Page
THE CHINA MAIL, MONDAY, MAY 11, 1959.
SCIENCE AND U.S. CORPORATION
EARNINGS
GUNTERING Money Getting Tighter HONGKONG
X-RAY INSPECTION OF ALL-WELDED STEAM BOILERS
And
Unemployment Beginning To Level Off
New York, May 10. Corporation sarnings were consistently higher and so were business inventories with unemployment levelling off and the money market getting tighter all the time—all signs of what might be called a "good" business picture in the United States last week.
To enable the manufacturers of all-
welded steam boilers to find faults a Nottingham firm has recently put into operation a new X-Ray unit for the radiographic inspection of welded joints the threat of on test pieces and specimens,
The Introduction of this uni
is significant view of the
the
Bottle-Washing Improvements
A
FTER several months of experimenting and test-
a
creasing emphasis being placed on all-welded vessels and graduni disappearance of rivetted types, for it means that work on pressure
Vessels used in the Chemical, oil and ntomic Indas- tries can be successfully tackled whereas they were rule out before by exteting Lloyd's Classing, a Sunderland engineer I specifications.
ing Firm have produced rotary bottfo-washing machine with an in-built oil- fired heat injector system.
The system has been intro- dured Into
their standsed "Apex" rotury washing machine but s oveitable "in both the 1,500 and 2,100 bottles per hour motels. The introduction of the new resting :ystem means not enty reduction in operating costs but also that initial es- penditure is lowered comilder-
In operation for the past three months, the new 150 kV Newton Vetor X-Hay unit with 300 - Rrega beam tube, hna already bern of "conalderatide hulp maintaining high standards finished weddu.
of
Easily transportable, the cUISI» pleto wait com), rises a tugband, canitol and water evaler.
The tubehead which is sup- ported on a gantry stand contists of o high-voltage transformly. filament transformer and X-ray
There was only ane cloud- |ot capacity-2,574,000 tons. This summer stoel is eskily double the year ago strike, now a possibility with | figure of 1,289,000 tons. both sides negotiating from 'un- Car output flinchingly Arm positions.
With major corporation earn- Inga reports for the Arst quarter all in, the picture is one of on the overwhelming majority on upswing and only very few ex- showing eaminga cuptions actually smaller than in the ear- responding depression first quar- ter of 1058.
“Car output has steadied at
and longest hit by recession- showed a gain of 10 per cent over a year ago; paper-board which Indicates production movement of wrapped goods was 29 per cent better than a year. the weekly pace of 134,000 | ago; lumbór shipments up 13 anite this month. This may per cent over a year ago; coal not be ar troch sa was hoped output up 20 per cent; crude all for but I comparez very | output up 13 per cent. favourably with tho 08.084 unita turned out in the first week of May last year.
But it is in the sales figures The thing that indleates more for cars that real_progress can covery is the fact that than natural post-recession re- be ascertained. Car sales last
many
month topped the hall-million companies show profits that are mark for the frei time since higher even than those of pre- June 1957. Dealers delivered recessing boom years.
182,000 new cars in the flanl The first-quarter pretax third, of April, making for an proflis average for 1956, for April'sales figure of 502,500 cars. example. was at an annual This was 2.05 per cent above
Contrast
STOCK EXCHANGE
Bay
Chu Chu Cat
Business done on the Hong- kong Stock Exchang this morning choaked to ipproxi mately 9359,000. Noen quotations and the morning transactions:
shares Bayez teljas Bales
DANKS
KK Dak
East Atie..
INSURANCES
Union XD Lumbard SHIPPING Wheelock
H
200
5.00 4.10
DOCKS, ETC.
