Page
ΓΙΕΝΟΕΡΑΣ
THE CHINA MAIL, MONDAY, JULY 27, 1969.
Weekly Survey On American · Economy
NGENTING STEEL STRIKE DAMAGE
NEW MACHINE ACTUAL PICTURE FAR
FOR INFLATING TUBELESS TYRES
A HAND-OPERATED
MORE SERIOUS
New York, July 26,
Steel strike damage to the U. S. economy mounted this past week but it was still well contained and casily absorbed by the earlier record setting production pdco. All scomed agreed that crisis would not arrive before the strike is six weeks old.
A recheck of existing sice} | pn extension or Inventories in the hauda of In- under contract
machine is now being produced for use by garages and service stations for inflating tubeless tyres up to a maximum pressure of 40 dustrial
It enables an pounds per square inch. unskilled operator to inflare a tubeless tyre within 30 seconds without, it is claimed, any possibility of damaging it.
The machine, which la in production by The Hymatic
Engineering Company Ltd. of Automatic Control Clover Street,
Reddites,
Worcestershire, England, will
operate from ordinary stimp air In Making Stockings
lines delivering vicon at nt 79
to 100 psi. and in Atted with a
TO
A
SIMPLE control
prevents neetis It
anfety Valve which over-inflation. fastening down, weighs Iósa than 330 pounds and is castly moyable, Maintenance is simplc,
A
automatic will which circular hooo
Industrials Hit New High
On Wall Street
New York, July 26.
who are not $50,000 miis instead of the Industrial stocks rose to a new record high in the
that union. | planned 500,000.
or
users and in ware- These smaller mills account for houses revented they were about 23 million tons of the in- actually higher
annual capacity than originally dustry's wonted. Iron Age Magazine; 147.6 million tons. the national moin-working steel users went weekly, said Into the strike with Inventories of 23 to 24 million tons-soma three million tons more than was reported last week.
But the magazine warned --- and: It was joined in this by all other responsible sources-that although on the face of it this could mean enough stocks to weather a three-month strike, the actual picture was for less optimistle.
expected
These mills were expected to of steel turn out 374,000 tons this week, the equivalent of 13.2 per cent of capacity.
Another bright spot is the 3.7 million tons record inventory in This is, for steel warehouses. the most part available to users at higher prices, of course d only
With an alumínium strike now considered probable, fears were being expressed, that this could be tho worst year for strikes since 1948 and that a chain of walkout could bust the boom that was in the making. Threats of strikes have already been sounded for later the year in the rubber, canning, railroad and shipping industries. +
Japanese Steel -
kate
interesting sko
atcel to how much can European and makers Japanese capitalise on the strike in in- United crued exports to the States. Any Increase, unicas
some of these ware- house,
An where affiliated with stuck mills and represented by die steelworkers union, have also been affected by the strike.
On the other side of the ledger, the side of the damage rauiting from the steel walk- out, were these entries:
The Treasury estimated losses
Workers Laid Off.
some time to generate. Since
past week and closed about a point under the top.
HONGKONG
STOCK EXCHANGE
Qui Dum Correspunden?"
than
The industrials more made up losses of the previous week. Other sections" notted small gains but rails tagged be- iind and failed, to make up their 5.27 point loss of the previous work. Utilities added a gain to ono a week ago.
The market fell on Monday, gained in the three cubsequent sersions and dipped slightly on Friday oven though on that day rains oudaumbered losses the market as a whole.
for
Steels had several sessions of strungth and so did the chem!- jenis, "Electrondes produced some
niuma,
Business done on the Hong-Wide gainers, Drugo, Alumi planned well ahead, would take kong Stock Exchange this morn-hed nutes, and ginas lexues perioda of strength.
up, vigorously.
Bhara
Not Impressive
last December U.S. Steel im amounted to approximately parts have been rising and ex-$1,000,000. Non quotations and Social Indlydual issues noved
the morning's Transactions:
Buyers Believe Bales BANKS
K Bank XD Kast Asi INSURANCES Union SUPPINO ̈*
1.30
the
K. Wharf
Di 01
Waterboat. 23,00 Wheineks DOCKS, ETC.
