Page
THE CHINA MAIL, MONDAY, AUGUST 10, 1959.
Weekly Survey Of American Economy
ENGINEERING STEEL
STEEL STRIKE DEADLOCK
Armed with the Multitone electronla truncheon, a night watchman is able to operats all diarin' signals and teleplishe for the pollre wifle will following 'an teuffer he has 'Tie- covered on the premises. The truncheon haa'a' built-in battery which does not have to be removed for re-charting.
New Electronic
Truncheon
now
Plus
Is Weapon Alarm
Govt Irritated Over Lack Of Progress
New York, Aug. 9.
The US. 59nemy wae, humming et a good race this wook "allowing for seasonal summer slackening of paco and the Mare Ferigue Fact that the steel strike entered" its fourth
New York Cotton Market Review
New York, Aug. 9. Trading in cotton futures was dull and Track trendless" "again' this past week.
At Friday's close the miled three points lower to 10 Wigner, or downs 13'erfils to up
'conts
bule from a week édrlier.
The govemment showet first Elgh of triatlon at the lack of pipgrets "In what it considered sporadic bargaining 'sessions' be- tween steel mahagemént and There were some hard ofon. facts' behind this impatience on ind part of Washington:
cavy Losses Heavy
+
HONGKONG Khrushchev's U.S.
STOCK EXCHANGE
Our Own Correspondent,
Business done on the Hong- kong Stock Exchange bals morn- [ing amounted to approximately $872,000. Noon quotations and the morning's transactions:
Shares. Buyers Hellers
HK Bank..
best July on record and a gain of 793 per cent over July 1950. Rambler salda fór the first ten months of the 1059 model year BANKS were 297,652-n“ Inérkave, of 120.1 per cent over the 130,511 sold in the same period" inst
year.
DI5 07734
INSURANCES Union ..... 00:4
12
- ម
Kalen
3 a 130
341 07814 20 w 977!
300 4 0
100 ng
Visit May Put Wall Street Up
New York, Aug. 9. Glamour stocks beat a disorderly retreat this past week when Nikita Khrushchey sheathed his sword. Some traders argued that the visit of the Soviet Premier to America and President Eisenhower's visit to the USSR might thaw the cold war a bit and bring some contraction in arms spending. Khrushchey said he would do no sabre rattling on his stay here. Recalling what happened the 184; Beckman off ?; Motorola last time the government cut oft i: Zenith off 142.
Alreraft-Martin off 5%. back arms spending, the holders of defence stocks made histe Melal-Reynolds oft 8%.
U.S. Steel and Bethlehem to lighten their inventory. They
and more each yielded fractions in the were gelling more
Ford WO Tied as the week
pro- steels,
14 Fresexi
with the electronica | General Motors in the autos Chrysler declined Ü 1.00 1.09 000 ve 305 |în the Friday season.
40
24.20
0.33 3000 0.30 1093 M 6.20
104
JIK Hotel
159 w 33
20.30 281, 4020.43
000 3334
Detroit took heart from these figures, hoping the compoet ents Before the strfice ended its
to be introduced by The Lombard third week, losses caused by the three this fall would do as well.
SHIPPING walkout hit $1 billion, Workers Merciants dika Wholesalers Waterbost. lost $208 inillion in 'wages, steel rang up $61.9 billion in sales in Wheele companies $588 million in sales. the first half of this yehr-14 per DOCKS, ETC. In addition the compantes had to cent mere than in the first six Whart .. absorb $112 million in' overhead months of 1958. Durable gooda Pock....
Provident and chowed expenses, depreciation
the highest rate of salaries to non-production per-growth--3 per cent while the a
LAND sonnel. The government was soft line roso by elghi per cent. losing an estimated $45 million Sales
June were estimated K Land Then there of $11.2 billion, up four per cent Humphreys weck in taxes. were lost wages and production from May und 18 per cent from Rey by the 100.000 estimated Workers June 1950. laid off In amlisted Industries. The latest to be hit were some 1,000 employees of Chesapeake and Ohio Railroad,
YC00
10.0 1430 1065 100 | group getting is worst drubbing where
point.
+
Amasy... 2.070 2.70 3000 2,025
600042:30 GUVO 2.10
Trust... 3.125 A. Tewah.. UTILITIES
7.04
3.10
Tran
20.00
C.