K. Wharf Dock
23 80
Contrasting with the Provalent. 11.70 11.00 generally TONY company
LAND, ETC. carnings picture were frat
HK Hotel.. 2015 quarter reports of some÷ol} 10K Land .. America'n biggest aircraft manufacturers. They were the law exceptions but for a reason speelfieally their own. That reason ir: They have
not been making any money yet on the big jet airlines, Boeing.
rute of $46,2 billion. Most March. The total sales Agure Lockheed and Douglas-the big economisia arce in the ab-for the first four months of this sence of definite figures that year, is 1,825,000—a rate which' the first quarter 1959 profits could make possible earlier pre- rate is running at an annust dictions to U. S. car sales in 1959 rate of $48 bilion and may totalling five and a half million,
Indicator
of
even approach $50 billion. Electric power production hos well ahead of the last pekk always been an period of the last quarter of 1956 when the rate was $48.7
billion.
And second quarter eamings this year are expected generally to exceed Brst quarter by a wide
133 ΓΕΙΩ.
+3
The machine can be ready to tube housed in a cyhudraal steel operate at correct working teeth container insulated with sulphur peratuzes in under ane hour hexafluoride, Farrar Doller-atter lighting. The all burner is works Ltd. Newark, Nothing-thermostatically, controlled, cut- hamshire.
ting out and re-lighting dictated by the temperature set- The tings on the thermostat. irst machine with the new all-
red system installed was Notd recently to a Greek sales com- pany in Thessalomki for display REMODELLED
Modern Refuse
Plant For Bangkok
A
MODEL of a compost- ing plant ordered by
PALIT POSES.
Cyclops" othe
This Sunderland company's
wasting ma- chine which has recently been the municipality of Bangkok remodelled and streuenline
уснат
18
which cost £714,000 will re-expable of automatigally washing ceive each day 1,100 cubic up to 15,000 battles per hour by metres of refuse and in one subjecting them to high tem
will produce 80,000 Perature pressure jeetings. The automatic discharge system has tons of "safe and productive | been completely redesigned to humus." # will be com- elinizate bottle breakage and pleted in October this year. prevent any chance of damage or stoppages caused by foreign Because the amount of humus types of bottles passing through produced will be more than the the machine.
ity's requirements for agricul- ture and parklands, a special xported units
40
In recent months the firm has from its wide curgaty is lacing formed to sell.tange of machines to Germany, part of the entput and ultimate-Greece, South Africa, the West Total ly it is expected that profits wiIndies and Mezambique, be set against the cost of refuse export sales cover nearly collection.
countries throughout the world. ||R. Powlep and Sons L14. St From the model, visitors will Mark's Hood, Sunderland, Co. be able to see how non-com-Durham.] postable materials are removed
from the refuse by magnetle and
manual sorting.
The remaining garbage Inechanically shredded and re- uned in reparators wilch also remave piker unwasted mater- ints.
RAW COMPOST
is High Pressure
Cylinder M
TETROPOLITAN Vickers have recently exhibited
casing and rotor for the
Sewage sludge is then intro- the high-pressure cylinder duced with the garbage to form
raw compost.
shp
two-
Inventories up
Year-to-year
three of aircraft production-li agreed the jet construction pro- ramme will only begin to pay for itself and show pronts after
more orders are received.
Harmphreys Really
RUBBER Arnalg Trust
A. Tawah 3usale
21 24
234
2.40
2.175
8. Kelantan 1.075 UTILITIES Теат
Yeumati
So far production costs have Electrie
Tel.
..... 211.70 21.00
104
10 18.49
17.00
13.80 29.90
has
....... 20.30 20.00 INDUSTRIALS Cement
STORES, ETC. Dairy
..... 10.10 18.40
Watson
L. Crew
industrial activity, It's been ex-been in excess of estimates, jet panding its rate of gain over while conventional aircraft pro- orders have been Inaumcient year ag at a pace that is
duction, except military, wholly a matter of last year's
virtually disappeared. slump.