Dock
Talkep
enable
Feeling The Pinch to produce The Inventories, Iron Agy | machiner as there are few moving parts.
stockings with constant log cald, are not in balance and and foot sixes hus boon de-, they are not evenly distributed. with The wheel,
tyre and
veloped by Britain's_Hoslory A few of the users will start in tax revenue due to the strike ports falling, unill imports now valve already asonbled, is
at between $142 and $45 million excood exports. The imports placed on the lower platen of and Allied Trades Research feeling the pinch in less than a
month. After six weeks the weekly. Of that some $30 milliarch't been especially high in the machine, with the rim above Association in Nottingham. effect on the economy would flon would be accounted for by bulk tonnage but they have the rubber ring of the platen, | Without control, stocking "vergo on the serious."
lost profits on the part of the been in Items that hurt-nails, so that air will not tenk when fengths vary considerably and The seriouances of the slus-seel companies, the rest by lost barbed wire, steel fence and the supply is turned on.
Wages.
pipes, especially oli pipes. hand-operated hydraulle jack have to be hand sorted into tion would be compounded by a raises the lower platen until the matching pairs bofore they strike in the aluminium indus-
trics now generally wheel makes contact with the can be sold. 10p platen. When the rubber seal on the top platen is firmly in contact with the upper edge of the wheel rim, the outer ring of the top platen will have depressed the upper side wall of the tyre, leaving a gap between the upper tyre bead and the wheel flos. The hydraulic jack is then locked by means of an insiator valve, which prevents the lower platen being forced downward during the inflation of the tyre.
The new unit, known as the positive food system, ensures that exactly the same length of yam is knitted into every stitch. on circular hose machines variations in length are usually the result of yarn, knitting or finishing Inquences, with the major
Irregularities arising during knitting. The control unit eliminates this factor leaving only the minor causes,
Manufacturers using the post- live feed unit will, it is claim- ed, be able to ensure that all machines knitting a particular required specifications, and call reproduce a particular knitting quality positively and quickly as
required.
Setting does not depend OR board measurements, counting of courses, etc., but on a zingië
35,000 workers
the
Provident
Figures put out by American Iron and Steel In- silute show that during the first four months of this year total LAND, ETC. imports of steel pipe and tubing ink and
HK Hotel wero 120,940 tons, compared Hentty with 200,038 tons for the entire Although small year in 1958. In contrast with U.S. production of 3,812,016 tons of steel pipes and tubing in that year, imports of this typo of steel have re- 300 per gisited a
cent gain
UBE
Amaig. Тучи
A. Tawah UTILITIES star Ferry Tram
Yaumati...
0.30 2000 ( 04
07 101
200 € 431% 12.70 2003 2 19.073
20.40
30% 1053 STIG 1.875 1.65 5000 1.6
2.80 2.625 11000 4 2.025 3.84
1704 / 3.05
3.16
200132
2920 20.40
139 112 113 400
Den 2 113 C. Light ... 10.20 10.34 1000 a 18.35
Electric... 2014 28.00 400 23.68J
15400 + 2015
on August 1. Three major com- proles -- Alcon, Reynolds and Some Kaiser rejected Undon wage affliated industries, mostly rail- demands in a move that makes roads and trucking, have al paralysis of 85 per cent of US. aluminium producing enpacity ready been laid eft in what was generally considered just a be- probable. These
three com ginning. The figure was bound panics account for an annual
to increase sharply as the strike US. aluminium output of 1
because some 35 per gocs million. tons. Soc 35,000
cent of all manufacturing Jobs workers organised in the U.S. in the U.S. depend on stoel. For Steelworkers Union and 20,000
rach production worker others organised in different steel industry, nine others in from the 77,107 ions in 1955. unions would be involved,
factories are using steet pro-
Some Macao E. And the push is on. The nation's steel output loal | duels. When their source driesten companies representing "six | Teleulune
recension week slipped below
up, they too, will be out
of different countries have estab- was when lished sales agencies in the US.. this situation would arise.
banking on higher UB. steel INDUSTRIALS accepted prices It was generally
and a prolonged steel Cements, FIC."
