SCIENCE AND
♫ THE CHINA MAIL," MONDAY, MARCH 23, 1959.
Pago 9
Weekly Survey On The American Economy
ENGINEERING THE FALLACY OF FIGURES
FLOUR MADE OUT OF FISH AT
VERY LOW COST
Rome.
THE first factory for producing flour made out of fish is now being built in Sweden and will begin operation this
Food and year, the Agriculture Organisation was informed recently.
FAO officials, said Die wax
very important step in providing
acch-needed unnai proteins New British Smoke
uto low cost, and wow of
especial siguifleaner to under-
developer gountries.
THE PROBLEM
14 w polutrd mit that two-
tiders of ike world's population
2.700 lion Popica
ן ייינן
Eliminator
Statistical Comparison Does Not Always
HONGKONG STOCK
Show Real Economic Trend EXCHANGE
New York, March 22.
by
Our Own Correspondent
The fallacy that any single statistical comparison affords à economic trend is well proper understanding of an pointed out by an examination of some recent figuresing amounted to approximately showing retail sales in the United States.
Business done un the Hong- kong Stock Exchange this morn-
$1,173,000. Noon quotations and the morning's transactions were:
Late in January. J. Gordon, billion to un l-time record of productibá tils past week was Dakins, executive Vice-President 264.5 billion. However, a third¦ expected to set a new record. of the National Retail Merchant of the gain came from higher The trade publication Auto- Association, predicted that total surint security payments that molive News estimated that the IC Bank rrtall Sales would reach, 210 took effect in the month. Per-judhestry will build 180,250 cars, billon this year, an increase of ¦ sonal income from interest was compared to the 134,308 cars INSURANCES sve per cent over last year's re-up slightly and farm ineunte off last week, The former high Unias cord of 200 billion,
slightly.
As for us Egures bis yel r
N important contribu- tion towards cleaner much meerminal proteites than air, particularly in the they are thing,
Fish smokeless operation of in-silow one to state, this predte- 20h in protein, but ndustrial boiler plant, is being on has been borne out. Totu
retail sales in Januy February were
the filem Jug been to preserve
al an
und
rate of 219 billion, adjusted for seasonal variation, and even
werk for the year was that end- ed January 17 with 135,976 as- sembler,
Sharee
Buyer Sellers
BANKS
Epri Asia
170 775 Pat
T1 12
Lombard... 2011
SHOPPING Wheelockн
A 70
4.80
DOCKS, ETC.
K. Wharf XD
#31% Dock Provident
XD 11.40 11.00
*
Industrial Indiestral production CO2-
Federal Reserve figures show- tinues to climb steadily. A re»
ed that bank lendlig made by a British engineer
powers by the port
Federal Reserve hat werk were the tightest
in The new tear made from tahing firm manufacturing
Court this past week showed
ggu | more than a year. Responsible w be used in zanking brend, smoke eliminator designed
that after 10 months the season-
Day | primarily was a Brge decline in LAND, ETC. hus, cakes and paste pro-
index had not 1:0 Dr is
the float or checks delayed in Batel 25.70 25.00 and developed by the fuel if these sales were to hold en bly adjusted spaghetti
made up the loss re. stantly at this level for the rest quite Do-
fransit For which commercini muurond, and can be added research station of the
of the
The prediction corded
during an eight-inónth year, and other partment of Scientific and
Janks receive automatie credit, |UK Lang Bags and
would be valid.
period. The Index ruse che
Net borrowed reserves on Iumps,
Industrial Research.
paint for the fourth consecutive
average diy were 22# million in I will rest. The nore that
month to 144 per cent of the
the week ended oriony when or other fam.
March 11. Aport frons
that
1947-40 average.
U.P.I. Ang kind of BSB ent he strand, moder emitted conforms with from Muirks le nteboyles,
Matulepy ebligations under the
TEAT
The surve 18h four wil; be the | Clean Air Act, the installation of most concentrated protein sub- | thegė zex climators selaint- stance so for prachteed,
ed to effect savings in fuel of PROTEINS
10 per cent. The sive per epi equijment provides a secondi y which enables the per sudy.
Two Types cailable,"
currently natural
Normally, fresh flah or ment contadog'only 15 per cent animat frotring. Twist flaurient burning of tarry vapours and combustibile gas given riff by will contain 85 per cent animat
The gun and Herely the provi- proteins.
sion of additional heat which The Swedish in, cxridering
would otherwise be wasted. tlant Che four of great practical; interest 1ra under- developed countries, plans to set timilar factortes for produe nig as tour in various parts of the world, The city has orked the PAO to cooperate in trying out the new product in violons parts of the world to discover the consumers reaction,
Franice-Presse.