Star Ferry. Yaumati
194 1/2
Electrie
Foreign Goods Imports of foreign goods in 10 a one-month What remained of the steel Juac Industry-some 50 smaller plants record of $1,309,400,000 eight or so operated at 12.2 per cent per cent above May and 33 per of capacity last week and the cent above June 1666." The rife rate was expected to dip below in June Imports centred 'in oll, aluminium, copper, 12 per cent this past week. Ton-run ore,
for the first half of 1959 főfallęd The trade gave light support nage produced last week totalled nickel, tin and timber. Imports
345,000, the lowest since the to near months, and commis- strike month of July 1958. "A$7,427,300,000. a gin of 18 Mac
Telephone elon houses boughtainly in month ago, steel production stood per cent over the list half of the distant deliveries hopes at 2252.000 tons d'week, and a 1950.
INDUSTRIALS Farm machinery sales so far Cement... this year are running 20 per cent legislation at thild session
ahead of the 1938 pace and a total volume of $1.7 ton is 17.20 1716 expected for 1930 eomgifts with
of
Anxiety over the lockt of in-
The
Production estimated loss of steel
TSING a tiny transister transmitter, a faded for some beft ex elices year ago at 1580,000 weekly!
truncheon enables night congr
a watchman to call for help, set off "oll alarm signals, and still be free to pursue terest in futures trading came production at the end of three the 1988 total of $1.5 billion." intruders with a substantial weapon in ometals of New York and Now!.
Yel, all other Indicators of his hand.
EL
The truncheon, which is made by Multilone Electric Company, Ltd, of 10-20 Underwood Street, Islington, London, N., has press-button in the butt of the handle. Inside the trinclteon is bullt a transistorised transmitter which, when the button is prested, sends out a signal which is pleked up by a loop of wire Surrounding the area to be pro- tected. The transmitted pulse
"House" Built
In 15 Minutes
NEW type of marquee. A has been developed,
The programune, which went into effect this year," makes the government the chief buyer and seller of U.S. cotton and dearly eliminates the "free market," exchange representatives"did.
the
July car production of 655,205 passenger cars was the best for that month
115
1000 # 18
90p 29.40
200 29.40 000 290
28.70 1000 or 28.7 2200028.70
IRREGULAR MARKET The remainder of the market was irregularly lower, Tenders
times
rose
and
The long list of gainers in- cluded General Foods, First National Stores, H. L. Groen Variety Stores, Edison Brothers Stores, Great Northern Paper, 100 4400
defensive Orune Co., and U.S. Gypsum. 2000 2180 veered a 16t toward
BONDS IMPROVE 500 20.70 Biocks--issues whose companies 100137
prosper in good or bad
While the foregoing issues 300 113
such as utilities, stores, foods most of them defensive, were 14.49 18.00 3700184
on the like. But they didn't rising, "the bond market took. 20.220 20.40
un' an improved tone with going dump the other leading lastea
fosses held to small In all major groups except the 1d the
gained rails. amounts. The utilities
lightly on average,
Measured by the Standard & 34 3000 * 24 700 34
Poor's'
500-stock index, the various issues traded lost 64 500 17.40
the 5.5 500, 11.40 cents each. But on 1000 17.29 billion shares listed that
000 17.33
meant a decline for the market 1420 ID 20.30 500 10.15 as a whole of $3.820,000,000 in
valuation. 4.10
STORTS, ETC.
25%
Watson Machine tool orders, a prime 1 Crow. XD Indicator of Industelal activity, COFIONA roza 38 per cent above May in Tille......
MISCELLANEOUS to hit a EW. two-year VSTO The June volume of tool
Employment
is used to operate a umali re- \ which can be anything from cation against an average price at an annual rate of 6,135,000 | labour Department
celver which automatically witches on the various alarm systems.
TUNED TO SIGNAL
The built-in transmitter is
100' feet (30.48* motres) upwards in length and half as wide, and which is suit able for a wide variety of uses where large crowds have to be gathered together under cover.
GIANT IGLO0
of about 32 cents in 14 domestic units. markets.
Pari
INVESTME
IK & PE
"Invest
13.20
6.30 7.10
19.00
Bank Of England Statement
to a head "ding the week.weeks of the strike was 3,062,000 Orlearis exchanges lindicated the new federal cotton programing economic activity spoke of con- June tinued growth, probably because high. may drive the exchanges out of inking back, as nisjer stalls-orders $67,3 million was business unless charges are tics dothey su have not more than double that of June made.
caught the impact of' strike- 1058. The figure for the firs! half of this year was $307,2 caused losses.
million against $179.8 for the first half of last year. since 1960 and of the upturn in tool orders was whopping 73 per cent above July due to the auto industry's re- 1058 when production wes hit tooling for 1960 models. by recession and by the fact that the model chonkeover camc
London, Aug. D. Under the programme
earlier that year. Production for
The employment picture
The Bank of England state- pay's farmers the first seven months of 1959 brightened considerably The ment for the week ended August government roughly 34 cents à pour for ran 49 per cent tad of 1958
removed 145, reads as follows. industrial centres moro major from a list of areas of heavy Notes in circulation ...