STOKES, that in six weeks unbalanced | strike, The articles they hope hairy steel supplies will become com- to push most are stool pipes for Watson mon, that is, there will be oil wells and oil and gas pipe- enough of one kind of material lines. Just how well they will | COTTONS. bat of enough of another that be able to make out, remains to Textile XD lins. to go into the same product. [be even This eslimate was made by steel magazine. Although auto- | mukers ot the start of the
tons, just below 30 per cent of capacity.
before, The week steel mills turned out 2,238,000 tons, just below 60 per cent of capacity.
Bright Spot
Opening the band-operated stop valve on the upper cross member of the machino admlis quality are making goods to the levels of a year o60-~1,079,000 jobs. The question air to the upper plates, where it passes into the tyre through the gap between the tyre bead and the rim. This forces the lower bead
the rim, Grainst acating it. Air pressure in the platen and tyre is registered on ngauge on the top of the platen, and when it is about 15 psl. above the required fyte pressure the air stop valve is closed and the hydraulic boln- tor valve opened. Pressure in the tyre rapidly forces the lower platen downwards and the up- per tyre bead snaps into place, completing the seal. As this is made there is slight pressure drop in the tyre, which has been allowed for.
10
The standard Inflation 10- chine is fitted with platena perommadalu wheels with 13,
mechanical setting of the contro: mechanism. The stitch structure › is improved because a definite amount of yarn is fed for each loop.
The principle of the system has already been applied to fabric machines of the revolv- ing cylinder type and to single and twin feed half hase machines.
Nylon Carpet
14 and 15 farkes (33, 35.8 and Centre In London
38 centimetres) rims, but Inter-
changeabic platens can be sup-
of
plied to accept larger or smaller wheels. The changeover platens takes less than
* minutes.
five
NEW INSECTICIDE
NYLON carpot contro ----claimed to be
the
first
in Europe-was officially opened in London recently by Sir Gordon Rus- sell, director of the Council of Industrial Design and internationally known figure
FOR COCKROACHES in the art world."
...
The centro is the idea of the British managing director of a
G
A new insecticide which carpet firm, Mr Alfred Morris, especially effective in combating cockroaches has been developed. Cockroaches are a serious pest ships, and are often in many partioutant difficult to iminate,
Tests with the new compound which is a carbamate--ore said
r
exter-
A
insecticide.
The bright spot in the stee! picture was the fact that mills representing some 15 per cent of capacity tire still operating and probably Will continge to operate during all or part of the sirike period. There are more than 70 nich znaller plants whose contructs with the steel workers union have not yet ex- pired, who have been granted
Shortages
strike confidently predicted they Although U.S. Oil companies could go into 1980 model pro- are well stocked with steel tub. duction with existing steeling and pipes, there may be slacks, it now appeared that I shortages Boon in specialty the strike gues into September, shortage of parts might force producers to limit their initial buildup of New Year models to
Quiet Conditions
Prevail On
London Market
London, July 26.
Warm holiday weather and speculation on a nearby general election restrained stock markets last week and they were the quietest for five months with no decided trend showing. The underlying firmness continued, however.
tema, Foreign tubular goods used for drilling have already. been reported eight per cent up. In price since the-start of the current strike,
The biggest competition to U.S. steel piping and tubing for oil Industry purposes is the European coal and sleci com- munity which accounted for halt the 1958, imports, of that, Ger» pany's share was 58,238 tons. The British were second only to the Germans, the however, necounted only for 6,200 tons of last year's volume.
