Page
SCIENCE
THE CHINA MAIL, MONDAY, APRIL 6, 1959.
Page
WEEKLY SURVEY OF THE AMERICAN FINANCIAL SITUATION
MEINETHING GOVERNMENT & ECONOMY Authority's Hands Tied HONGKONG BULLS THROW OFF
For Many Reasons
Snap III Points Way To Cheaper
World Atomic Power
RADIOACTIVE materials now considered to be
useless "waste" may one day be used to power atomic batteries. This has been revealed. by scientists who built Shap III, America's tiny atomic generator, soon to be tested for use in space rockets.
The generator weighs 5, storids Din high. The irst model will produce live waits of electricity for the next line months-equal to the output of 14801 of normal batteries
But its power source—a tiny poljet set in the centre of twe layers of conducting "spokes"
-cost about £12,000. It con- sists of 3,000 curies of the radio- isotope Potonlum 210.
Honeycomb Radiator
For Frostless Freezer
A
FREEZING box, ko o0ny to defrost without ro- moving its contents that it can almost be called frost- Now the clentists are pinu-less, was among the inven-
LONGER LIVES
ning to use
cheaper isotopes,
with longer lives. A likely one Cerium-144, which could
- 13
power a battery for more than a year,
Careful
atumie
that
New York, April 5,
Economists like to point out that while economic knowledge has grown rapidly, the Government is prevented (partly by reasons having little to do with economica) from taking whatever steps, are necessary to achieve not only rising levels of production and full employment of labour and productive resources, but also a stabilised price level.. Further, they point out
William A. Paton, Professor DAN the beginning of 1068, when the Government has of Accounting at the School of mor, forechaters expected that sumclently inflated the currency Business Adminisiration of the housing starts for the year to nitrnet a good deal of atten- University of Michigan, atutes would total somewhere between tion not only. .in academic that present depreciation | 1,030,000 and 1,100,000, or circles but In Industry and schedules "have М #trangle= | Uttle more than 1,042,000 starts trade unjon Croups, there In hold on the expansion of the in 1557. Until May, which la tolk of direct governmental Unlied States economy" and usually the peak manth of the
situation also handicap the nallon in the ( year, the rate of 1058 starts was. economic controls, which the Wall Street Joumal present international production about in line with these ex- noted last week and referred to
pectations. From May until ns 140 veritable circle of
August, however, 1958, housing starts failed to follow the nor Junacy."
mal seasonal
palternu? gradual decline. Instead, total housing starte continued to rise,
ment
on
cn-
roce,
In the matter of depreciation Achedules, na of corporation taxes and the 88 per cent mar-
Ck requirement ол equity, economists agree that the net effect is to hlader private in- dustry's capital expenditure
programme.
More Benefit
While the President publicly urges voluntary restraints
and the part of both Industry labour, with specific mention of the forthcoming wage contract tions for the household de-negotiations. In the steel indus monstrated
recently to the try, the fact is that the govern
provides indirect press, domostic instruction couragement to accede to trade authorities, engineers and union demands for higher wages.
And, of
Ironically, just representatives
other
as Uberalisation housing bodies
depreciation by AB
schedules would be at mot Vattenvarmarekompaniet, of
The encouragement takes the benent to the small businessman South rockel Osby,
the than the large, so reduction of Sweden, form of a subsidy, since
corporate income the margin requirement would generally known as Osbypan-52 per cent
lax on profits means that 62 per make it easier for the small cent of any wage Increase Investors to enter the market, granted by a profit-making com- while the large-scale investors pany is paid, by the Govern- with ment.
strung of
they now "waste" materials, bellave, may reveal stii! cheaper
Turis.
Kern Interest in Snap II is - being shown Ly
Engineers.
For 2011, ot batteries in America's heavlus! satellite- Be 44-lon Atlas, launched in December → lasted. only
And the designers of clays. Snap III
eunildent that are later models will weigh Ittle as 3lb.
Wax-Eating Birds,
13
non.
Encouragement
This Ingeniously contrived freezing box, invented by the Swedish engineer Harry Orsing and patented by Osbypannon, features several epoch-making borgh of the Machinery and
Allied Products Insitute,
inventions, the most important
One economist, George Ter-
hos
of
ont! belag the honeycomb concluded from an analysis radiator frumne, of aluminlum.
¡ two opposing theories about who
absorbs the consists of a one-foot high
corporate income. tlog at the top of the box on legs Atting in slots, which Is to raise above the aper- tute without disturbing the con- tént.
