yard. for business loans In view lost ald restrictions against dollar goods nouncement
Tuesday estimated at some 80,000 tons pecs is considerable,"
the recently doclining demand STONES. ETC. of coal or 50,000 tons or oll, Jucobson. "On a small standard
through the world than against included plans for Government
for business money. However, Baron X 1346 15:10 the which depends, however, on the semi-detached house, there are
the goods of any other.currency.ecrutiny of cA prices in-
the banks emphasised that this is craw feet of demand for power and heat-between 30 to 100
Yet the situation which gave | future. What is envisaged la u
trond may boon be sharply COTTONS Normal
with prices cast-iron rise to these restrictions namely{ "moving Sid" on which in its turn in related to guliers,
revented a development which Textile how Washtriylon determining the acute dollar shortage of the temperature and other climatic autlers weigh seven pounds 'a
yard; conditions.
the gluss fibre variety carly postwar period appears to for prices should be permitted would bring about an increase MISCALLANEOUS Avelgh only three pounds a yard. be rapidly. bbating. The to rise before making an adjust-in the prime rute from the four Ch. Ent
per cent at which it was held INVESTMENTS That's tremendous weight justification discriminatory ment in the import quota.
of saving, particularly when it's a treatment of
The administrator of the oft last September 12. 13 the dollar question,
of
control say.
exporting therefore losing its force and import
programme, materials for a large
Carson housing the time would seem ripe for Captain Matthew estate.
active efforts on the part of the said no appreciable increases in GREAT HEAT
United States to bring about a prices
expected as a Again,
ordinary liberalisation of the remaining result of the quotas, but added that "third to predict what Jaminates restrictions.
prices will do because thery are 80 many factors involved."
DISTRIBUTION
On
15
like plastics, gloss Abre can withstand great heat. So These new gutters are Ideally suited for building in the East, or any country with o hot ellmate. No amount of tropical
"Another advantage it that
and colour. The laminates are is estimated produced on steel Nevertheless,
moulds, so be no it's merely a matter of designing that the heat loss will more than on average five per a mould for whatever shipe cent per annum, As a curiosity required. At the same time, the
any
is
the
now
were
an
Real Danger According to the Wall Street journal, domestic producers are already saying they will push
Emphasised
art were
In-
Nanyang
Vibro
KK & FE Invest
con-
20 2653 or 25.33 October 31, 1929. 100 100 103
Sales on the New York Stock 16.70 16.80 221 10.70 Exchange set a new high since
Serrelties on standard 20,10 20.20 0700 65
21,187,100 structions for 23 November 28
spot delivery 9.45
100 a 0.70
a daily shares,
average of brought a spill-over inquiry into 24 24.20 1933 6o 24.
4,237,632 shares. This compared the third and fourth quarters, with 21,018,300 shares out on the underbidding the
14.40
4.03
at
in the previous week.
A short-lived revolution in
Because of the shortage of
1500 14 fred brought some caution on pot goods, and in view of the
2009.00
-Bank Of France Statement
franc
on
Monday but thereafter the price gap separating buyers and Inter deliveries, mayed up each day with the sellers
Issues
traders thought market activity best, performers
used to would be opt to dwindle over groups outside those calculate the averages.
the nearby term.
Another
In
adverse factor for the move 10 the week was restrict imperts of oil by edict.
Looked Warily
Some buyers still looked And the part of the edict which June. They felt that sooner of warily on conmliments beyond
more
was that
*
was rented most which gave the government later some mills will go back practical-control over all prices. 10 a six-day work week,
that If prices of domestic oll pro-
a continued buying lull ducts rise
than the will bring but some cheaper government thinks proper it can resale offerings. Possibility of raits import quotas, bring in lower prices for raw cotton In cheap foreign all and knock; the fourth quarter, also was in the_background of their reason- Pricts down.
For a time the oils pald little ing attention to, this but later they On the opposite side, mills In EPU
10.021,000,000 declined. The group was higher; maintaining: a bold front on for the week, prices felt that it there is a balance Advance to Stabilisa-
tion Fund
however, with Standard of reduction in raw cotton prices, of Total bills discounted 1.700,715.000,070 Californie, up 3% points and any advantage that way would
Bank-ncte în circula.
be more than offset by higher wages and other Increased pro- duction costs.
at
of
zero
cn
----- 3,333,818,537.210 | Gulf up 39% points.-U.PL.
