UK TALLEST BUILDING
A modal of the 370-foot high
towar black and adjacent office and rauldential
Constructed
buildings to
bo
MIL on a 3-acre alte in bank, London near the Talo Gallery.
Estimated to boat £6 million, tho project will embrace three main blocks: the 31. storey tower, an eight-storey Y-shaped' building. 90
high and an 11-storey foot high realdential
120.
block.
The tower will be the highest office block In Britain Fleing a la higher than the well. known London landmark, B Paul's
Five hundred
bored cylinder pilas, penetrating 90 feat inte the London blue clay, will support the foundations of the Buliding.Col Photo
Message Transmitter Pourable Plastics
That Corrects
NEWhich
A
сап
Itself Make Rigid Coats.
radio equipment NEW series of plastic moons a signi- compounds be fleant improvement in long-poured and yer will produce rango communications has rigid plastic coatings, or been produced by Marconi's. moulded shapes after con- Fourtoon of these Autoplex vantional processing opera- equiprbents (as thoy arations have been applied. known) havo already been
|
un
The finished products have ordered by the General Post excellent strength at high tem- Office, and another fourtoon peratures. When the material is are being made for Cable & used to produce coalings these Wireless Ltd.
are said to have very good adhesion to metris, Hlass and equipment
soma plastics, even when n automatic error- correcting primer is used. dovice. Not only does it speed the service, but it also enables HF radio-telegraph
Tho
ول
The new.
Bre
compounds networks based on the use of pyrometallic and landpheric scatter excuits dianhydride combined with an to be connected into the inter- | epoxy-based plasticiser. national Telex system.
THE CHINA MAIL, MONDAY, APRIL 13, 1959.
Page
WEEKLY SURVEY OF THE AMERICAN FINANCIAL SITUATION
UNEMPLOYMENT MAJOR PROBLEM Contrast To Reports Of HONGKONG Cotton Futures
Mounting First Quarter Earnings
New York, April 12,
STOCK EXCHANGE
Our Own Correvarande at
Business done on the Hong- kong Stock Exchange this
morning amounted to appro-
and the morning'a trans-
Unemployment continued to be America's number one economic
problem today and its still somewhat abicure obstinacyximately $307,000. Neon quota- provided a contrast to the mounting reports of increasing first quarter earnings everywhere.
actions:
Sales
....
Shares Buyers' etlera BANKS lik Bank 810
East Asia 20$ 200 INSURANCES Uniun
72 73
1070
€ 1 313
29.00
3.5 500
43
381
500
11.25 11.40
200
11.30
13.23 33.75
Steel nils and factories are | annual rate of $300 billion, industry, stays at its current top again operating at all levels and | Loxt year's role was $100 billion. | capacity or even exceeds today's high recordy for production ure Footwear production of record production, being set in nearly every field.
54,230,000 sira in "They like many of the Lombard Yet lost month 4.302,000 February topped February, 1958 growing total of unemployed SHIPPING
Waterbuat.. are caught in the tightening Wheekk werken were si Jobless on by 11 per cent; the weekly aver abnormally high 5.8 per cent of age rate of fibre consumption in vive of automation and modern DOCKS, ETC, the lot working force. True, wollens
ic. Whart... drid worsteds in equipment. Industry's drive to-
Dork the gure represented a decliné February was six per cent above | day—as indeed it must be for Provident of 387,000 from February, one the January rate and 31 per | Furylyal—is toward Improving of 630,000 from Murch, 1959 | cunt above that for February and Increasing efficiency and and 1,100,000 below last year's 1958.
capacity of productivo equip- worst unemployment figures for
ment There is less and less June,
reliance upon skilled and semi- skilled workers."
failed
Yel, these statistics to keep pace with the general upswing in output and company carnings and there were the usual conflicting views from the three sides Involved-business, Government and labour-as to why this wag 50.
Reinstated
Allas Corporation, an in- vestment содиодну, re- ported a first quarter net income of $3,330,313 in 1958 as against a loss of almost $3 million for the previous year.
sole,
|
Talkoo
LAND, ETC. rk Hote!.. Land Humphreys Really RUBBER Amala
Trunt
And yet the potential labour force is growing all the time because the population grows. Then there is the reluctance on the part of employer to give jobs | UTILITIES to propie 40 years old and older because of prohibitive pension plan payments,
What is the solution, shorter work weeks as demanded by Labour? A faster rate of U.S. economle growth?