May Lead To TB Cures
SOME
COME birds will eat racks,
finaly
of chopped, course, and there are birds in Africa that would rather cat wax than honey.
11
some
All of that simply proves the old sow about taste, or et 'em eat roasted ants, if that is what they like. But the point here Is that the National Science Foundation thinks the wax cating bids have furnished a clue which may lead to a way 10 control tuberculosis, still à Scourge of good part of monkind.
The NSC "ports
that scientists found in the Innards of these birdy a substance which bampers the growth of tuber- culusis germs la test tube cultures. It is a protein which comes from a cerlab type of bacteria in the intestine of the birds. When liked on guinea Bigs, the preliminary tests showed that the TU germs were greatly discouraged. They gave up the fight.
|
Two specially designed inter- locking alumlälum ruyg. re then placed betwean the frame and the inside of the freezer, The frozen goods are protected from outside heal by the trays, and the defrosting takes place in the open air. This speeds up the procitate. The water-col- keeling trays are then removed and the honeycomb frame is lowered back into the box. There is thus no tedious moval of the frozen products or no mes y washing-out of the walls and the interior of the freiter,
INGENIOUS
TC-
A execially ingenious solution outstanding feature of the new of the hinge problem is another
model saluted by experts and householders alike as most practical Innovation, When the ild is opened it adjusts itself so that it becomes flush with the back of the treezer which con thus be placct all the way up against the wall This does dust-collecting
tax that in elther case the tax is a substantial barrier capital itvestment. His analysis is doubly significant today he cause of the present low rate of this investment, and the "economic over arguments growth."
One of the theorles examined by Terborgh holds that the 52 per cent tax is wholly absorbed by the corporation which paya it. it this were the case, net earnings would have been greater than figures show,
i
sizable
of
funds
at
CITY LIGHTS
"Glad to see pou back. Podbury, tell mustn't keep you--no doubt after a fein days away you'll have a bit of tidying up to do,”
LORTOR Krasa Zervice
affected.
his
In recent years corporate taxable Income has amounted to approximately $40 billion "year and net" corporate income tax has been $18 million. If the lax has all been absorbed, Terborgh polnis out, it is clear that $40 billion would have been the net curnings, instead disposition would not be greally of $18 billion, Assuming some of the $22 billion increase in would have been paid out
Inflation, basically, affects the dividends, and part of the smalkfellow very differently from dividends in turn would have the large fellow, a fact with been spent instead of saved by which the steel union and other the recipients, there still would giants of organised labour have have been billions of savings apparently not acquainted their available for new Investment, meaning. The man who has some wealth can at least buy properties in the way of homes, securities, land building and The bird is called the "honeyway with the
Terborgh's reasoning would | other, tangible assets that serve gulde because that is how it
scem to imply that if the tax an come protection against the makes ilving. It spots the
is passed on to the buyers of decline in the value of the honeycomi of wild bees and
the products or services of the dollar. In contrast to this, the corporation, goes into a Bup-doodle about it
25 the opposing average wage earner represented that other and heftier animals
theory would have it, it would by the labour union has neither fond of honey. (that includes
have not bad effect on invest- the knowledge,nor the economie man (Fun message right Aing other Hovelties pidament. However, It does have a bave to find himself "haven”- away. Either man or antimal pented on this occasion by bad effect because it raises the for the effects of inflation. wreeks the comb and gets away Osbypannan, large makers also
amount that must be earned on with the honey. The little birds for heating and washing equip a new. Investment to make "then-have-a-lenst-on-wax-Dement, were inermet lomalle uttrantlog
washing machine operated On Thus, It was to be expected that the the puncheard principle and a
that birds would have some kind of
version of the "ideal
'HONEY GUIDE'
Aroney.
fulce to help them break down the wax, the way termites ent wood and digeat it. The selentits were interested because the tuberculosis gerin is protected
by a weatherproof jacket made
of a waxy substance,
where, moreover, small objects eimply space behind the box
are always likely to fall down and be diffleult to recover. Once opened, the ld stays locked by aspectul spring device.
new
Bad Effect
A way could be found to get Sea Water Pollution This means that the supply
on
of
The Labour Department reports that cast at... Jiving PescaBIS?” èlk19" "HOW ORI If a company decides
part of four million workers, ar 10 per cent return
double the number in 1955, For outlays is needed new laundry" equipped with all the justification
While the buying power of the of the risk in- most recent alds for washing,volved, it must find a
pay cheques covered by Euch drying, ironing
project contracts might be preserved in mangling, etc, that will earn 20.8 per cent be almost fully automatised.