383,145,923.557
U.PL
On the other hand principal distribution The hot-water system 15-If one considers the
dealers in bankers' 'acceptances distances to be covered and the
air rates almoscanmedia.cly after the move on Thursday by severe climate of Sweden for
a quotier point. The short term. several winter months-quite interesting. The iron tubes are
obligations are used to anance Insulated by a layer of cellular
"It does have to be
goods in stripment or storage. Yields on commercial, paper
Paris, March 15. concrete, protected by a further
recognised that foreign liquidity
sold by dealers In the open The Bank of France state layer of conventional concrete,
is far from evenly distributed
market also went up by one-ment for the week ended March On its way to the consumers
and that some countries are
5, resda as followe: the water, which will have an
eighth of a point, better able to make adjustments
Meanwhile the Commerce initial temperature of 170-250 sunt or monsoon rain will worry than others. Nevertheless, the
reported that Total gold holdings 281,007312.240 Total dlher currenclèi 10.019.24633 the themand, once up, they need degree F.-depending
epso for an acceleration in the
Department
frana outside temperature will ine or no maintenanco.
for price increases both on January saw the Arst signif eurbe relaxation of collar some cases traverse, up to three
rocket held by the nailon's businesses they can be made in any shape along. Only when real free crude oil and on such products cant increase in inventorica Sight Banco abroad
as petrol, jet fuels, miles,
dom is achieved will
and heating bila.sinco before the recession. international states of the propellants
the observers
end to Inventorica dollar become clear, and until This led some such time there will be
valued believe that a two-price "øystern January. no
tion very real $84,900,000,000. With seasonal current accounts and
děporlis higher prico | adjustment this represented reliable way of judging, to what fur oll may be a extent dollar goods have lost danger with a
the sealed increase over business inven their competitive advantage in prevailing within
at a" United States and a lower tories held
the end world markets.
world. December. The task of persuading scale elsewhere in the
eliminate Warning of such a possibility foreign countries to
made recently; by the ed that retail sales er case restrictions may prove was
of HydrocoroOIS of February after making allow- this Muister from
for pormal somewhat
month-to- point on than has in the past. Venezuela which along with ance
Canada
wil
adversely month trends were virtually Nations that have enjoyed a substantial rise in reserves may affected by the howly imposed unchanged from the month Selling 10. Minimum Buying be reluctant to keep adding to quotas.
The quotes were imposed on their liquidity at the same pare as in recent years, because the basis of a report drawn up reserve funds pre to an import-by the Outco of Civil and
Mobilistica. ant extent unemployed funds Detenco which cost a nation something report said among other things, to maintain. If the desire for that while imports of crude oi giving the village of}{38g=lby
Mytrityloturbates then increased from on average of préviously known дэ
greater portion of the dollars 84,200 barrels a day in 19570 gardon of Stockholm on decount
received by foreigners may be101,000 barrels last year the or its concentration of plant
spent for dollar goods, so long number of wells drilled in the azeries and other türlicüntürAT
“pt now "wolding
as dollar goods are priced continental United States .enterprises
accent of
the same period unite operating by competitively, Thus the pre declined in bustling industrial efflcicacy. In fact, the spreading urban can-ultrasonics which should be sent deficit position of the from 35278 to 39,111 Histori- United States in Ita inter- cally, explorations and drilling struction is slowly cheroaching capable of welding really upon the once idyllic corner on houry gauges of metals is national transactions may to activity by domestic producers
1 may be mentioned that the resins bending the glass Abre Swedish State Power Board, can be pigmented with which is chiefly concerned with colour desired. And that means liarnessing the country'a hydrau- that the colour
never tades, He power, whit be supplied with whatever the climate." heat from the Hasselby plant Although the initial cast of for its new building (reported these new gutters is somewhat to be the largest ames building | higher
cast-iron than for of Northern Europe) now under gutters, it is estimated that they construction at Racksta, about will last at least six times throw miles away from the new long, and the price is likely to
fall us demand grows. thermal station."
