Page
SCIENCE AND
THE CHINA MAIL, MONDAY, JULY 6, 1959.
Page
Weekly Survey Of The American Economy
ENGINEERING RECORD HALF YEAR FOR U.S. Long Distance Everyone Breathing Easier HONGKONG Wall
Wall Street Reproduction As Threat Of Immediate STOCK
Of Newspapers
DELEGATES to the annual conference of the
Commonwealth Press Union in London re- cently heard how British engineers had developed facsimile transmission equipment making it possible to print identical newspapers several hundred miles apart.
है
Mr J. V. Poll, chairman and -- managing director of Mulchrad
&O, Ltd, secalled how in 1015 Translucent Plastics
his im began the development of their first telephoto irans- mitters and receivers for news pleture transmission between newspajor offices.
Later,
continuous recorders were designed in which
all
For Home & Industry
NEW translucent plastic shooting useful both majur operatinys were for building and interior
transmitting trolled from the
has been
pro il the aperator had was decoration
the recorded trana ducod by the plastics divi- To remove
of a British aircraft marion and huset a new will sion of paper winen sevassary.
firm. One of the chief uses was the
of this material Advantages pictures transmission of Brows
which is reinforced with glass Abre, are its light weight (ess than half the weight of glass). its strength and weather In this ease a block was matie lite resistance and its low cost. of its composition 12 illetly from File recorded; Because
when splinter even with the aid of an will out pletare
11 - Flextronic engraver. More than mailed without drilling.
mits up to 85 per cent of natural 200 recorders of this type were
Associated daylight, has heat-retaining and working
network inund-resisting qualities.
to TV studies for newscast pur- post and in newspapers wish- ing to dispense with darkroom prevvssing. and pmtographin
On
the
Press telephxce
the Grm
Was
it
t
d
an
for
One type, made in corrugated farm, is being widely used for factury rufing. The sheeting has been used as a light nouvrable background film and television studio sels.
Another development is the incorporation of gaily printed tries, cotton, silk or nylon, for
the U.S.A. FACSIMILE
Subsequently upproached by the Manchester for Guarn with prxposats the faesille transintelon complete newspaper Pages
paper to publish enable the mare speedily in London Pruto-
instance, within fat transtucent type equipment war boilt gips plastic sheeting Special care is able of transinitting pages 7 teken to preserve the integrity by 24 in over a chreuit 200 antips
of the pattern colours. The Ye- long with a senning density of suit is a type of plastic sheet 250 lines to the fnch.
hug very attractive for domestic se and resistant to water and heat.
News of this development
1052 Te to an approach
the Japanese NEWSPR9jET
frog: Asah!
Shimbun to the Guardian whe|ILLUMINATED put them in touch with Muir
hoods.
thin
for
or
Steel Strike Abates
New York, July 5,
EXCHANGE Reaches New
Our Own Goirasjondënimi
Business done on the Hong- Exchange this
U.S. economy, which passed the mid-year point with record
first-half achievements, breathed easier this past week on Stock
morning amounted to approxi- as the threat of an immediate steel strike abated and amately $1,170,000. Noon quota- peaceful settlement again became'a possibility.
Liars and tho morning's transactions;
INSURANCES
Wheelock
43
20 A 050
10
77
4.05
Record
High
New York, July 5.
Stocks set new record highs in the first two sessions of the second half of 1959 in what Wall Street described as a thrilling summer rally.
Valuation of all listed Issues | Alcon, Union Carbide, American 0.15 10000 4.10 in the short week which ended Tobacco and International Bar-
013
shares Buyers Hellers Hale* for Keystone BANKS Economists
Boston Investment | ift Bank.. 947% Fund, the management organisation, auid In the first half of this year gross national
product at the East Anla steel mills turned out 64,700,000 end of 1959 will rise eight per Union tons, a new record for the cent over the year. They said Lombard
the best Christmas senSON on SHIPPING period. The previous high was €2,600,000 long the first half of
record is in prospect for retailers 1956 when strikte hedge buying becaued personal income is ex- aise tincially stimulated out-pected to show an after-tax gain pockS, ETC. put. On the basis of this year's of some $26 billion. Americans is wharf performance so far, and it will have about $8 billion more there is on strike, or just a short discretionary income-to use as one-steel leaders now believe they please-than they had hel| Dock the industry could approach its
year. all-time production record of 117 infilion tons sci in 1955,
But steel users wisely Look, economic recovery from the 1958 advantage of the
rocesulon lows. two-week period of grace to build up sil further their inventories, should steel labour strife erupt on the now mid-July deadline.