In Long Run
A. Tawah M Sungals
Tram
Star Ferry Yaumati
C. Light
Etseirle
89 99
24.30 241 22.75 14.40 14.00
1.375
2.175 3.0
2.00
27 27.20
37.20 17.00
27.20 27.40
334
End On
Firm Note
New York, April 12. Cotton futures finished the week on a firm note to climax a period of slow trading and wandering price tendencies.
Crop
Ola
had months the market approached the 30- Mening resistance wherever
cent line, but moderate declines met an underlying demand from nils and other trade interacts,
The market or Friday's close later the tendency again was to ruk off points on May and expect (urther delaying 700 6,00 urichanged to 48 points en other chalacies before the programme deliveries, or off 30 cents to upcould ge chend under Ell 20.23 $2.00 a bale compared with the feylinders.
preceding week.
While
the
market 53.15 described as "thin" responding to stroll orders either way, the crop months were relatively fitm mest of the time. Com- mission house and trade buying orders hi later months, while nct large, met an even smaller amount of offeringa.
IndecisiveneSI
way reflected continuing waset- tataties over operation of the 27.10 Government's purchase and
700 FL 33
38886 988888
27.10
eliher
to sales programyno' for the 1930 crop. Agricultura Secretary
Tatt Benson gave as 17.4 Ezra 11.40surances that while detalls have 27.5 no been completed for the pro- $7.50 Brace for buying and selling, 2738 the on-coming crop will de 21.40
time for the scoson ready in 27.40
inning on August 1. That news brought a flurry of selling
1
Macao E
102027.30
... 24, 25.39
27 27.30
10
10.70
200 € 16
Labour charged and under- Finally, but significantly, scored 1 view at a mass nem-
Ford Motors reinstated ployment rally in Washington on its annuni dividend of $2.40 by Wednesday--that the Governor.nouncing 60-cent dividend ment was not doing enough to for the first quarter.
pur the economy in its obses John 1, Snyder, however, still sion with a bal»need budgel; the is not convinced that these Government admitted that developments in themselves will "valleys of trouble" exist and wipe out the unemployment "In the long runj Snyder will exist but that the unem-.
says, "I feel that neither ployment pleture should get In a special report written shorter work week nor a faster bright by autumn; business for United Press International, | rate of national
INDUSTRIALS economie
Cemen seemed most realistic in its ap-he said "this pickup in output is growth is going to so very fur STORES, ETI pratsa). It claimed that high not reflected in our employment toward lowering the current very
Dairy unemployment is here to stay Agures. I don't think it is going high unemployment figures or Watson
La Craw for some time because of to be, either.
higher unemployment figures as COTTONS modern machinery resulting in
"Let's look at steel as a good annual additions are made to Testue Increased productivity and that example. Thus industry's mills the total work force.
Nanyang Most of INVESTMENTS "radically new needed to restore the
thinking" I are producing more metal than thos now registered as jobless Int. Invest.
ure ever before In history. For tho are going to remain unemployed | Albed recession balance.
first week in March, production and unemployable. In fact HK & F****
gures totalled 2,556,000 tons of their numbers Will grow. Ingots, compared with only Technology and the Increasing ̧ ̄| 1,423,000 for the same work 3. size of industrial units make this
year ago,
inevitable....