Bocing termed its 707 jet pro- power output
gramme "highly disappointing" gains are now running
12 per in showing a
net first quarter cal or so and the weekly income of $1,538,275 compared COTTONS figures are that much higher with $0,490,100 in the first three Textile The Commerce Department in now than they were two months of 1958. Here, because N Washington reported business | ago during the active year
recession had nothing to do with inventories rose by $400 million | 1957. The gain, can be Inter- in March, mostly due to a build-¦ preted as consisting one half at up in steel stocks. The increase an effort to "catch up" with the was recorded entirely in durable recession and on half a steady goods manufacturing. Wholesale rate of expansion. and retail inventaries were changed.
The March 31 inventory totul trade for manufacturing and firms was $87,300,000,000-stil! $1,000,000,000 under a year ago. But, whereas a year ago inven- tories were
an
Power output
year
of
Power defpal in the preek ending on May 2 wàs 12,540,- 000,000 Khowatt hòuts, aguinat 11,231,000,000 En
TISTICS 1958, a rain of 11 and a half per vent. The price: ontpal of index taxi woek stocki at 253.8 per ceni of the IDBY-69 average.
it, the earnings picture is exact- ly the revITRO of the general trend.
Douglas loss
<
Lookboed reported Electra turbo-prop programme In Tosing money, but the first quarter report showed a loss of only
under one inil?ion Fellers against the first quar- ter of 1958.
Douglas showed no próffis at
being cut at ganuni rate of decline of almost $10 billion, they were now being
all but a loss of over four stocked at an annuni rate of
million as ngainst earnings of about $8 billion. Some observers Construction pending last eight and a half million Jast rose to A record year. This was explained by the thought this rate was about as month high as was safe to go at pre- $4,200,000,000—xp $400 million fact that Douglas wędle off more sent. They though
Brid the inventory from March
$600 million than $17 million its DC-8 build-up at that rate expleted over April 1958. Spending for jetliner project. what they called the first phase construction In the rst four Yet ail three companies ex- Jets of recovery and predicted that months of this year is running neegsed confidence that as business guins will be coming al
get wide acceptance the profit little harder now.
corner will be turned.-U. P. I.
Next to inventories, steels and nutos, of course, show best how far and how fast production has moved in the space of Juvi on" year. Steel output this past week was scheduled to hit 95 per cent
of
An Annual rate $34,900,000,000 compared with actual spending of $40 billion in the full year of 1938.
Similar comparisons could be made in almost any branch of manufacturing or services. Car loadings on railroads-the worst
LONDON INDUSTRIAL EQUITY MARKET HAS GOOD WEEK
The product is delivered by12,500/13,750 conveyor to a composting house cylinder geared propulsion włup, poessing-jokea-place it steam-Turbina±for the now: Cambrid tempoiitats fell to harmful Eagle oil tanker San Conrado. organisms,
When the plant installed The cylinder casing is in two
it will no longer be necessary to halves, jointed of the horizon
increase reus outside Bangkok tal centre line, and is of cast rotor and wheels At present used for dumping steel. The
R
refire. (Jatin Tharpan Intre machined freen a monobloc dustrini Construction Co. Wol-forging.
Two white-metalled verhampton in conjunction with journal bearings are employed, Compent Engineers, Ltd, Lan- one being combined with don.
Michell thrust bearing. Turbine Apoed is 4,840 rpm, nnd stoam is Jadimitted through stainless sicol nozzles at 585 psig. 810 degrees F.
Transistor Output Up WORK
London, May 10.
The industrial equity market has had another strong and active week although in comTM parison with the pace of the previous week's activity it was a little quieter.
Bank Of England Statement
London, May 10. The Bank of England state- ment for the week ended May
, reads as follows:
Bafik notes in cheuda-
Public droits
tluss .......
Private deponta
Government securities.. Other securities Receipts
Ratio
Sterling
2,604,021,63A 10,800,635 207,111,529 244,349,350 44,723,906 58.710.350 119
Exchange Rates
14 14.80 17.00
4,70 4.00
MISCELLANEOUS
14.10
Vibro
INVESTMENTB HK & PE Invest
10840
· Page · § 1.