Publie depouta However, car assemblies last unemployment and reported Private deposits week were expreled to dwindle employment gains in nearly all Government securities <x to 106,470 units because of in- the bulk of creasing shutdowns for medet of the 149 key centres that it other securities
The change, brought is sold to the clingeovers. Ths would com
number of areas
whh "substania 1" unemployment down to 40, compared with 80 at the worst of the recession. Measured by a rough, rule of the thumb 67.3 million parcons were employed in the U.S. at developments, the Although overall July sales the end of July, and some four agriculture Department Is ex- of automobiles were a bit lower million were unemployed. pected to make a decision in than expected, American Motors Busacas publications were the coming week on the im-makers of Asherica's ara: unanimous fn stressing that:
steel strike is pro- port quota question if dy in- compact car-sald Its popular unless the vestigation is opened,--UPI..
unreasonably, it would Rambler sold 31,700 units, the longed
not depress general business activity to any appreciable ex- tont because everybody was Even at the prepared for it.
The result,
In other
said the
changes, is that domestic cotton powerce by
rechargeable
government at its nore pure with 122,618 Units produced mintature battery, which is
favourable price and futures the previous wed and 05.014 hermetically sealed tuto il. This
dealings are sharply curtalled cars turned out during the week obviates the necessity of battery
0 a year ago. 1a great advantage is that It in the absence of the necessity ended Aug. replacements and ensures it is always ready for mction. The has a poles or other visible sup-to hedge for protection.
Car Sales be "crected" in battery does not have to be re- porta and can moved for recharging purposes. Afteen minutes. This "airhouse" The transmitter is tuned in a is supported solely by air blown very ane range of signal, which Into the cover by two electric
lating to be fahs. prevents folke started-either by nevident or intent. The night-stick has total weight of 20 ounces, with a length of 15 Inches (38.1 centi- metres) and a dirmeler or D Erection of the airhouse" inches (3.81 contimetres).
whleh resembles a giant gloo The transistorised receiver istand is made by the Gourock operated by a built-in six-volt Ropework Company Ltd., of Buy battery. It has a concealed Street, Port Glasgow, Scotland— switching devlee which ensures is simple: the deflated house is the alarm is set off if any un-lold out in sections which are authorised person tries to inter- then leed together, the base fere with it. The new alarmring of the house being secured system was installed for the first by pegging it down or securing It is time in the world in the store of it by special fasteners. one of the best-known jewellers then inflated by means of att
low in London Asprey and Com-blown, in pany Id-in Old Bond Street, through a fan.
Agreed Merchant Rates
The following Agreed Merchant Rates were issued by the Hongkong Exchange Banks Association today!
'MÁXIMUM BELLING Sterling 294 1/2 21/32.
u!
n
pressure
In a matter of
Sterling
in the heart of the West End, minules the house is fully ex-
In
the
All floors in the Asprey bulding tended.
from the strongroom basement to the top floor-are protected by the one circuit.
The fan is kept running-at
1/2 27/32 East & South Africa & Ađenj Bierling
1/2 27/32 n cust of only a penny per hour (West Africa. West Indies
and the "airhouse" remains South America & F
of the pressure Kupres (india)
erect because
Automatic Control Of and outer surfaces, It is pro-
Hydrogen Production
differential between Its inner
viriel with normal-sized dobr
ways and even when these are
iet open the performance' is not
affected. Nu added lumination Rupees (Paralan Gulf Paris)
in daytime alrice, surprisingly, the light intensity Rupees (Ceylon)
Noil gasification plant, is required
ΑΝ
utilising a now largely inside
the "allouse" is nor automatically controlled mally higher than outside.
for the large-scala
process
MINIMUM BUYING
Burveys.
end of the airike's third week. only 14 per cent of metal work- ing urins reported Inventories
Receipts
Hatlo
Sterling 2211338,80ɔ 10,283,715 210 304 550 240,204,059 20.119.442 39,883 304
The Dow Jones average
closed the
!