the face of price rises, that of fore tax, that being the amount other liems not covered such which, after the 52 per cent lovy, will teave 10 per cent, as insurance policles, bank ne counts, and Government savings down. OL goods made by the Industry in-bond could go volved must be allowed to get course, gains to those able to hedge through "escalator" short so its price will be boosted clauses are at the expense of enough to promise such a re- everyone else in the comunaand ty whose Incomes do not go up and of the difeuilles in
Although there, of course, whose purchasing power is preventing pollution of sca weapon against the dreaded TB water by all fuel discharged no prospect that taxes will be reduced by the higher prices.
from ships tanka Is that reduced soon to free billions of centrifugal separators used for dollars for capital investment, purifying blige water before it businessmen are continuing, to is pumped overboord are unable press for a revision of deprecia- to extract oil which has been on legislation, which cur-
the TB germ out, of the profec-
tive Jacket, whern it would be Problem Solved
exposed to a rain of anti-TB stuff, the chunees were, It was reasoned, that it would catch a cold and do. Thus, another
would be at hand,
Midget Typewriter
\NE-
8/1,000 inches in diameter.
tum.
mode unrealisile
Judation.
Availability
I
STOCK EXCHANGE
Our Own Correspondent
FRUSTRATIONS ON WALL STREET
New York, April 5.
Bustrious done on the Hong- The bears chased stock prices downhill in the first
|
kong Stock Exchange tnts morning amounted to op- proximately $202,000, Noon quotations and The morning'a transactions were!
Bhares Bayern, Deltaza DANKS
103 403
silei
INSURANCE
1216
3,70
10 Bank
Wheelock
DOCKS, ETC. “
XD
K: Whert
品
two sessions of the past week but the bulla chased them right back up again in the final two sessions.
The bulla of Wall Street Inally managed to throw off the frustration that had held them In check for more than two weeks The tuming point came oh Wednesday but the bulls really bellowed on Thursday and Friday, 200 +3725
3.80 2750 0.35 1000 5.18
05
3
100 34
Dock XD. 174
Provident, 11.10 1130 1000
LAND, ETC.
1 Hotel 24.10 JK Land.. 321 33.25 Humphrey
Realty
RUDDER
A Tawon
14.30
1000 11.20
096 2420
1.00 1.025 500 1.00
Valuations
When i was said, the buti market hod resumed to ad- vance and more than $3 billion Had been restored to lock valuations. The Tallies Thursday and Friday marked only the second and third times
on
NEW YORK
COTTON GOODS MARKET
New York, April 5.
23.10 2000 3.025 in the past 11 gossins that gains The market picture, in
Amalg. XD Trust
2.495
3.175
2.23
22
100 20.00
100
100
0314
Light...
1730 17.3
473# 17.0
Sungata UTILITIES Tram ... 28.70 Star Ferry Xaumall
During the Snal four months of 1858, the rate of construction of one-family and two-family homes declined in accord with consonal "palters, but building of multi-family apartment. housing continued at a high
rate.
As a result, total starts for 1958 settled at 1,208,000 after having achieved an annual rate for December of 1,440,000.
The high rate of starts, which kept the industry operating al booming levels right through the recession-one, of the very few. to do so-was couraged by reduced interest rates and increased availability of credit.
With the tightening of money that has developed in the Inst few months, the annual rate of housing has dropped from its December peak to about 1,300,- 000 in February, the latest Agure available. Most fore- casters at year-end expected 1050 housing starts to average 1,300,000 but Indications already evident in the first three months of this year muggest the Anal lolal may be higher.
Electric
...27.20 73
Telepheno £3.10 23.30 INDUSTRIALS Cement 21.30 211
STORUN, ETC. Dairy
...... 13.00 COTIONA TextBo
Wetion
Nanyang INVESTMENTS
Int. Invest. 3.45-
outnumbered Jusses,
of
The market was helped this past week by a long list favourable business and econo 700 17.0 mle development, including re record w up card steel production, 14 2790 electrkelty, output, a sharp se 40 27.00
in auto production and sales, 1500793
200 2790 Increases in railroad and truck 7035.20 freight loadings over a year ago and predictions of sharply 240 2710 5003130 higher first quarter earnings. 100 or 27.40 ·
The market also
seemed to take some heart from President B00 15.00
Eisenhower's remarks that the West will hand Russia new proposals in the near future for dipurmament and a permanett settlement on European security and peaceful uses
18
} 14
7,05
-Exchange Rates
Business was dons in the local unofficial excelange market morning at the following raten:- US dollar, iper 31)
10.39
Sterling notes (per £1) Australian notes, iper £1) Indonesian rupiah (per 100) Slam trolt (ber 100) Singapore (Straite)
12,02
5.40
1,02
Бросе.
of outer
Conditions
cotton grey goods this nast week continued to be dominated by a scarcity of apparel- type and industrial fabrics available for spot and nearby de- livery.
makers
4
Converters, garment and plece goods buyers found manufacturers maintaining strong front on prices right through the year.