WALL STREET STOCKS DROP BUT RECOVER
New York, May 10. Stacks suffered a big tumble and a swift recovery in the past week on the most active trading since March 20. Prices fell sharply on Thursday. The industrials lost 8.75 points that day. The widest decline Elace November 24. They came back 5.72 points on Friday and closed the week at 621.86- off 3.70 points from the previous week, Ballrood Charts Jast 3.82 | turcle. points to 103,85 in their averago (moved higher.
generally
and the 05 stocks in the three Drug shares were prominent Dow Jones averages lost 1.74 uniong the gainers. Bristol points to 212.20 Utilises alone Myers rose nearly a polats. Du of the major groups were alle Pont scored a rise of nearly 6 US Steel to re. They clused at $1.60 points on the week. 20 857 In the average, a rise of 0.15 lost 3 and Americans Telephone
point,
Tell 7 points, Sales for the week totailed Wall Street experts sald tho 10,003,800 ahnres, helped by two market behaved well, meeting sessions of more than 4,000,000 | resistance around the 61 level shares cach, The daily averagh in the Dow-Jones Industrial rose to 3,708,700 shares. In the average where they said It previous week sales totalled would. 17,775,705 shares with the dally average 3,555,141 shares.
203 69-43.58
800 D 43 200 43
300
The Thursday decline was in line with usual procedure as the Street anticipater erroneously, further eredil Ughtening.
Accelerated"
Resume rise
Some further unsettlement WES anticipated on oredit tightening fears. However, it was believed that once the credļi moves are finally made the market will be able to resume fla ziar with an aliempitTM---- le scale new highs,
The break was modelerated by Beiling in the electronics
Wall Street has been noting and other recently announced the long ists of Josses running cancellation of slop orders In | higher than gains in recent Thiokol Chemical, maker of sessions and some were reading. rocket fuel. Thiokol lost 73% into the situation a growing dis- that day after rising 714 the tribution of stock. previous day.
In the past week 1,443 issues appeared on the tape. Of these 483 sained, 802 lost, and 163 held
total of 138 → slocks made new highs fog the year, whlia 162 set new low- 1.P.I.
1000 1.10
Thiokol featured the market 20230n turnover for the week wita 500 or 34.30 2004 103 total sales of 540,400 shares. unchanged. 2420 18.33 netted 12 points on the week. 500 10.20 This issue along with other 340 9780 2000 4 27.0
electronics and missile Issues 9120 80.mut support on Friday. Most of | then closed the week with wide galos running to 25 points in Motorola.
1000 20
1006 18.50 509 16.30
100 1 14.10
11 10 1000 m 1150 100 1128
The feature of the week came on Friday when the car shares got into action on a new high since mid-1957 in males and now high for the year in car oulpul for the week. Ford made the best showing and gained more than 6 points. American Molors rose a point,
Steels met botter demand on Friday but the group lost ground
on the weeks.
Olls were fea-
New York Cotton
Futures
In Quiet Session
New York, May 10. Cotton futures this past week went through one of the quietest trading periods of the year but managed, to maintain an overtone of steadiness most of the time,
At Friday's close the list Wednesday May 13. The open ruiod 17 points higher To position remaining' In the spot 3 points lower, or ug 85 cents colon month at the weekend to down 15 cents axale com- WON estimated around 03,000 pared with the preceding week. bales.
A dominant influence acting The certificated stock lotalled to keep prices on a fairly even 60,122 bales, compared with keel was the glowing accounts (89,041 bales when the March from. the textile trade and the delivery went off the board. ritendant increase in mill de- Crop news WER mostly
favourable. mand for spot cotton.
The
Government
The prompt absorption of May
weckly delivery notices, and trade summary said conditions were chanand... for the July the most favourpile of the tract below the 48-cent level senson, permitting a surge for provided additional stablifsery. · ward in all fronts.