Iron Age, the nation's metal working magazine, said a pexico- | ful settlement of the strel labour digute la "still probable" al- though labour and management are as far apart as ever in their interpretation of what en
inflationtoy“ stitutes a
wout agreement, Les one thui not send ster? prices any higher than they are now,
Three Factors
★ President
CX-
Beneficiary
Amaik
Proykter.
LAND, ETG Thoy eald the consumer dur-11 Hotel Car output, housing construc-able Industry will be the princi- UK Land.. tion, electricity output-to name pal beneficiary of increased Humphreys just a few key sectors all pending, with consumer out Roalty The magazine based its
followed the pace got by steel. Taya in this general aren up 20: RUBBER pretations of a probable settle-Reflecting the trond were dropper cent." men on three factors:
ping unemployment, fat com-
At mid-year, it is the key as pany earnings and recard bank to how the economy will come Trust Eisentower's earnings rising out of huge out of the year as a whole, in Tawah last-un mute intervention amounts of lonns cleared.
1955, the consumer spent nearly | UTILITIES which led to a two-week exten- |
of his after-tox Team 15 per cent sion of contracts by the union
National Debt money on durable goods. Last Yalamat? without any strings attachezi,
This C. Light year only 11.8 per cent. such as making any subsequent
However, the government year, so far, 12.6 per eent: Some negotiated gains retronelivé ta
cleared the mid-year
Bre confident point economists The original June 30 deadline:
which is the end of its inancial consumer will repeat the union's apparent ☆ The
year-with a record peace-time unique year that combined tax Electric morc
budget deficit of about culs, excessively easy
money Mtneno E $12,500,000,000. This was near-
policies of the Federal Reserve Tel. ly three times the previous re- System and a great lengthening cord
deficit prave-time
of in terms for credit.
rendiness to lake a realise attitude in sealing down its original demande;
The desire in some
steel
vnitied
this If a strike is
there summer, eemomists satel
usual may be a greater ar summer slackening of pace In as some 20 1 turi industry, inillion tons of steel inventories
year.
the 1055
requisite to continued high con- sumer pending:
INDUSTRIALS
2000 2000 4
615 on Thursday rose $8.500,000,000. vester, Enternational Nickel op 4000 6.10 The Industrial average closed 3% and Du Pont and Easirann the week on its high record cash up three poiais,
104
2500
300 104
50 104
100 103
4315 44%
13
2500 NE 44
300
44
-1 054.70 up 15.5 points and i Tobaccos and farm Imple- e s stocks average also broke ments generally were higher. all records at 216.02 4.50 The latter featured Caterpillar
points, each the best gain sinen Tractor which gained 04 points
m the week. 2000 12.90 April 17.
2000 12.00
12.80
Railroads reached their best 8.10 28 30
level since May 22 and closed 34-9412 40, 31
their top of 148.03 100 34%, the week
up 1.75 points on the week and 1.00 1.623 10000 4 15 of less than a point from the
2.56 2.5T
26
300002.575
Tiny Loss
The market closed the month of June with a tiny loss in the industrial average.
10
From May 20 the average June when it C0002.53 year's high. The utility average declined
from 5000 2.373 rose two full pointer to 80.10 for touched 617.62, oft 26.17 $400 401 34 its best weekly rise since Jan- tho 643.70 et on May 29. On 9.55 points, uary 21 when it was the same June 10 it soared and otherwise the best since the best daily Koth Binco November 27, 1957. Including 125028 coNovember 14, 1958.
that day until the close this past week, the Industrials rose in 14 of the 17 sessions.
3.45 3.35 3.10, 3275
5000 312
285 28.70
114 113
113 113
200 ## 115
17.00
1B
13217.89
1000 17.6
1000 G
Daily Avaraga
Daily average volume for the 240 17.60 four-day week was 3,239,305
$100 in 15
27.00
28
500
500
10 20.00 27.20
since the week 27.00 shares, best 27.90ended May 15. It compared with daily average of 2,964,180 500 26.98 shares in the previous week.
29.0
At the close of the weeks, the Industrial average was up 71.11 1058 close. points from the
week's close Utilities at the were down 2.00 points from the 1958 clase. Rulls are up 11.21 A total of 1,395 issues appoints from that date.
Industrial production set new the tape. Of these peared on 921 advanced, 323 declined and highs in the first half of 1959. 1.53 151 held unchanged. A total ofDuring the past week there was new highs a lull in business because of the 148 sues reached' for the year while 58 louched holiday--UPI.