Tho
Rising Trend
row
rising trend in colton prices, and chances that the raw material may cost even more before cotton becomes However, during the week the available from the 1989 harvest, New York Stock Exchange or out of the government loan cautioned its member
mms to stock, pub
more gimp in the oppraise their policles in the determination of sellers to hold Ught of preacht market con- the price inc, traders said. ditions" in order to conduct
Moreover, mills remained in their activities on a sound and a strong inventory position as a result of tho turtalled pro- The warning was sold to reduction programme adopted fect rome official concern in
months ago. In fact, some" in= the "Annelal community and dustry leaders thought the im- feeding the speculative fres. ·proved situation could be al- That's why the experts were tributed directly to the strict happy on Thursday and Friday { adhérence of the five-day week. when the market's upswing was on again.-U.P.I.
F.W. Docke Corp., repatted Agreed Merchant conservative basis.
this week that construction contracts, including industrial building, sel a new record for the month of February of ́$2,300,000,000,· This was 18 per cent above February last yoạľm U.P.I.
Rates
Canadian Dollars Maximum Selling 16 11/16. Minimum Buying 16 18/10 T/T: 17 0/D. Swiss Francs Maximum Sell- ing 74 13/10.
COTTON
FUTURES
TURN IRREGULAR
New York, April 5.
While some milis have not indicated what their production schedule will be for the second quarter, other manufacturers said they intend to hold strictly. to the cut-back and will ro- move still more looms If they start to build up stocks again.
Improvement
A measure of the Improve- [ment"may be gauged from the position of 80-square four-yard print the bellwether, The current price of 10% to 18% cents for standard construction
Cotton futures turned Irregular in the latter part of the week after edging out the market at the
up to the highest levels since mid-March.
At Friday's close the list The separation between Friday reached 35.41 cents a ruled up 38 to on nine points, old and new crop months] pound to show, on accumulative or $1.01 higher to 45 cents widened as the market respond-rise of 104 points $5.00 a bale lower a bale than the preceding ed io differing Influences, -frem the low level uxisting week,
The nearby July contract on on March 18.
highest level in about two years and fully 14 cents' over the 12-year tow of 17 cents existing fast spring.
However, manufacturcis em- phasised their full return from the gher price has been sliced by the increased wages rates recently put into effect, plus === strengin in old crop monil the rising cost of raw cotton, stemmed inninly from two along with increased taxes and factors: 1. A continuing be other higher production costs, lic that consumers will face a
Buyer pressure for spot and labtening supply situation-un nearby gods - refieèled--Qie raw cotton by the next harvest, quickening weather in most Because of heavy stocks tied up sections of the country, many govemment loan: 2. Astores must still come in for broader mill Interest-In spot substantial coverage. fabric cotton, pointing up more en- wholesalers sourcca, thought couraging news from the textile | U.P.I. trade.
OPTIMISTIC SPECULATION OVER UK BUDGET
in
.
.1
Reflecting the
sold nhead
*ppropriate B.- 500,000 bales this season,
The Smallest
מע..
Bank Of England. Statement
London, April 5.
The Bank of England state- ment for the week ended Apr!! 1, reads, as follows:
Sterling 2,072,018,600 10,378,462
Government sectivities
the Batlo
29,099,972
-U.P.I.
Bank Of France Statement
London, April 5. Stock markets this past week have been complete.
ly dominated by optimistic speculation on position of textile mills, domes- Tuesday's budget. The undertone has been the raw cotton consumption, is very firm in all sections but the, main interest expected to has centred in the industrial equities market. 100,000 bales from last season. Gilt-edged have been less in, the demand and the market favour than industrials but they itself was short of stock have been firm and shown an A feature of industrials has improving tendency, helped by been the deant for hire the continued strength ร purchase finance issues. Appet However, while the mixot
Noles fetroulation sterling The long-dated and from good company news in stepped up their rate of collon Pubilo depcalle As the economy moved into undated issues have led the this sector hopes of the budget consumption, they have per- Private sepulte broken up by the bilge, pumps renlly assesses capital goods in the second quarter, Industrial way. War on the stimulating consumer demand mitted stock to run down to other securtiles
by production has made up thes up 13/10 on the week to have encouraged investors and comparatively low levels. End Receipta Weighs Two Pounds into globules of less than value
· were 200. With all the interest con- this was also reducted in the February, stocka, loss experienced in the resca-
aftales the sluts, consumer spending was tree in domestic
years, and equal to only 2% commercial vehicle producers. high, as was perzsal income, foreign bond market has been dentand for stores, and angliest for that alle in 20 Allowances
has beep Tiere 4bcu regleeted.