Some traders thozhi with, normal conditions
New GEC Overseas Company
Service, which may include all preliminary survey and planning work as well as the actual installation of plant and equipment, is playing increasingly important part in many overseas contracts.
on
The General Electric Co Lid is accordingly, making its wide range of experience mero readily avaliable to overseas customers by the formation őt a new company, GEC Oversens Services Ltd, which will cover both the supply of gooda and the provision of the associated | service requiréménto in cerloin | overseas contracts,
main or sub-contractors and is prepared to work in conjunction with civil and electrical con- tractors, mechanical engineers or others on complete "turnkey" contracts or on specific projects, TYPICAL PROJECTE Complete sirfeld electrifica tion, lighting schemès, and the entire electrification of buildings are typical of the projecta which comha Wilkin the scope of the new öàmpany, Similarly it can take on work in the engineering and Tele- communications fields,
The company will operate as
The new company may oper- ate anywhere overseas, BS OC- caalon demands. However, it is
no way intended to replacem or duplicate services airendy GEC aves'seas that rendered by May delivery
during branches, but is rather avail- The May "delivery operated the growing season, the crop able to supplement such ger unter # theoretical cellier, this year could reach 17,000,000 vices. It can also enter into a holding at the 35.91 dent iise bates.
contract direct with an overseas most of the time sis spot in- 5.72
Flaw colten exports for the organisation if, for any reason, Lereris kept the demand map season, totalled 2,167,582 bales It is preferable for such a con-.
va 4,301,803 bales shipped in track to be placed with a com- May contract will go off the the same period last season pany registered In the United board in thi hoon hour 1.31
on U.PA:
Kingdom.
Buinea was done in the local unometal exchange market the
US. dollars (per 31) Sterling uler (per #1)
morning at the following rater:-
| Australian fatér (per #1)...
Tndoncalen ruplat roer 100 Siam Uca (per 100)
Singapore (Stratis) ......
15.07 12.81
pilled at that level.
COTTON GREY GOODS MARKET
BEST IN SEVERAL YEARS
*Industrials eased slightly With good company reports after the first three days which from George Wimpey and | was to be expected following Taylor Woodrow, shares of the the heavy scillement which took leading contract firms all show- place # Tuesday after an ad incrcases, American buyinad extremely busy account.
helped such blue chips as Dispite the profit-taking. Unilever My,, Emmies, Borax Lrokers arrived at the Stock and Dunlops, Exchange each day with n Oils this past week Were steady How of nów business ponerally innetivo except fo: which was. encouraged by the Lobitos and Anglo-Ecuadorlanı stendy flow of good company where renewed hopes of a price news, talk of take-over bids Increuse for their products be- generally improved fing allowed by the governments concemod brought rises. Burmah The ill-edred marke, has and British Petroleum have been decidedly dull with few tended to drift. Buyers and the banks selling It has beets a good weck in father to meet the growing the Koffie markcet and the total of their advances, In quickening of interest in gold- addition peraisient small well- mining shares has come mainly about the Ing indicated Investors were rum renewed talk
Into Awliching
Other Industrials, dollar and the gold price and Foreign bonds had a parts the continued talk of gold from cularly quiet week. The the United States. market fri dolar slocks lond.
There are eleven stogen of blading, a veloelty-compounded stage with stainless steel fixed and moving blades, followed by YORK on
the second 10 single impulse stages having stulpices strel moving blades, Mullard's of stago
and built-up Axed-bladd semiconductor plant of diaphragms with half per cent and the Southampton has now been molybdenum steel blades assez-political atmosphere.
of completed. The now soction bled in centres and rims adde dpproximately 50,000 the same material.
The diaphragms are built up square foot of floor space to in halves and retained in cir- the plant's manufacturing | cunferential grooves machined and bottom half capacity, and is already in In the top
casings. Steam conditions at production.
the outlet and of the high- Much of the new section la pressure cylinder are 35 pais,
the Arge-scale 383 degrees F. given over to
production of silicon transistors
and lodes. The demand
for
silicon devices which can oper Popular Cobra
ate at'much higher temperatures
than their görmanlum counter-
parts, is growing rapidly for
ed to dift downward daring the week.