Northern Lights Probe In Scotland
di augst hand free bollens, and the ther for similar boilers with fuel draught.
that
Level Off However, what is not general ly noticed in all this is retail sales, and more especial- ly department store sales, have tended to level off on a sort of i plateau witch is lower, higher, than the rate of last! Dreember.
tetivity showed galos in the month, except for a decline In
Almust all lines of business
not U.S. ECONOMY
of
Comparison, a th's stance, with year-ago figures, when the refoil trade was indeed in the doldrum, fails to indicate that consumer buying is levelling off. fre
fer DIC
In view
of the early Easter, month's retail sales may be fully 10 per cent higher than they were last March, just be- for
they started their rapid elimb to the December peak.
Although recent analys consumer spending indicate in- tentions to spend more aurable goods, many observers
a rather definite tendency for reduced expenditures ou the apparel and household items which constitute major por- tion of department store business, Furthermore, food pries have been declining slowly, a trend which may add its weight to the reduction non-durable goods spending.
The company is also marketing a new visual smoke density in- dreator, also developed by the fuel research station of D.SIR, which is said to provide a sim- pie, efficient nid immediate meus of detecting the emission of dark smoke.
The equipment is intended for expiat as well as home markets and will be an net in industrial regions oversens adopting similar smoke abatement legislation to that of Great Britain. Inquiries have Liverdy been received from the Australin and India, France and aly (Lynward Engineerng Co.
SPECIAL research station to study the Aurora Borealis Northern Lights which can
be seen in the sky in spring | 12. 180, Brumpon "Roud, "Lon- and summer-is to be built sem. S. W. 3.)
in Scotland.
The station will try to ord
out why and how the Aura
affects radio reception). A British Ship's
be paid for by America.
Scientists from the Senior Fire System
Resarch Institute of Anaica will collintate with the Mini-
try f Supply Royal Radiar
Establishment in operating the A NEW British vessel, the
scc
Construction
on
JA
GROWTH
Washington, March 22. The United States economy has been growing fairly steadily at the rate of something like three per cent over the past. filty years, a new study released by the Commerce Depart- ment today revealed.
УСАГЕ
of
This explodes the theory, often advanced, that the postwar years have been unprecedented economle growth. In fact, looking at the national out- put over the long term "the postwar achievement broadly line with the re- card of the past half cen- tury," the Department said. -neuter,
the auto industry. The Board! said a recovery
in auto output was expected for March,
Total production of durable Expenditures on housing are goods continued to rise still increasing, but since the February. The advance, the re- peale in housing starts has ap- port sid, was marked by. a
what higher than in 1958.
in
parently been passed, 11 is only sharp increase in production of matter of time before thea primary melals. An expansion expenditures begin to decline, † of buying of consumer durable Generally, however, construction Koods follows substantial activity in 1930 should be sonie-
liquidation of Inventories during the recession and reflects pur- Most objective analysis agree
chases for protection gainst 1481 diameter reflecter which Manchester Miller, has that although capital spending possible work stoppages later will be used in round-the-year been equipped with a com-
this year as well as increased by business Is now on the up- bined Pyrene-E.D.-Hol inert ward move, there will probably consumption. The site an old radar post at Hillhead, near Fraserburgas fire-extinguishing
in-be no definite increase of Leen choses becs it is stallation and Pyrene smoke 1950. high, opet me unually has good detecting
system, for the visibility.
protection of the 19
observations,
'NO DANGER'
A pokusmo fit the Ministry spaces on board.
cargo
Day
significance until the end of
Build-up
an
Bowater To Build
Australian Paper Plant
London, March 22, Britain's giant Bowater Paper
Humphreys
XALA Really
RUBBER
Amalg
Trust XD
A. Tawah.. UTILITIES Tram
Nalet
15 M 773
1002.65 100 25.30 2500 25.00 1620 y 31.30
C
24.40
1,425
14% 300 14.40 1.55 13800 on 1.325
100921.03
2.25
2.03
312 2013
2.04
20.30 261⁄2 3203 « 20 20
2000 29.3
2002140 1580 20.30 2000 20.40
•
F1
STOCKS SUFFERED
FIRST DECLINE IN SIX WEEKS
New York, March 22.
Stocks in the past week suffered their first weekly decline in six weeks on the largest volume since October 17, 1958.
The netback-a small one- came alter + Tiendy ris had #fed the frustrial average to n now record high on a 1100- week rise of 32.36 points. In that period the valuation of all listext shares rose by one billion. The past week's loss amounted to '$1,200,000,000 of exnetly 10. per cent of the gain in the lang rise.