The plant's three shining hot- aluminium water-accuinulator
towers, 100 fect high, and a Ultrasonic Welding
smokestack of 330 feet height
Lake Maler
the
For Heavy Gauges
caster
some extent be self-correcting." has been
Slight Drop
be
This
directly proportional intet, and the being developed.
to their cash inflow; as revenues Hasselby Strand U-station is the
increase to coes capital spend- The "éequipment is expected latest pk in the Stockholm
Most of the slight drop in ing. to be especially useful in underground and
at was generally agreed that suburban welding aluminium and copper, U.S. Imports last year rallway.
and should
capable of attibuted to the decline in the the new programme will makce
of coffee,
fell stedwit increape to domestic which welding relatively thick sheets value
First Underground
Gas Holder In UK
zirconium besc alloys,
and
be
WOR
month
The Department also report Agreed Merchant
before-U.P.I.
in
Rates
Canadian Dollars Maximum
17 T/T; 17-1/16 O/D.
Exchange
Rates
Business WE% done in the local unoficial exchange market morning at the following rates:- U.S. dollar per 11)
Sateens moved in fair volume to the sportswear trade. In the heavyweight industrial fabrics, producera of "B" and "C" grade Rat duck discussed a further price boost. Mills running on 15.19 coating fabrics expreased dis- appointment over the slowdown sales to the automobile trade. 182 | Réduced auto production ac- counted for pari of the buying pause.
Sterling notes (per #1)
Australian notes (per
1
Thi
5.15
12.91
Indunesian rupiali (per 106) Blam ieals (per 100) Bingapore (Btraits;
5.45
20.05
COTTON FUTURES TWO-SIDED AFFAIR
Carded Yarns
Cotton sales yarn spinners said stocks of carded yarns are at the lowest point in two years ce they Kaj booked-business-for-April-May- June delivery. Cembed counts are pot sold as far ahead, but trekers sald business looked for.
ample to racliuin, or even ode vance prices, over the nezby term.
Hird fibrea featured strength in slan), wille hemp price: rharp ad- held flom at the
ngo. vanec named a week British East African Abrea were in best demand. Hemp the buyes theked away from bightr prices, bui holdera attitude In
Now York March 15h next 80 days it considered
Cotton futures continued to be a two-sided affair this week, featuring a strengthening situation in old crop months while later deliveries lagged in dull dealings.
APPEARS
LONDON
TO BE HEADING
FOR BETTER
DAYS
At Friday lose the list ruled up 10 to off 12 points, or 93 cents higher to 60 cents a bale Tower than the preceding week.
Frial evening-up operations in the March delivery kept:
(30
traders pre-occupied until the maintained a árm position went off the board on face of a tight cupply situation.
Resor grey
OCLIATE gods 'Thursday.
maintained a firm position Finni dealings in March
prices, although weavers said developed at 84.74-75-cents, they were encountering 85 points, or $2.75 a bele on the resistance to the higher quota- Jene. Some coverage developed Into the fort part of the thirt
fabrics. on lument
prites contibued to
werk.
Stoppage
Prompt stoppage of delivery quarter Hutlers by spot interests, pluz Premium spot cotton, and more encourag-
trade
a
scene
or other shapes of casting-of sharply. Exparte declined, in crude oil output. For instance the third straight it will probably allow operators molybdenum January for
month, according to census ta pump of a faster rate than A 4,000-watt spot-welding bureau report issued last week, the current 12 daya device
ultrasonie Not counting military foreign schedule. using techniques has already been ald shipments, January's
Attacked developed for ur In welding exports toilet $1,285,000,000
Au was expected the Import WHAT is believed to be heavy gauges of such materials. off nearly eight per cent from
Large declines control programme was greeted the first man-made The some technique can also to January 1838
ured to produce. Instruments for in exports of machinery texilles on tign of relief. ""from thoir by most domestic underground gus-holder in
welding
foll effect 19gether thin
atcasta, In vegetable problems
London, March 15, Or the few large producers. the world will be going into materials and fine wires.
food products and beveragva.