A total of 150 locues managed to rise out of the 1,391 issues which appeared on the tapa during the week. There Were 760' declines and 131 Issues held unchanged. Through the selling which prevailed from Tuesday on there were 70 new highs, set and 53 new lows,
The Industrial average set a new high on Monday, rounding industrial out six straight sussions of risc week at
to now records. At its close on 168.57 off 0.31 points; rail Monday the Industrial average 184.45 of 3.35; utility 81.71 up was about 85 points above the 1.12; and 45 stock 221,76 off close on December 31,.1068. In 1.76.
that period the value of all Trading fell off to 12,738,484 listed shares had risen by shares, [A daily average of $30,250,000,000. 2,533,697 shares. That com-
Of the 20 most active Issues pared with 18,069,048 shares or of the week, seven advanced. a daily average of 9,013,809 The most petive, Aills-Chalmers, 197,400 rose 3 points on shares in the previous week, It
oharca--UPI, was the smallest daily averago for any week since the week ending Aug 22, 1958.
BIG LOSERS
Here are the big losers: Electron-les
Texas Instru- ments off 20%; International
Business Machines, ex-dividend, of 189: Litton Industries. off
General Feeling
Of Optimism On London Market
Demand In Cotton Goods
New York, Aug. 9. The cotton goods market has been moderately busy for this timo of the year, There
was a fair amount of business this past week in prist eloths and broad cloths for de- livery to the end of the year, with some sales being made into the first quarter next year.
Dealers reported light trading in sheetings and a good demand
In the finished goods sector, last week and pushed shares of Industrial there was substantial trading in Work clothing equities to new peaks. Each day some fresh Corduroys.
fabrics and denims have been item of news increased the general feeling of selling well for third quarter optimism which was first generated last week delivery. The cheet and towel end by the news of the Eisenhower-Khrush-business also has been good. chey exchange of visits.
London, Aug. 9.
of less than Se days and 46 per Investment funds poured into the stock exchange
cent sald their stocks would last 10 days.
With confirmed Without
Not even construction - a elter of Credit Bešter of Credit
OD..
heavy
of steel seemed user
1/3 1/31
1/10 30 days affected yet. Heavy construc 17 18
dation atvarts for the first week 1/3 7:2 20 J 1/3.5/10
Le days of August Tase to 17 million 173.7/33
million the week (Indirect Siering On Demand from $331.5 vis Europe and higher than Landon Kale).
1/3 1/10 3/198
3/32
O.D. it under L/Credit
OD. Without L/Credit
u every 30 dəyə
OD it under Credit D.D. without LyCredit
us every 30 days
04 1/4
60 days"
90-days*
*BILES ON ADEN:
before. This brought the year- lo-date total to $19.2 billion ar five per cent ahead of that year.
Stool Orders
steel orders were
►
This was
coupled with a in foreign buying both from New
the and optimism that Prime York
contacted, growing Minister Harold Macmillan's especially, Germany,
The Financial Times Indus- Conservative government would
reached
Autumn,
for combed goods.
SYNTHETICS
The synthetic fabric market I saw mills, continuing well sold ahead on standard constructions, with a moderate amount of new business reported. There was como All-in business on wool woods with prico firmn
Among the hard fibres, there
But new coming In and the industry be returned to power in the trial ordinary index
the longer the next election, now condently new peaks each day ending the warned that
An week 8.7 points up at 240.7, strike lasts, the longer will expected in the
in sisal with prices up as much take the mills to get back into sncouraging picture of Britain's Activity was largely confined to was stepped up buying reported full production, Steel opokes expanding echty was von the 1g shares but interesas cont a pound Prices have men said it would take two Dst week by the Cohen roport later spread to the more specfirmed on European buying and
Interest of Bri- 3/18 her than the rate for Dills weeks to get operations up to on prices, productivity and in-lative issues.
85 per cent of capacity, follow comes, while the rise of £17,tish investors, centred largely Europe which have stimulated Ing a one-month strike. After 080,000 in Britain's gold reserves in steels as a result of growing demand for binder twines. a strike of two months, it would in the month of July added to confidence in the general elec-la hemp also showed take the industry six weeks to the general optimisen. get back into full swing.
DE 9/10
13 1/4
07/16
OD.
3/32
1/3 6/13
1/4 3/3
62 7/10
83 3/10
T
03 3/
D.D.
53 13/10
7 & 37 days*
84 11/10
If under L/C: & higher
Without W/C: 4 Higher
vn Aden,
. BZ 1/10
3 1/20
53 1/4
Q.D.