9,00
20 23.10
But on the whole I wasn't an impressive market. Leader- ship volume lacked the call. bre likely to attract a big Col- lowing. Hupp was in too pisco, The Incentive for the gains that were mado como largely in the form of glowing corporation reports, several stock spilte, and | higher dividends, and govern- mant reports showing gross na- tional product and personal in- come at record highs, For the Inflation minded thapo wea rather charp rise in the cast of living index. And for those who Use to see a riev'an the short in- terest, there was a small one for the month ended July 18-the first since January.
#
|
DRAGENERAL *
ELECTRIC CO.,
LTD. OF ENGLAND
INCREASED TURNOVER
The Filly-anth Annual General Merting
The Genorol Electric Company. Limited, will be held Thursday, London...
September B,
The following are" exiplets trom the circulated sintement by Sir Lesile Gamage, MC.. chairman, for the year ended March 31, 1950;——-
1
In my review lost
year I expreured the, hope that wo should achlove some improve- ment in profits in the 1950-59 financial зеле. This hope seemed
for from realisation
which the board reviewed the Ilgures for the first nine months' trading and decided the interim dividendi. In point of fact, however, the profits for the last three months of the year Ая surpassed our, expectations. a result the profits on actual trading account, before charging depreciation, ole, mounted to £9,407,000, a slight increase on kst year's figure of £9,320,030,
We have decided to recom- mend a final dividend of 1 per cent., which with the interim dividend paid in April, . will moke a total of 10 per cent., the same as the previous year.
A REAL ACHIEVEMENT
Under the conditions which prevailed last year it was a real
achlevement to have increased our turnover by over £8,000,000 to an all-time record of £108,- 000,000. More important #till, we start the year with ti factory order book of £133,- 000,000, considerably higher Outstanding than last year. Among new works is an atomle energy plant in Japan.
It was also a notable achieve- mon! on our part to have increased our exports over a period in which total British exports showed some decline;
this was accomplished despite Aerce competition which forced down profit margins. At home the rcocssion in industry con- Linued to deopen until the late autumn, when a change of
Was Da Government policy. Business abrunk with layolla
nounced--a change which I had in companies depending on steel 2006 200 growing. Steel operations dipped hoped would have taken place The re- some months earlier. tc 13 per cent and car loadings gults of that change in policy, 900 kr 20 263 + 20. performed poorly although showing a small guin becauso 337% 34% 1000 34
of a rise of coal loadings after 17 17.20
{ tho resumption of the mines as 131 1590 2000 15.8) the vacation period ended.
2300 23.93 ↑
0 4900 4 5.03 20.70
Lane, C. . 20.50′′ 20143
3.05
Nanging INVESTMENTS
Allied
Invest. HK & FEi
XR & H. 11.00
28.10
4.10 4500 4.00
Bank Of England
Statement
London, July 20. The Bank of England state- ment for the week ended July 22, reads as follows; Notes in circulation .... 1,103,150 Public deposits Government securities
Private porita
Other securilles
Receipts Ballo
sterling
14,919,201 $23.403.1 213,844,350 63,895,943
18.9
یبره
Japanese, Exchange Rates
Business was done in the local
The interesting point nhout unofficial exchange market this the steel strike is that it uc-moming of the following rates:
U.S. dellars (per ell, curred against a background ring notes
and some observers are inclined atraen notes (per fil to believe that it occurred pre- Indonesian rupiah (per 100)
Shagapore (Strai ground of mass of record- both govern-
cleely because of that back-Stam Tials per 1031 setting statistics, ment and private enterprise.
Within the past week govern- mut announced:
That the gross national pro-
duct, the output of goods and
$11.8
and
$30
24177
12.71
3.00
2030
1.81
At the close of the week, the Dew-Jones Industrial average stood at 003.72 up 0.50 points on the week and up 20.12 points from the June 30 close, Sales for the week totalled 14,785,280 shares.--UPI.
ARTIE...
THE
Ati
London Express Bervice
New York Cotton
Market Review
New York, July, 26.
During
·
so far as our Company is pr corned,
wero felt more im- mediately in the domestic
equipment and radio divisions.
FACTORS IN THE OUTLOOK.