Cacron-cotton blends, nylon commercial use in the North VIBRATION
The U.S. gold slock which importing cuticns who would After a very uncertain start, stock markets this an improved mill demand for paid for brot delivery on
immediately,
week have steadily improved and it appeared ing reports from the textle sheers and brnel-cotton checks. of England later this month. The operation of the precens went through February without emoment
were the motivating Boston wool traders reported depends on the use of very churp fluctuations, lobis a sharp aftocked the programme anc March when, there were como indications
that they would be heading for healthier days
factors on the advance.
quict eituation, although Work on the project, which high frequencys
vibrations downturn on
Immediate particularly in industrial equities.
interest Private writer-
now prices remained frm and gen- has cest the Northern Gas which are applied directly to purchase of $35,000,000 by an that la legality would be cob
worated Board about £120,000, win be the areas which have to be undisclosed foreign account was tented in tourt
centres, on the area' farmera rally mentored on 'conscious 'Americans
Markets estly in the wook the international situation. The intend to plant cotton this yarns. Customer pressure for gun 10 months ago at Billing- joined. The equipment consists announced by the Treasury: prien' and
Durham,
when basically of a support unit to This brought the gold stock on ucnerally, however; agreed that. ham County
Have until quick shipment deliveries has represent were either depressed or un-net result was that prices, par- Imperial Chemical Industries hold the pieces which aro to bo that date to $20,443,123,050, the the
foot in the Poors of the chetain by the disturbances in ticularly in the industrial sec- March 10 la make their Dual, creates l'éplurs Limited dried bore holes in welded to other in place. a lowest in more than 12 years.
The two most far reaching petroleum industry on the part Africa, the attempted revolt in tion began to move ahead and in decision. The official report on milU.P.I..
the own clemping unli for applying foren conjunction with their
Iraq, the apprehensión
the indicated cotton acrepke call-washing operations.
to the areas which have to be decisions affceling business. In of government.
government Berlin and a generally deprers developed considerable strength. will be made tor March 201 Meanwhile the
Through *March cd view of the infernational A Cavity capable of holding welded, together and equipment the Unlied Slater over in post
poor 10,000,000 cuble feet of gas han for producing the ultrasonte weit were the Federal Reserve act about pulung the prolation as the result of press It hat generally been a Auriculture. Department report-
Which to rule the gramme Into 'affect."
Bubarqueii) week for glit-edged. They looked that B6 per cent, of the bron, waslied eut of a brine vibrations and applying them to Boord's decision strata 1,300 feet below ground, the appropricle" place.
ending Cdiscount) rato of half Atlantic Seaboard Renneries reporta.
Take sygile proved unfounded that the main brunt of the depresse dimera had decided to over- The
Meemillah's feeling carly in the week which plant their regular An equivalent size conventional
Landon, March 15. advantage of the of the nation's Federal Reserve which find thes Ba-holder would have cost, the technique lles. In the fact that Banks from two anti-one-half delivery of a barrel of for sale in Moscow would be quite heavy selling developed, ment, by 40 per cent, as
The Bank of England, sialb- Board about four times the it does not requiro
ment for the week ended Mareli excessive per cent to three per cent and ell at a price anywhere from 80 amount opent on this project.
New ultrasonic welding the Governmeille Lecintots to to 85 cents lower than that for Paris, Bonn and Much of this was from the banks allowed under Pun "
the 1008 crop 11, reads as follows: who have been running down Loans on
alerijos A number of siderground units currently under develop imposa mandatory quotes on barrel of domestik vil will be WARS
their investments to meet exiroah March & amounted to forced to rely more on ship. W NEW ACCOUNT: goa-bidera for storing" liquid meht Inside, miniaturised 1 Imports of all olla, m
panding adverxes. By Thursday 0,674,909 tales against 3,389,000 Notes in circulation: 3,07424 maz have been developed in wall equipment consþjó n! The first of these decisions ments from the U.8. Gulf const. America, particularly in Texan, welding together the very
was a clear infestion that This will mean more business The new appoint started on when it became clear that no bales id the como tinis last Private, depakit
Withdrawal amounted: Government securities. but it is believed this is the smallest electronic parts. The nation remains": the ferment for coasttrico shipping" which by wednesday and this is also the cut in the bank rate was now year. first time that an underground developing company is Astopro- | fubfcrin
Aiporicon | stays at the slow, Anenclat stearikely before the April budget to 20,209, bales bringlea lotul Other-anpurillen | grapy determiator the law Je confined to Cavity has been seed to hold feste
for the stock exchange This prices : recovered there was redemptions for the eggson 19 Haita... Ing., West Chester | direction of Governmente dag vesadly, far
* For Torslan - Bag gricole the coinetted welis" pieprzielte nu tarival of demand.Praying alapter
hent.
naw centrola
Over Home cases
movement
year.
Growers
the
dcrease
Bank Of England Statement
Fubio · deposita
Receipts