22 11/10
78 30 days
DI 1/2
90 days
Topsea (Pakistan)
83 0/10
63 7/0
TO GAYR
just been completed.
Site erection of the extensive
The "alrhouses," which can be Kysts (urma: Hangoon) (2 7/18
04 5/10
GO GAYR
83 1/14
K 05 570
QD.
83 13/20 7 & 30 dayN 04 1/6
04 31/10 10 dage
53 15/30
53 3/8
BS 11/18
OD 30 days
20 days
172/10
J7 D/B
OD
54 11/10
30 days
195/4
100/26
X/01/9
13/13 10 13/10
16 7/8
1/3 13/10
production of hydrogon, has MANY USES
'Gay
instrumentation and control supplied in almost any size by oquipment for the process took | joining together 'standard BCC
18 months to complete, and over- ( lions, have many applications Malayan Dollars 200 skilled and scan-dlled especially where temporary of men were employed on the Job, { seini-permanent cover · is pes Together with supervisory staff. quirext such as, for example,
It is believed that this was the social functions, in building con- larged labour force of is kim struetion OT for agricultural ever to be used in England on storage and the Uke.
An Instrumentation contract.
V.6. DollarE
17 8/16 int calendar thondh tree of penalty thereafter 1/10 down "LDE DROIT onlyndar month);" Canadian Dollars
Pounds
The now-plant in for Impertol The "althouse" can be madđa of in Chemical Industries Ltd., at nylon or
23ulingham, County
Terylene, the latter NAPRA
particularly Durham. bekig
mullable Now' Zealand Ponnés
England, and the installation of where extremes of temperature inirimentation unct control in the tropics or in polar, auth
equipment was carried out by regions are to be dealt with. In Hetjan Kranen pro
the Automatic Control Division the case where the "airhoute" is W. CHETONA Deutcheriacka 73-7729
of Constructors John Browys Lid, mected in cold atmophobes the
of The Sanctuary, London air from the fans can pa pre
or See There Tramaten snd pille may
BW.L
bented.
27
forward and therpetter
wasty ip to two month
Arw months” for wat
MAIN-INTEREST With the main interest centred
tion outcome.
continued this past. Shell Transport was up
record agricultural harvests in
Bank Of France Statement
some improved strength with a at few offerings" being "made GERMAN INVESTORS -
prices -cent above pr gloan Once it' geld there, however.
This also attracted Goann sales. The offerings promited Industrial output in the last in the industriais market, zite quarter is generally expected to edged were largely neglected, investors who now and the level and the demand good.-UPT.
et tow peaks, making up for and the number of interest in of yields in London higher than
their own. the third quarter." seläncka | vestors were uident to offset the Steel's full onder books which | small amount of switching into The upward 'movement in oll
full cappelly Industrials. This resulted will necessitato
in shares production wore the basis for a fontes ranging up to 5/13's in week. general hope that 1050 will yet Bellish funds on the week nearly seven shillings and the
Paris, Aug... close so an all-time record year. Foreign bonds were also neglect other leaders by amounts vary- -UPI,
ed. On balance Greek lasues ing from three to four shillings,
The Bank of France'stato- were from 1 to 16 up on the The Ramr market has been ment for the week ended July
firm all week on selective buy 80, roads as follows: week. Dollar stocks sagged.
The ludustrial equities marketing from Johannesburg, Imuch of was unstandingly buoyant. This it on American account. Lon- Total cold holding 301.002.$18,800 week with the blue chips in the don's interest has been chiefly Total other currencie Business was done in the local lead. The improved International elsewhere. Plutnundi had been | #OLEPUM
Exchange Rates
1h18
Bight balance ( abroad
19,519,790.287 20373,000,000
tion and
того
and home political scence en a strong market fast Week and Advances to litabijim 0.24 Courses Investors, who had been copper was firm in reflection of Total bila diacounted 1,337, 13819,174 1121 | neiging bank, to enter the market the tko in the commodity price. notes sa pamalo A nsiderable volume of
uhomemochangw, 'tachot
gnoring stalka-B5)low Mig 1.A, döller (per #1):
Sterling notes (par" #1). Australian, notes tipers #1]; is.
tios Rubber" Mitres also have itf-
*
Investment. "dings; annddition proved under the influence of fieke Was a noticeable increase improved rubber prices.UPI
deposila
Cunt accounts and
Intonapplan" (per 100)