Mass Rally
The Government, through its labour secretary James P. "Yet right now....there are
It is going to take BOme Its more than 100,000 unemployed radically Mitchell, told Labour at
new thinking--some Washington mass rally that in the steel industry. And besic switches in fundamental unemployment will drop to three 1. W. Abel, Secretory Treasurer alms and a lot of give-and-take millon by October, the normal at the United Steel Workers of on the part of Labour, industry low point for joblessness in any Americi, warns that these idle and Government...it's not go year, and that G7 million people steel workers will never go backing to be an overnight job.”— will be at work. The present to work in the mills even if the U.I.P. Inbour Corco 63,826,000,
work
Experiments hove shown that
John I. Snyder, Chairman of The ever-growing donand for they can be used also to produce glass-reinforced laminates that
the Board of V.S Industries, radio-telegraphy services will reitin considerable c.. speaking for business, throughout the world has been
termed the Government's belief temperatures 114 imposing an increasing strain strength at on existing
high as 300 degrees Fahrenheft.; that unemployment is certain to HF. ciroula, be-
The physical properties of the decline "more political thali cause the number of services Anal products can be altered realistle," which can be carried in the simply by varying the ratio of I think national producilvity frequency spectrum is a finite
ingredients which Le hand produuhor will increase but one. Any dovelopment which
corporated. The compounds without substantial additions to. enables a given circuit to hundie
are made by Du Pont de the total labour force required,” a greater volume of traffic is
Nemours. Wilmington, Deln- he sold. therefore highly advantageous.
wire, U.S.A. and the obviou way of dulog this in techarse the hand)- ing of the traffic.
IMPOSSIBLE
Nylon-Faced Hammer
Up to the present this has is Durable
bean largely impossible becEURO
there has existed.no... straight-s
forward way of detecting and correcting errors
which ercep
FIRMINGHAM
Gngineering company
The U.S. gross national pro-
Wall Street Hit
By Jitters Last Week
New York, April 12.
duct-the doline value of all The market suffered from speculative jitters this
goods and services produced in the nation-rose to a' rate of nearly $403 billion annually in the first quarter of 1950, up from the rate of $453 billion in the last quarter of 1958.
Quarter Reports
past week...
WILS
to
Invest
4.4
7.30
5.35
4.40
101
203 18
Steel Workers
Urged To Forego Wage Demands
Pittsburgh, April 12.
Heavy. Rato
The heavy rate of redemp- tions cut of the Government kan stock scented the con- tinuing belief that because of the loan stock impoundings, con- sumers will be confronted with wtight supply slluation on harvest is avaliable. "free" cotton before the new
"
At present, there are about 0,500,000 bales of cotton in the 1988 Ioan, constituting the major source of supply until new crop cotton becomes available. How- ever, no, great amount of loan. Traders thought the com votion is likely to be plicated details involved in the repostsson, experis thought,
micht PROSTBAYMO
delay | until spoj celten prices advance
until suffieichtly to marketing of the cotton
make reposses- Osteber, or November. Butsions attractive.-U.P.I.
INDUSTRIALS IN UK
REACH
AN ALL-TIME HIGH
London, April 12.
It has been the week of the year on the Stock Ex- change with the great build-up to Tuesday's budget and the subsequent deflation. Monday saw the largest volume of business ever recorded and Wednesday the Financial Times. index of ordinary industrial shares reached an all-time high of 226.1,
Transatlantle
shares
movo-
of
The nation's stock industry urged the United Steel Workers Union to forego, waga demanda «this your]
There was considerable en- weak. and extend the present thusiast for the budget which found no Interest and weakly contract to 1950 to com- resulted in the price rise on Wed-reflected Wall Street's bat inflation, unemploy bean much in evidence all week.
nesday but proat-takers have merits. mont and foreign com- on Monday and Tuesday their Thus it has been a week de- chiefly to Industrial petition. Stocks were unable
was the score of warnings to in-
activity was cancelled out by voted generate any kind of a sustained vestors to slop-look-Usten
Wednesday equities. The tax cut on beer, The proposal was made by 12 buyers but atter
be the greatest The rally although they tried several before investing." major | major companies in a letter lo
they had the market more or reported lo Umes.
the David J, McDonald, USW Pre-less This
a nervous stock
und exchanges
for themselves. The big singlo cut since the days market and there was always Securities and Exchange Com-sident. It was signed by the institutions have been absent Cromwell or Charles I. 300 years Just enough selling to key mission have issued statements negotiatory for the companies from the market all wock and go, made breweries o feature of
designed to cool speculative and present at to the USW PIE the profit-taking has been done Wednesday's upsurge on balance.
aldent perzonally by R. Conrad by small Investors who have Overall, about $1 billion was ardour.