Professional
New York, May 10.
The rising trend in cotton grey goods under way cince early April, blossomed into outspoken optimism last week with some sellers terming the result as the "best enjoyed in several years.”
to
All categories, print cloths, price, or 131 berke under , cnd can all cheaply enough to
Platos monika of stealllly broadcloths, sheetings, lawns, in comparable American make. dip üm is back here
bilões. Japë thikëës mani- buying movement which ex-
BOGFOOD reported Americen bag firms and still fosted lille interest in Philip- tended through the first quarter offerings at two cents below
show a proßt margin,
pins offerings of hemy. Burlap of 1980 on some ofoth fabrics. anything quoted here.
WEIG Domestic manufacturers, after
practically Ond discordant note in An Moreover, Hongkong theeting strenuous protests, reportedly itációnary is a qület market. otherwise harmonious market ndils are quoting on feed bag lave received government as- Most of the buying in picture was the constant over- contrees for the US. faéign |surances that the loophole will Rayon grey goods sellérs rê... Lotidon has come, from pro- | hanging threat low-priced im vid programie because of a be quietly plugged.
ported a usamed buying Company news helped such
Conlona) dealers ori the ports from Asia
Under tho industriais
Hongkong, loophole th the law. Motor us British
Activity among cotion, sules interest as tre price situation Continent and South Africs Pakistan and India have offer-law, observers explained, cotton yarn spinners was on the slow continued Stockholm.
strong. Corporation, Dunlops, Hudson
generally Industrial and military purposes, The new one-plete Ericofon, Bay, Associated Portland
and lower buying from the ings of sheetings, print clottis begs used in foreign aid must side most of the time, mainly | More third quarter business wa and it is expected that by 1960 or Cobra,
U.S. In diamonds telephone net da- Cement and British Portland
De Beers and heavy goods like drills be made from American cotton | becăubé möst of the buyers were. borkel by mikla as knyera þegan ailleon devices will account for
Quest
to mèot higher prices for a Keen and
seknytted to a new 1939 peak pointed toward ils market at i sny, manufactured by American attending the Knitting Artt Nettlefolds and John Summers.
of 15% Dd.
under. prices substantilelly
Obvio Intent, of the Show al Afenile City.
variety of construcționa, The market, in rubber Estate | domestle' quotations,
| law, it was mid, was thất goods The latter with its good profits
Hosion wool trade reports said ...Hard Fibres surprised most people and steel theres remained irregular, de-
the main problem facing "maurt wavum in this country, but that
Hard fibres festured a sub- | worsted yarn spinners in that of shares in general went ahead, spile the Had in the price of
sidehobia of netlilly.・・ and 'deliverlor. A majority are sold finance houses natural rubber sized in Vostory ** Fur - Shafanów-Indlàm rafīls | spečing "eksusy -- who not pjelled ~fuportedly ~ have sold a 40- | out. „Result, foreign mille have foxrind thin airialdi amilje 'tead 'to
Átrength' în22 the stakl) with i will attoed kod máy find it GIFS did well
inch 44 X 40 6.50-yard tlumi- } sélzod updi-- the joogihole bes Shipbuilding sharma were dull.a further loss of markets to the
-"hyvárontly | desit to take orders for Deurby ing at 11%
“laking m- bresilar" after two į dellvory.-U.P.I. Most durabico were in demand. | synthetic--U.P.I.
landed } cause they own American cotton
a shificant proportion of the veloped by the L M Ericssor. Cement,
Telephono Company, Stockholm, total, output.
has now been approved for Successful production techni-general use by the Swedish ques evolved at (Southampton Telecommunications Administras
set in for makingallicon, transistors in tion. Previously the
available as large number have been ar- been
A supple Instrument in hones rived at only by costly dind Mentsty
and offices, Intensive research programmer,
Hire-purchase
Indian Mills going into there bags would be
pente.
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