You will, I think, expect me after these two lean years through which we have passed to give you iny" views as regarde the future. With economie and political conditions at home and overseas constantly changing, it la impossible to promise or to guarante-I can only tell you frankly what I think and hope that I shall be proved correct,
I expect that the increased demand for electrical consumer goods will continue though per- haps at a somewhat tower level, while the revival in demand for many of our other products will gain momentum as tho year progresses-hence the cur rent year's prospects should, for these reasons alone, promil So improvement,
If I were to weigh up the good against the bat, I would say that the outlook for the Company for 1959-60 can be viewed as improving. However, the Company's managemcrit is not content merely to wall upon events, many of which are beyond our control. We have taken a number of steps internal-. 1 calculated to improve the Company's efficiency and profit- earning caprelty,
We have continued the re organisation of the Company's management. Our widespread general products has been spilt up into divisions, each under a general manager responsible for both production and sales; the now arrangement will add to the efficiency of both manu~ In facluring and distribution. the engineering group, we have reorganized the functions at the senior staff on a divisional basis, 89 Da to bring about
Individual control
better
whose aim was to provide showroom where the public and buyers alike might see ut leisure the vast range of pure nylon carpets and rugs which are de
match any. stried to
colour scheme or any style of decor.
services rode to an annual rate Mr Morris told the LPS In-
of $482 billion in the second dustrial Correspondent that he
The quarter.
April through to have shown that it gave
eventually to export na hoped
June performance
was The g-edged mpricet.con- this past week. Prospects et a very high rule of kill.
this an During
the tests mosonite much as a quarter of total pro-
Linued steady until Thursday general cloution
Cotton futures were in the doldrums last week with when prices · began
onca more les resulted Jo a demand forbillon above the first quarter annual rate of $470.2 billion, ponela were dipped into various duction.
the The opening of new their downward trend as the to- {optioris on steel shares.
prices edging lower on small turnover.. expectations are third quarter formulations of the and the insecticide was allowed centre reflects the growing sult of mail selling coupled to ago for different periods of popularily of man-mado fibres with a lack of fish demand. The blue chips have been output will slow down
fourth quarter performaner, At Friday's Anish on bid the market pries would be from two to six
daya. The as a corpet material. In one Fear of higher interest rates infirm under a selective demand after the steel strice, will more prices, fins et ruled unchanged determined.
American renits-are-sold to have shown month_his__year 1.3 million the United States was the main British
Tobaccos, an make up the loss to the to 15 polnu or 75 cents tower Govt Stockpile.... that the insecticida da exo-pounds weight of man-made cation of the casing in British Dunlopo, Lancashire Cotton and nation's economy scrambles for an n with earlier.
the week the US, Ient control both Teinibras were used in carpet fundo. In the foreign bond Unilever have all done well.
Light commission house buy- steel products équiņ, cockroaches, even when the de-manufacture, out of a`loial "of, mariset Greek issues Buztuated
ing and some mil! interest kept Tariff Commission disclosed, the between days of speculative kn
A colable feature of the week
near months relatively steady government stockpile, for long posits had been aged for 60 days. 5.8 inillion pounds Britain.
Personal Income 16 shillings Jump In
deliveries eased staple cotton is new, more than greater The chemical composition of the Nine years earlier the total tonest and profit-talding but was the
but deferred
service to now insecticide, which is called amount of fibre used was just price were fractionally higher Ford Motor shares on Wedne
American buyers That permonal income roso toon predominately New Oricans 200,000 bales, and some or all of quicker decidons, and Sovin, is stated to be such that over 4.8 million
day when but on the week, pounds,
it may Havo to be disposed of, and more personni re Reporte on eumeurs that the record annual rate of $382.0 and southern sales,
from It is relatively
Continued excellent crop safe for ships' the chara, obtained. by
Washington our customers, man- There was 'scono amali spoculi-navod. pets. Developed by the Union made abres was only 10,000 tive interest from the Continent purent company was going to billion in June, $10 billion Carbide International of 30 E. pounds or .02 per cent.