On Thursday they lost nearly manloppethanol versiookmyslutionsThese addi-i-trying to Compex of tf.s. Siech chairman cope poking fun har ahead-11-their calme. If 15 a cual
Gains outnumbered Josses by a track down the ups and rumours of the negotiating team:
the uncertainties of the zenable point whether chepper beer MOVING UPWARD Steel: Up from a “warm" small margin on Monday and by that have been pouring out of
dral clociion.
will mean more breṛ" drunk. the to a "sizzling"! pace with a slightly larger margin on Fri- the financial district at an in- The intier sad thật
The eat in the purchase tax more steel produced than ever day. Losses predominated
economy Beemned to be" moving in creased pace.
had been discounted the pre- before partly to meet growing the three intervening sessions.
Oils Lower
upward moderately after mora
vious week in heavy buying of demand, partly to stock up The cconomic news remained
stores and this resulted in an against the growing threat of a highly favourable Jost
The chemicals Baishod the than a year of low activity, week,
"This progress is being artin- The gilt-edged market was actual drop in stores shares week on a lower note. Du Pont summer strike. First quarter with a greater than seasonal
olest 6% points to 1238%, which production rose to 30,400,000 decline in unemployment tons from 18,700,857 tons in the best news of all
hurt the Industrial average. The The auto In- recession-stricken first quarter dustry is doing very well and a drugs were stronger during the
Bristol Myers The rate was justFord offelal on Friday pradicted week. 3,500,000 below the all-time salcs of 1959 model would bit even points
Among typical first quarter relecting booming in during transon over offer a free sample of povery-were-also-reset ky mudici autour most radio. telegraph alle is a present new nylon-Faced hammer to transmitted and received by the first one thousand". faç- operators and the latter can tory buyers or works mana- Inspect the copy at once and request re-trafimmision of any gers in any country in the doubitul part.
world.
last year.
record for a first quarter set in million units. 1050.
、
Record Level
YUSU
Exchange Rates
Cilts Firm
10
This limple the extension of The hammer offered as a
ly accelerated, however, onun belon the budget and the uffer budget day, Commercial the H.F. telegraph network sample is one and a half inches
heavy demand stemming from cut in income tax helped and vehicles gained despite previous beyond the radio tenninal and in diameter. It is one of a range
our customers' fear of an inter- the prices were duly marked heavy buying. prevents connection, direct into of sizca from 11⁄2 inches to 2
ruption of sice! supplies in the up but no buyers developed. the Telex network, The new | Inches, in diameter,
chse of a strike by the steel Prices", everlually subsided
of Although the restoration. equipment solves the problem The toughness and durability
worker's union after June 30,"| since it is felf the interest rates investment allowances revived by providing a fully electronic or niyon gives the hammer
Were Tiểu lu
generally the letter said.-U.P.1.
will not be allowed get interest in capital goods shares, means of detecting, and correct shock-absorbing qualities which
lower although a fow Issues
lower, particularly as US, in- few buyers appeared and there ing errors during" automatic enable repeated "blows to be
responded to Individual
terest rates have risen to the was almost no significant in- transmission. thus permitting giver without damaging the
The nation's railroads, ona þ Steel operations held at a development. Tidewater ran up
point that they are providing a crease in this section to record, the 1250 f data processing werk. Tested on dat and
than -four on merger of, the industries hardest record level but the possibility more
Boor deficit of £721,000,000 The budget brought a spate of machinery and computers at curved surfaces, and on
Busite was done sharp hit by the recession, showed in- of a strike grow this past week: rumours,
in the local estimated by the budget bug- US buyers intà tha makat the receiving end.
edges, the horner did its Job creased pickup. The Association when the United steelworkers The
exchange market this : week's.
Dow Jones unclat
soming at the following rates gusts that a new glied-edged for steel shares in the last half without a trace at damage.