1800
ZT
341
500034!}
1%
4600
18 20
1420
15
18.70
ID 1000 10.00 new lows.
www
0.40
Nanyang
11.10 11.40
3000 2000
1000
8.40
Leadership centred on the 0.20 highest grade issues
on
2009
125
circles to avoid a strike if $4,425,000,000 In the 1946 scal But there was one good pre- Cement ... 341 341 3200 at all possible.
Metal 1. personal STORES, ETC. A direct consequence was the Income was st) tixing. From Patry Laising of the national debt ceil- the December 1058 level of just Watson
L Craw ing to $295 billion. Another re-under $360 billion (before COTTONS suit was a report by the Presi-
the rate of income hns Textile Laxes) dent's ecommittee оп price been climbing by $8 billion a stability ticaling with new month or more to its latest re- are being used up. But, as one dangers of inflation and decorded level of $3702 billion in MISCELLANEOUS 13 ceonmmist put it, such a slacken-
manding Immediate remedial May. Also the cortsumer ts Vibru than ing would be no more
INVESTMENTS netion by Congress. Democratic showing increasing willingness Tht. Invest. 4.10 6.20 100 urfnce distortion" in
leaders of the House ways end to go into debt, as indicated by Allied ...4.20 tinually expanding economy.
committee tentatively the current high level of loans. IK & FE
Invest approved a proposal to give the President Diverellonary powers to raise or remove interest rate ceiling on government bonds.
Confirmed
2
con-
me
The
was
Car Production
the 11 Baard. Steels and meters domin 11.40ated. Chemicals had some good
13; gains. Individual tyres, incials, farm im- aluminiums, drugs. 6.10 plements, und electronics scored
wide gains.
As with steel, the automobile SILVER STEADY
American Motors topped. the list with volume of 211,800 at shares. closing the week $444 up 14; General Motors 24 points which is an addition ul $631,102,000 to the valuation of its outstanding stock.
Betilebern Steel gained three points on the week with volume Bombay, July 4.
of 140,500 shares quiot fourth place. U.S. Steel displayed a
IN BOMBAY
Silver
Ils
in
סאים
Apart from its obvious tuses M: Foll said that here they for tatile tops, ele., It has been
bathroom walls were faced with a requirement | used for higher definition, Japanese Aluminated wall panels in re- extremely in staatrans. Production of this printing Was Some of the ebaracters had thin material has only recently has
As the Best mid-year statistles black lines only three thougun but has ntreadly aroused
becane available, they Unti-
Industry was another cause of Brined what had been indicated
administration's anti-production
im- sandths of an inch in thickness much overseas interest,
outstripping while others hat! similar
The came firm have developed before, J.e. that during the first indallonery campaign
mediata consumption. Car pro- Finally, the denni-ja, novel method of fabricating) half of 1950 steel has been the discordant note in a chorus of duction in June was the largest white lines.
to 300 es chemical-duty plant. Vessels are primary driving forte behind mid-your stock-taking and for cay month since 1955 and 65 flon was changed
Muirhead engineer made from rigid P.V.C. sheeting the rise in over-cll industrial crystal-ball gazing. With the per cent over June 1858. This per inch.
then installed the first equipments in and
reinforced outside production to
strike threat postponed further supported forecasts that A Tw Bil-time steu) This makes peak. The steel boom then several leading economie author total output for this year would underlane in the bullon market 44 points on 60,000 shares in Japan and trained Inpanese per with glass Obre.
volume and sonnel in their operation and possible P.V.C. pressure vessels spilled into other areas and has ties in the country pauses to reach & million units. The June in the weck ended July 3, with 14th place
unlumituri contributed and tunks of almost maintenance.
figure carried frst half produc- a sellers market predominating. Detroit Stent mude 12th position tion 10 8.28-1,073 cars, or 43 per i After an initial dip, values with sales at 92,600 shares und
ona gain of 24 polls. cent over the same period of temporarily moved higher
speculative support, alded by Other actives included 1950.
advices but Alden in second place, But car sales actually dipped Higher up-country in the second third of June by again turned downwards follow-board Marine in fifth place and Limited In sixth three per cent, maing at a big reports of increased arrivals Aluminium
in northern India.
placc. dally rate of 18,028 car COM-
In the Arrivals were 400 bars. Oft- Among the big cains nduily rate of pared with 20,200 during the first ten days take were 18/20 bars dally group of stocks used to calcul
Chinu Mail Speelul.
ate the industrial average were of the month.~UPI.
On June 1 the equipment size which are already exten». went into full operation with ively used in the plating in- fine editions of the Asahi Shim-dustry, in steel mills
And in
is
ban being paddlished in Tokyo chemical works, Another op- i
500 miles plication for this technique and Sapporo, SabT" apart.