in Gemnun bonds. Dollar stocks | ipercase its holding in the more than In May, and about ports were a softening factor, claimed there is little hope for
billion above the 1988 In this connection a loading spot passing of the Smitts bill which The General Electric Co. Ltd of 42nd Street, New York 17, USA
Moreover,
this increase has reflected Wall Street and shrink-British subsidiary is in its $23.9
total of 1959 Wilkon. For the firm sald oven it domestic con- would release 750,000 bales of England known throughout the been made
cotton to domestic world as the G.B.C, is recre in a ploneering, ing interest in these issues was Canadian, zubaidingy, --
0 million bates cut-price first half of 1939, personak ini.sumption hits period, fraught with the usual
zolum to, per cont. . A
nation prices recodod, al Ton DENN
exports another ive lan with formign imports, The British General Ficcirlo Co. Attor last wook's shake-out day and more quaddence developed in though shires were willl newly That the cost of lying, too, million, "total supplies will be bill passed the Senate but is 740.
went up four tenths of one well in excess of requirements," stalled in the fouse, the market for industrie) equi- 9e up at Friday's close
The consolidated, accounts of The Agriculture Department A new enamel which is sold
Another spot fm looked for to slow down the speed at which HOUSANDS of heat
free world cotton the Gnooral Mectsia Co, Ltd. ties with instituttoral and other It has been a dull week in per cent in June to hit a new fires travel has been developed,
big burous back to the market oll hates with embot of the all-time peak of 124.3 per orata further downward readjust estimated
of the 1947-19 petes level averment of spot prices toward the production for the 1958-59 sea show that the mpital employed insect-resistant plastic books The Financial Times index of leaders down
Expected Tho enamel is said to
lower con at 28,000,000 bales, a rise of at, 31st March 1949 amounted to bayo
age, It was the biggest month government's
approximately £64,000,000 and being exported re-
on, the 1950-60 $20,000 bales over 1967-60; proved fully effective in prevent covers are
offeringer price dingy faluarial discus row. ing the oproed of finds in veport ularly:
Trading volume on the New that the profit, for the year, to avory -- month
futures following The Kamr market has been ly increase in 10 months. from 9.3 on the week to $85.0.. There
the Britain... to.
York Colton Exchange,ini- that date after taxation amount. On the private enterprise crep, with
·mmental “tosta..
libraries and are signs that some
inzatore generally quiet with must fanien The enamel which has been educational establishments in are begining to move back, in-fandkig to eere. The out sector, major meal companies suit. produced so far in seven dif- many tropical countries.
The ferent colours and in white is cover, made of transparent Co Industrials from gilt-edged, sanding feature was the fresh and cur implora came in with a Most trade sources agreed the fiscal your ended June 30 was ed to approximately. £1,083 000. particularly since the recent buket of girengtis In the stares spate of fat earnings reports for Commodity Credit Carp. price 17,209,000 bales, the lowest in The dividetid on the Ordinary
Big the highest point in 18 expected to add fuel to union cents as at the market price" cant from last year, accordinta. year low income tax. Eyebroodoompany news year, Loralne was in demand deume that Answers demands whichever is higher-but there to the Commodity Credit Cor-group bea aver 01,000
ploynne. was wide disagreement on low porationUPI. were well juriided; bayo tended to be diacritized from Johannesburg-----ÚT)
PREVENTING FIRE
Bothacks and teething troubler. Plastic Covers
relected in a fall in the pre- This was denied the next come ran at a rate of $70.4 bil~ ↑ on the current cron and the mills to aid them in compell-peated in Hong Kong by The
ald 10 bo ceny, to apply",using {'plosite, arv, produced in and in in 175 inlocónt katrs St Helong which touched this first half of 1982 which are minimum - would be around 31 | 34 - youra angt), down (210 per cupita), is: 10 per port for, tha.
either a brusti, n'rollor, ir apiray of colour, shades, Durak Donk gun. Developed by Da Font, Promotion Gervice), BD), North Wilmington, Daleware, US AR Street, Scarborough, England).