Averages
The averages failed to give a picture of the real fluctuations in the list which occurred in lotues that pre not included in the average group.
At the close of the week, the Dow-Jones Industrial average stood at 10.37 e 4.82 points rails from the previous week: 162.62 of 1.63; utilities 14.41, up | 0.13; and 85 stocks 210.77 off
1.77.
The actual los per share on the overall average amounted to In mere 28 cenie.
Weekly
U.S. Cotton
Goods
Market
¤
New York, March 22. New businors in cotton grey
goods developed stackoning pace this past week, mainly because buyers continued to find a scarcity of goods available for quick and nearby delivery.
In petivity also was coupled with buyer pre-occupation with taking delivery and using op the goods contracted during the last buying aplurge in mid-
The market had two wide moving days-Monday when the industrials Cell 6.81 points on worries over what President Eisenhower would say in his address to the nation on Berlin,
November. and Tuesday when this average 1750 rated 4,81
Wall point: la
Interpreta-
84 02
Star Ferry. Yaunwall XD Light
101 105
1710 17.00
300
1000
£7.00 17.70
5000
1000
Electrte
27.60 27.80
400
2000 27.70
100 27.70
D.(M Telenote 25.21 23 40
Corporation and the Scott Micao ... Paper Company of the United States are to build
a £1,200,000 issue paper- INDUSTRIALS making plane in Austra- Ceinent
lia, it was announced here.
The Bowater
}
sald the
ture wil
organisation
Anglo-American ven- called Bowater Scott Australia Limited. two
organisations equal shore-holdings,
27 27.40
17.80 Street's favourable 27.39 tica of the address,
1327,4)|
1000 L. 23.30 2310 20 2337 150323.40 300 25.35 100025.33
-500 28.30
The
Small Gain
the
Д
other sessions brought out mall not changes with the average again showing a small gnia on Friday brought on by
4 point spurt in Proter & 1000 25.10 Gamble and strength in
21.29 three oils in the average.
A recovery in oils was standout. This group had been in the doldrums, impered by uncertainties, including 3000 et 14.29 import and fears of a cut in the depletion allowance. The rise late in the week was induced hy word from Its President that Standard Oil (N. J.) had record zales In January and February, and on apparent dropping of the Treasury drive
STORES, ETC. The Dairy will have Watson
1000 1300 500
18.20 10.42 1000 18.30
14
$1.35 27.10
The joint company will con-COTTONS
L. Craw... 1445 Unue to operate the business Textile 4.15
*... presently carried
on by Nanyang l 11 Bowaters through
MISCELLANEOUS. their sub- Vibro
10.20 sidiary, the British-Australia; INVESTMENTS Paper Company.
0.40 Int. Invest. The plant is to be built near Allied
4.39 11.K. & F.E Melbourne-Chinu Mail Special,rvat
3000 4.20
3000+ 6.40
maay
10 cut pletion allowance.-U.P.1.
COTTON FUTURES
the
HAVE MIXED
MIXED WEEK
New York, March, 22.
Cotton futures climaxed a week of narrowly mixed price changes with a
mild rally in the final session of the period.
At Friday's close the list The report sald production of
ruled up six to 20 puints, or 30 A Jolat report by the Com-alumnium was at a record level,
jezuts to $3 a bale higher than merce Department and the increases, besides a large quin
the preceding week. Seeurllies & Exchange Commits- steel output, were shown in business and farm equipment, sion last week revised upward
Old erry months showed con- __many__non-durable goods, and sisterd-Alemanesa_in_the-past- week and deinond for May and
other trade intereata Inertu_ed.
of Supply salt: The will begge system's her coat hud metal mining
"Interference with local redovner can generate 40,000 spending for new plant and or TV reception will be avoided feet per mur. An electric equipment. The report put this The present rate of sicel or- |July through mill brokers and by strict remulations overnig motor which is run from the Year's spending $31,702,000-dering is expected to add seven the way in which the radarp's electricity supply drives 000, a gain of four per cent million to nine pilladors de danse kaalecovaniens beam and reflector are pointed.
the air blower, all pump and from the poor 1858 showing, but steel stocks in the first half of buyer of October and December "And" agriculture will not be auxiliary water pump, the main well below the record $26,002,- 195
1959. according to the publica-dellveries in the later sessions, affected, except that enttle will cooling water being supplied by 000,000 which went towards have to be fenced off the site."
the vessel's general ballast and
business expansion in 1857. service pump.
The plek in capital spending, such us it is, appears to
bo 'spread along a broad front--in steel, electrical machinery, autus, nlr. textiles, paper, chemicals, lines, rubber, gloss and trade.