High Speed Camera
For fume ducting, where the glass fibre gives essential pre- tection to the fragile P.V.c.
The firm are also making con- siderable quantes of Abreglass
Beats Pressure Gauge life raft containers. These con-
HIGH speed camera
A capable of filming
tainers are now being used ex- lensively by British and over- scas shipping companies. st
manufactured in
are
They
varying
the rate of 300 inches sizes, and are corrosion-resistant 10 efficient and require BU maintenance. por socond is that it can record high They furin the housing for in-
in spood rikos pressure flatable rubber life rafts, ne- commndating from 4 to 25 per- and vibration which aro sons, and are subject to rigorous not within the scope of tests by the British Ministry of the ordinary pressure gauges Transport, The Mes Group, which have maximum Shoreham Airport, Sussex, Eng-
land. I response of about 5-8 cycles
per minute.
Where pressures fluctante at
these
greal speeds, ordiny System Prevents
gouges give errors of between
30 and 50 per cent. If design
wvorit was carried out from such Chimney Corrosion
results,
occur.
serlous failures
instruments
could
and cathode ray
resonance
can
in
the metal chimney with an aluminium shield..
mughllly to
the
take stock.
London Market Breaks New
High Ground
London, July 5,
As in New York, stock markets in London broke through to new high ground last week with the Financial Times industrial ordinary index reaching 241.1.
buying.
COTTON
in
FUTURES
TURN DULL AGAIN
New York, July 5.
Glen Out-
Last week's four-session cotton market was a dull affair again with all but
the two most distant deliveries finishing on the downside.
•
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zame
Money they make on High Street
10SHILLINGS
8/3
B
(...1950 ...LATEST
MARGIN ON
£ SALES
7/25/3
5/6
[5/9
4/2
5/11
6/1
6/2
ARTIE...
Longlon Express Bervice.
Bank Of England Statement
London, July 5.
The Bank of England state- ment for the week ended July I. reads as follows:
xteriins
Note I circulation .. 2.123.270.2148 Public depoyita
Privato deposits
Government securities
Other securities
Bevelpis
Natio
10,330,304
323.700,070
2:41,109,530
0.3
40,000,vs £1,900,391
UPI.
.Bank Of France
Statement
Paris, July 5
The Bank of France statement for the weck ended June 25.
trant
201,002,312,548 11.160,380.015
103,228,000,000
Total bile discounted 1,459.735,587,631 Bank notes in circu
lation
Current accounts A320,81,45
depcelts
233,136,003,275
KUPE.
Paris Gold In Doldrums
In The week fell into two parts, cent. addition sterling is and
May coifon exports by the with a new fortnightly account very strong. The Apeli
much
At Thursday's close, the list without iporoasing farm income; May trade figures ure opening on Wednesday. After a
a heavy burden U.S. totalled 39,095,000 squarė Rix while placing
yards against 40,003,000 in the quiet close to the old account, greater than had been expected. ruled 14 points lower lo
month last your and Gold reserves rose £19,000,- higher, equivalent top loss of on the taxpayer. - interest in industrials began i
The broaden with the start of the 1000 in June, a very satisfactory 70 cents a bale to a gain of 30
Earlier in the week the Na- 37,855,000 in April, 1959. of cents.
of American Rail reads as follows: urged Association Council new account and for the rest of achievement for this time
The nearby July contract was tlonal "Tǝtion rising the year. Chancellor of the
rolling reads predicted an 8.2 per cent Tatal gald holdinan the week prices were
Heathcoat weak most Derick
of the time on USDA to start the ball
on third quarter increase in cotton Total other currencies selective investment Exchequer carried gently on TAXPERIMENTS
EFU By using electrical measuring E
and Amory gave a most encouraging liquidation pressure. This tended towards import restrictions
wearing loadings over the same peried hulanen zuread to unsettle other nearby months, cotlen lextiles, out in Britain indicata
lust year. PPI. The advance, is based on in- review of the economy. TAKEOVERS
The certificated stock of cotton apparel... The displays in conjunction that-the-amission_of_smuts (dustrial expansion but it is with the high speed camera. it from Industrial boilers can being restrained by the approach In addition to all tils, ke-on-July-1-was-18,105-bales com- Ir possible to record happenings | at up to 100,000 times a second.be provonted by insulating of a general election and the over bids and rumours of bids pored with 20,000 bales a week
knowledge that the markot has have been the main factors earlier.