statis months consumption. and businesses were
Oils have been considerably | ticians · figured. Expectations According to Fred G. Clark,mulating Inventory on a sizable similar, lack of interest in the of Johnson Road, West Croydon,
ČESTICH Trans-Atlantic scale for the first time in many conditions during the week on tal Petroleum Surrey, is one of the few which Chairman of
which firmer this past week and Bri- for lower-priced cotton from the and. Bunnah | 1950 grop. Haro deterred some Wall Street.
have both increased by your mills from buying more healy delivering olly Economie Foundation, liberal months, at the 8th annual, Interna- | boligst water to the separators action by Congress of deprecia-
shillings. Royal Dutch #mined Inventory cycles: have, tridi
Industrials tional Inventors exhibition in a condition which they can tion, allowances on Industrial tionally run from 0 to 18 months
The expected rise in domestic Sa despite the publication thir
Paris, April 5. haucic,
past week of the group's 1958 use contrasts will be falling off equipment would free approxi» In the past, and total locks hete.
The Bank of France Matement Comet positiva
The main interest and ad- carnings showing a and fately $3 billion, for immediate held by manufacturers, whole- Fifteen countries hook sort
fall of in
Exports. The government for the week ended March 26, But indicated taw cotton exports reads as follows: anti noveldes Included in- totally
purtipefectory modernization and
Balken and notällers have climbed (vance has been centred in in- 202,000,000 in earnings. flatable armchairs, an "ever-capable of dealing.
Old Frame hit panics, creating jobs in capital. Tem than half a billion dollars | dustrial equities which have this concealed the improvement for the 1938-59 scaron may not
ahead on in the second half of the year exceed 8,000,000 bales com Total gald boxlings, 821,002 919.808 lasting" match which could be manner of liquids, as well as good industries, loading even from their low in the current moved willingly
developments and which was what impressed in pared with 5,700,000 bates sold) Totel other, Carmelse?10383,200,300 siruclc un to 80 times and an solids such as wood bark and tually to the rehiring of thou-cycles in contrast to on-be-favourable
abroad last. BODEOS.
21gms balance abroad. automatie
semi-colica for grain...or.
Likesands of workers.A
in EU le cumulation of abous stu billion the Financial Times Industriál vostors most. page turner
35,034,000,000 Liquorice, clay,
Advanes 'to, 'Atabšitua». mauriclans,
Fordfry index closed, the wick more Employee lay-offs in
in the last cýclö,
This pret wecke the rubber 01 228.3; anty below the all-
tion Funda Exports through March 31, na The British midget typewriter wood pulp and rubber for than a few instances are
dicunt. conto dressings, will be to higher :: production. Weighs less than 2. is and yet surgical
Construction ozdielesu wkre time-peak reached last Decem- market was quieter beitig over-reported by the New York Cotu Tolak krij
shadowed by activity elsewhere ton Exchange, totalled 2.070,837 Banknotes in diruip
------39 -- 1.710,973,331,290 Kalten Fullwidth paper. The new shown. at the Engineering, which ran bo, izaged directly, le saying quietly that the expected her 1996, VEL Heelalloy. The designed dos Marine, Welding and Mariyar the use of work out or on booen in het postruction of Technical factors have cabut prices have kept firm des bales var 3,793,108 bales Ahipped
In London wie obsolete facilities, Clift the early 1980's may already, be | tributed to the wild, since there pre-some end-kersunt pronte intsime same period last reasons Curran counts and rumpenda nuclear power reactors-China Energy Exhibion
UPI. | Krous April 16 to 30.
getting underway.
Te has been little selling to thest, taking -URI, MKI. Specia).
Brinsol.
MIDGET typewriter, and
a new steal alloy were
The positive action type pump made by the Comet Pump and
Engineering Company Limited
among 40 British Inventions is capably
reversible
action
with
cation
waste,
the American
誌
depoelta
2,394,100,658,290
-320,107,067.117.