The burner Is red by co- tinuous ignition, using power
Ladies' Hangbag With from the ship's mains.
Built-In Camera
HANDBAG
with
Aid To A-Scientists
A miniature camera build
in was a highlight of the A
Leather
to
Goods
Industrios
.
Plummeted
A
of
Carry-over
tion Iron Age. The build-up will leave
plants with 20 mil Ilon to 22 million tons of steel
Resiliency in nearbys reflected inventory by the end of June.
Meanwhile,
strong demanda carry-over of the strength for steel has spread even to Lxhibited by the March delivery products that up to now have before a expiration, plus more heen little affected by the eur-chcouraging
from the rent wave of strike-hedgling and Extile trade and southern spot
nills are bodied to capacity, on markets. rellroad products, for example, up to Junie. These orders in- clude wheels, axles, rais and track materials.
11
The report showed that plant and equipment spending plun- meted from a mid-1957 rate
year 10 $37,750,000,000
Production last week was $20,610,000,000 in the third
for record 2,630,000, net tons But by the ingots and castings, with quarter of 1958.
fur middle of this year, the
report Bacus operating more than forecast, capital cutlays will be per: cent capacity. A flowing out of corporation trea- scarcity of transportation is al-
at the rate of $32,030,- ready Furies
It being telt 000,000 a year. Some small in-
plants. A Chicago miil est some production, for example, beeruse of shipping bottle necks.
BRITISH high-speed electronic digital computer, in London in valued at about £150,000, has been sold to the University of Ideat
for Buenos
Aires, Argentinn, for mucteur research. The machine will also be made available to commercial and industrial, firms. The computer is the fastest made in Europe and the
latest vider brings the total sold to 17, eresse in the latter half of the
Fair held February. It is the lady tourist who wishes bo equipped for the occasional snapshot without carrying a separate camera slung over her thoulder.
igures were given.
Do
A tiny flap opens to reveal the of which nine are used primarily year was indicated, but camera-a 10 mm. mode for utemic research work nustling in its own pockel, and nuclear establishments through- Among industry groups, the
in
there is still plenty of room for out Western Europe. (Ferranti biggest increase for 1050 was the Oil Imports
all the necessary accessories Ltd, Hollinwood, Manchester, 27 per cent indicated for which madame requires on her England.) travels.
Surprisingly, a feature of the
show was the number of popular
priced handbags in inpestry and Railroad Plastics
поп-
NOW.
Optimism Reigns
In London
London, March 22.
A good tone has developed in stock markets this past week and this has stemmed from optimistic remarks the Chancellor of the Exchequer made about Britain's economy which were reinforced each day this week by a succession of excellent company reports. Optimism over the budget important factor in Improving which will be presented to Par-sentiment. The week was not- lament on April 7 was also anuble" for the unusually large number of bid announcements, causing several substantiel price rises.
tightening PAP Wants
An increase or domestic con- sumption of raw colton, and anticipation. of a Liupply of "free" cotton, because of the great amount how Hed 1 in the
Rovernment loan,
were other background factors on the upturn,
Re-Salo
DL
Common Market
All this has caused a week of plenty of activity in the markets and on Monday, the number of dealings marked amounted to 10,579, which is only a little below the record. The git- edged market has moved be- tween very narrow limits,
Steady
Buying
Despite the slow-down, prices were stendier to firm all along the line.
INTEREST
Market intcrest was exclted following reported rates of round 10,000,000 yards of soft- filled sheetings from Hongkong.
over
an
a
nc-
the past few weeks at prices substantially below com→ parable American constructions. Involved Was 40% ineli 42x44-3.50 yard number, portedly sold for July about a cont under
competitive domestic fabric.
Sources rald the goods, woven new Swiss equipment, appeared to be of "acceptable quality." The newy
brought louder mark muamurlugs for quotas on these imports "before really sixcble quartiles appear."
Industrial fabrics
paralleled the quiel situation apparel lines, Most of the Inquiry centred on spot goods with mills holding Arm at current price schedules. In fact, some drills, twills and duck fabrics showed slight price mark-ups for quick goods.
WIDE RANGE
Southern cotton ales, yarn spinners repoiteal an active de- mand for a wide range of fill-in supplies, with Jearcity of nearby supplies restricting business. However, on forward commitments, buyers and sellera awaited for a clearer view of. fariner planting intentions on This year's cotton crop, Knitting ard weaving mills alike were repcried csuileus about book- Inga Into the third and fourth quntier perlods.
mark-up in British East African sirul prices, while hemp and burlap were mostly unchanged.