LITTLE PROSPECTS RESONANCE
still to survive
a shake-out behind the continued activity of
Bold firin A leading spot Mechanical
after a steady six-month rise. equity markets The blus have component of a motor car, the This keeps the temperature
GILT-EDGED
covered a wide range of bust-factors in the market still offer Gill-edgeds have had a quietness which have tended to in-tule prospect of any substantial engine of a ship, railway rolling of the chimney suficiently high
but the improved to prevent on acid layer ant stock or similar machinery, say:
but steady week with move-fluence investors in many sec-price move
crop outlook and the govern- result in the report,
smuts from forming.
tuts of the markets, CK- ments either way borely
acreage calimate structural failure. And
In co-operation with Shell coeding 1.3d. The Index for It has been a generally quiet ment's arst
is expected to be well i usuntly difficult to set up that Mex and British Petroleum government issues had fallen 0.1 week in the kafir market but which
have been some good above a year ago, contala bear- equipment when the machine is Limited, and the British Laun-
on the week but this has been there
hasish aspects. When interest in use to get accurate assess- derer Research Association the due to lack of buyers rather features.
During the week Senate and experiments were made at laun- than a surfeit of sellers. Early been sagging in London, Johon- ment of the resonance.
Approved The Arm has consequently dries, dafrica and other faclories. In the week there was specula- nesburg has come through with House conferees
bill appropriations So American buying which compromise frequency was shown that acid can be tive buying of Battle bonds on developed a sweep
of during the year which began melal chimney hopes onciliator by which, components deposited on
of a settlement of the hne lifted a selected group
particularly Western on July 1. They also decided to of these types of structure can walls wind cause corrosion. Tival debt claims of the UK sharet, be lested in the laboratory Soot and other solids stick to and USER. But after Tuesday holdings which have touched, a give the administration at the
peak of 1709 3d. The advance nuthority it asked where they are vibrated aril the neid and bulld up to a layer, Interest died away and prices now Actally over a wide range of which Cikes off periodically and recoded.
June quarter diamond sales byla planning next year's soll frequencies from 10 cycles pe is broken into smuts to bc
There was also a brief revival De Beers Central selling orga-bunk programme.
PRICE SUPPORT second to 32 kfcycles per second, carried out of the chimney by
of interest in Greek issues but nisation were highly satisfuc-
The Department of Agricul- Done by mechanical means, this the flue
It also evaporated the close lary and shares in diamond
initure
Bet the parity price of everywhere By surrounding the chimney testing would take many weeks.
of the worlt. Dollar stocks on mines
shares cotton on June 15 at 28.05 cents Copper The frequency rango on the with an aluminium shield it can
were up on the week consequence. balance
have done well, with Selectloni a pound, off J9 from a month orcillator can be varled to suit be kept at a sufficiently high reflecting Wall Street
a half cent carlier and down toTrust in the lead. the experiment in hand, and the temperature to prevent the acid There has been much
Olis have been subdued but from a year ago. equipment
from forming. favour industrial equities last will automatically layer and amus
Yesterday, the US. Commerce the undertons has been Armor, Business Teepvery sweep, this frequency range at a Although designed for oll-burn-week. wide variety of selected gpeeds ing equipment it is expected now getting seriously under-with Shelt and Canadian Eagle Department called on Congresa to abandon price supports god for as long as necessary, Arms that the system will be equally way. production rising bearer shares in the lead.
controle, charging There has been litte interest production strong Whitworth Aircraft, Ltd., applicable to appliances "burninongly, unemployant tias
they spur excess production per lin- rubber shares.-UPI, Baginton, Coventry, England.)
OSÉS.
ing other fuels.
fatten
Д
1
further. 1.0
15
rose
2
for
GROCERS BUTCHERS BAKERS
SHOL
TURKCTURE
ECTRICAL
Sales along the High Birpola of Britain kyp raing stendur. But how much for the shopkeeper make out of This chart shows tho every C1's worth of goods he sells? trading margins on a variety of rooda, and how they have chapred since 1950. Butchers and bakers are having to woll more to make itving. Others are getting a higher return than nine years SKU:
Paris, July 4.
was again The gold market
week In the dokiruma in the onded July 3.
Trading was quiet and only routine movements were noted, while the price position 'ap peared to be settled and traders did
major not expect any
changes unless outstanding
developments
Mall Special.
occurred.-China
Exchange Rates
*Busineza wa done in the locs) udoficial exchange
market
orning at the following rates; V.a. dollars (per $1)
Sterling notes "Eper" 2]), AG Australian nolem (per
Indonesian riplak sprr 2005 By Beats (per 1005 Bingapore (limit)
PRAPEZ