A "public nyernges showed Industrials US dollars per $11
3.12 sue may have to be modo, * • of the week and their pur- (The Hammer Company, High of American Railroads estimat unlow rejected
ed the net income for February stunt" a steel industry request down 5.00 polis to 605.07; Bturing notes (per £1)
Up despite lands Road, Shirley, Birming
1983
Foreign bonds is such a week chases kept prices ham, England.)
have naturally been out of the selling by British buyers iploture with Greek particularly election uncertainties,
Company Resuits
Device Prevents
Wire Tangling
41
A SIMPLE device provante Biggest Ever Rope
the tangling of wire
NE
while it is being unwound and a half million miles from a spoal..
into
the making of have a believed to be the world's big- pecially designed est-ever nylon rope.
what
is
for class 1 rall carriers at near for a wage freeze for one year. rails up 0.89 to 183.11; utilities Australian notes (per 41) $20 million against a loss of The bly factor behind the down 129 to 02:50 and 66 stocks Stam teals per 105) $10 million in Fobrubry, 1958. market's nervousness all week down 1.54 to 209.23-UPI, .
For the first two months of this year ret gains for those railroads were catimated at $10 million compared with only $5 million for the first two months of 1958. those which usually show an aparating revenue of 13 million or more year:
Class 1 railroads are
Indonesian rupiah" (per 1001... Bingsparo (Siroita)
Weekly U.S. Cotton Goods Market
fabrics,
on
bold Front ou
Company results during the weck have been very mixed. British Insulated Calenders New York, April 12. malplained a
On the Aston cloth imports, situation as something of a
Cables dild well on a good re- Now business in cotton grey prices. That atuindo seplied to narrow sheelings were affected staitmats. While producers are
port but. De Havilland's, pagm out against heavy result, depressed the aircraft goods materialised at apparel and lodustrial type most. A variety of fprelin-working Its operation depends on the
made construction, mainly from bookings, consumers are under section, Reynold's poor report use of
Scar.e Roebuck and gradually blackening galt
Pakistan, appeared at attractive little pressure to place new fornito depressed tho clectrical cardboard disc. This disc is Made at the Leith, Edinburgh, Spiegel, two big mall last week. Bellerp general- ́Some lower priced resale concessions compared with com- word commitments,
engineering section. equipped with springy nylon factory; of British Ropes order houses, reported sharp
ly agreed the period was offerings standard print patable domestic makers, But N filaments which protrude from Limited, this 12-inch circum- March salée gains, Sears Roo
| clothe ghd narrow sheeting apsbeot mills held arm on their Rayan grey goods willis'enter- In mines, 'ting have been the one of the slowest of the poured, along with seine cheaper prices. Must makers falt they ing the record quarter te lehe feature at the Arasest oral its edges
ference rope is 720 foot long, buck's March volume was. 11 weighs 3,100 pounds and has per cent over March a year ago. усат.
Importa from Asian countries. could afford to "el; tight"" shev | good sold-shend" position, and sections." Oranda | Frea Stule The springy nylon flamenta
a breaking load of 120 tona. These reports confirmed earlier Malo, hindrance to nalivily But be overall amount of they are well sold into Jung, flgher legs will depend moite lava bad a bad work ind protruding over the edge of the
Indications that the American was a scarcity of goods available second hands and imporis, was The Asian offerings recently, greatly on the extent of finished I were well down as the result or also maintain the tension of the It has been made for Shell consumer, who held light con- for quick and nearby delivery, flot, tös large, and found ready appearing hova como through | goods actlyłty over the next 30 speculative, preftsinking - botore the spool. The device is pro- it for mulynge operation en i during the recesiion, paid more interest,
muralned, it was "folć to be a rolls Royal Khlich alonos was alded by Izonic Products Fox Lake, Muravaito the great for goods and services this frat zaMist vllia, resting on a suhe sellers wore confident of Angiljer | Cotton sales, yarn, aptivity| före-gano conclusion that "grey up, on the weanie,, by-five shills
Inipols.. under = WHET
fu qusel, thin, even tutores alex staritiel ördar Backlog extending | Buy the "Buch" y life, three, to slowed to down tondan walk, goods · replacement - will take live. The rest of thile market
personal expéditairer le "kh | through the second quarter, four weeks.?
Stititörn spinners' described Jis place at higher levels--U‚RI!==! was decidedly enter.—UPL/S
wire of it is stripped off from Tankers Limited, who will use trols; ever his spending monny sather than a lack of purine tako lams prin clot Pakistan, traders said
jakors. Looking - beyand) ile Hongkong, - Japan, India, and to 60 days." If new business is next wode's quarterly is reports.
UBA.