Bank Of England
Statement
London, March 22. The Bank of England state- ment for the week ended March 18, reads as follows: Noter in circulation ... Public deposits........ Private deposits Government securities Other ceuilles Receipts
Sterung 2.033,234.678
19.774520
310,453,344
206,334,438
29,513,200
17,022,038
-U.T.I.
·Bank Of France Statement
Paris, March 22, The Bank of France state- 12, reads as follows: ment for the week ended March
zero
Loan entries for the week ended March 13 reached 30,854 some Lats. Redemptions totalled 10,754 bales. The net stock of
Singapore, March 22, 1958 crop coiton under leur in- The People's Action Party created to 6,520,891 bales.
would seek to establish a
Business has been quiet in Common Market area with this market but steady xma}] independent Malaya, De buying has raised prices over Newly imposed mandatory oli
Buying in the October de Goh Kong-sweo said today, the week with issues obowing rail transportation - a reflec-¦ imports quotas brought a de-
Franc ¡gains up to is Bd.
Total gold henting a 291,002,312,480 tion of airline orders for jet cline of 34 per cent in over-all very was coupled with a relief
Dr Gol, the PAP's economle The foreign bord market Total other currencies 10,220,503,835 airliners. A seven per cent rise imports last week. The Ameri- that most of the year end
Sight on has been ver quiet with the in once abroad
10,204,000,000 was reported for manufacturing can Petroleum Institute placed cany-over will be held by the expert, sald' this today at
clcction rally.
German and Greek Issues firm. Advanced to Stabilisa- industries, and this was about total imports at 1,737,000 bar overnment, and that their re-
spio programme,
tion Fund Trazu-Atlantic Bround
stocks have Total bitte dircounted 1.77Ai6,251.1 evenly divided between makers rels daily in the week ended 31 cents a
Electione which will pound, will be
grant wavered up and down in re- Hankautes in cheilo. of durables and non-durables. A March 13.
internal self-lesion of Wall Street but current_forcunts' dict
thin donies lowing the soft gathered lock of ROOF-END
previous deinged by the jcb of recording the territory of the dresses and corts with bags in newest tralas being built in
one per cent decline in mining week, imports
set in all-time the stock.
Buyers In October government are due to be held interest In this
deposita pliable leather gathered on dip-Britain are made from structural
been small, ped or bowed francs. Another } plastics—using polyester resins.
Production from U.S. oil create an extra demand for Dr Goh said a Common Mar- Industrials as a whole were feahlon trend is towards larger These domes which
fields also declined; averaging
week, with the bags with slim frames and an quickly and cheaply produced
The log in capital outlays is, 7,127,270 barrels of crude on carly harvested cotton and have ket was urgently needed in the better on the
anglating market vifeo1. economic Interest of Singapore's | Financial Times Indux elegant tailored look.
than steel domes, incorporate air with the continued unemploy day, against 7,212,000 the pre- Raw cotton exports for the rapidly rising population.
ordiały industriais being In the field of travel cases] spacing for Insulation and are ment level, perhaps the most vious week. Stocks of petrol rose scaron through March 17 In Kuala Lumpur, Malaya's nearly 1wo points higher. In mony were shown fitted es corrosion resisung. Polyester marked feature of the recovery | more thou three millión barrels totalled 1.962,935 bales com-| Milster for Commerce and banks and hire-purchase shares, wardrobes. (The bulit-in | resin/glass fibre ducting convey from the recession. The Com-In preparation for the summer, parod with 3,681,280. bales Industry, Mr Tan Slow-sin, sold gaira have predominated. camera-handbag is made by heating to the guard's compari- merce ·Department's, seasonally motoring season.
shipped in the same period last the idea of a common market Storta werd much in demand Bagcraft, 18/25 Esex Road,ment and to the demisting in nojušted annual rate of personal With the outlook for the season according to the Now Letween Singapore and Malaya and advances over Islington, London, N. 1).
the driver's cab.
Income rose in Februaly by 18 puto Industry still uncertain,York Cotton Exchange--U.P.L was hot practicable. Reuter. Dont were recorded V.P.I
other non-leather materials.
Some handbag ranges are fol-
are mor
In the
negative ngure among the outlays was the only major high of 2,029,000 (revised) bor-thus nesumed the delay will in Singapore in May.
dustry groups,
in-rels.
"
market has
of
# broad
........................., 3,291,871,030,050 200.910.103.000
Exchange Rates
Business was done in the local unemelal encliongo market thim morning at the following rate: Sterling, notes (per R1) U.S. dollar per $1). Australian notes (per #1). Indonesian rupiah (per 100) Blam ticals (per 100) Gingapore (Siratta)