Weekly Survey Of
American Economy
INGINEERING Steel Strike Preparedness Move To Bring Car Industry Has Not HONGKONG
Automation To Been Affected So Far
Small Factories
New York, Aug, 16.
The steel strike is in its fifth wook, prospects of a settle- mont are as dim as ever but nobody is getting overly excited about its harm to U.S, gconomy so far,
ita course following just after the strike began.
In
STOCK EXCHANGE
Kalen
A NEW move to bring automation within
Business done on the Hong- kong Stock Exchange this mori- the reach of smaller manufacturers is
The economy is "casting" Employment rose by 250,000, yenr. Last year, the four -ing amounted to approximately announced by a British firm of electric motor along over and over, a new ex-in a record high of 67,504,000 Banth car was hot assembled | $1,090,000. Noen quotations and
the morning's transactions: manufacturers. They have begun produc-on coined this past week for the month ended July 13-unil late in December.
Bhares Luyers Hellers Total output so far this year BANKS
cara HK Bank tion of automatic oil-burner control, the first the unusually strong impetus it the rame period unemployment was 4.021,000 passenger
received in the first half of this fell by 230,000 to 3,744,000. and 191,210 trucks. Compared INSURANCES it is stated, of a new range of electronic con-year
with 2041,280 cars and $31,323 Union trucks a year ago. trol instruments all of which will be available for export.
Mr Hadley Newman, assistant
managing director of the et Mass Spectrometer
pany, says the new project is
the insult of a year's intensive
work by a newly-formed Instru- ment division.
fa
"We tis- Lice covered an immediate demand standardisation for a policy of in instrument control, We are confident we can bring auten- tion within the reach of stler mufacturer to a free not previously envisaged."
The company's new range of electronle control unite are plicable to many entirely dif
applications, fren industrial yet they are standardised and interchangeable with many of
ron use. There is, for exam-
ple, one standard plug-in sub chassis for all the units.
in Production
U.K. firm has just com-
Apleted the first produc tion model of its mass spec-
trometer.
The instrumenta
for
the components having a com The mass spectromoter has
been designed specifically measuring minute impurities in |solid substances using the spark ionisatin technique. It will be
use in fields u
|
True, more than 200,000 were laid of in addition to the half million steel strikers themselves, railroads were losing 150,000 car-loads of freight per week- an estimated loss of 40 million dollars a week in revenues-cont mling is being curtalled and scue Industries, nolably struction, ora beginning to feel the pinch.
Disagree
соли
Retail Trade
Retail trade over the first half summer was on an average two to six per cent higher than in the same period last year, This occurred despite the steel strike and usually had, wot end humid summer weather so for. San Francisco recorded a nine per cent advanes sales since last year, New York metropolitan area merchants re- ported sales as much as seven per cent higher,
On the basis of a bright sales pleture everywhere, puto dealers look for retail sales this month aut next to cut deeply into the biggest inventortes ever. At the Hart of August, car stocks | falled 005,000
U.S. built models, and ruore than a million when imported cars are includ- On the other hand, much of the stucks was bullį up to take care of the
next two months period when new car assemblies are expected to amount to only 500,000.
.
100 4
Stocks Suffer A
Slight Recession On Wall Street
New York, Aug. 16.
Stocks suffered a moderate recession during the
past week,
The decline looked big because most ef it came in a single session last Monday-when the industrial average plunged 14,79 6.33 points,
165 BTL
47 BB
193 BB 120 H 83
100+
0
4011
0.35
0.40 1000
4000
DOCKS, ETC. R.Wharf.. Dock
101 4415
431.
SHIFTING
The
To
most
steel strike, Bullding held high and retail trade was better than many had anticipated.
INDUSTRIALS. IMPROVE widest lous singe Julygures showed 6.18 the Eisenhower keart attack durable goods industrinis ini-
markel.
proved and output of non- 130 - 107
After that the market settled | durable goods set n now high 10544down
lightering record. steadily
Building construction 50 123 colume and made a gain every and July housing starts were the 2010 13
(other day.
best for that month since 1950. Wall Street's first resellon was When the market ran into jov 28.30 to tame the drop on the ex-heavy selling on a late licker on 163031 change of visits by President Monday, aules rose to 4,190,000
26030 Elsenhower
Premier shares, best since May 7. They 17 Humphreys 16.09
500 m 16,90
These were pug)- declined ench day thereafter XD 1.475 1.525 1300395, Kruthchev,
10003 1.8 posed to bring a thaw into the and the total
week for the
13,879,815 2000 1.325 cold war with some possible cut- amounted to only
150back In defence spending. | shares or 2,775,003 daily average. The Friday total of 1,000,000 was the smallest since March 10, 1958. Sales a week ago talalled Lafer the market men revised 12,708,484 stures or daily their thinlding. They sold the average of 2,553,000 shares, he 100000 visite formed an excurs to sell latter a new low sincy August
20 stocks at a time when the mar-22, 1938.
It could safely be said that Lombard the car industry so far was not wheelock.. affected by the steel strike in any way. The reason for that was that the car Industry, per- of all, forczow the haps most strike and laid in record stocks, Provident.. 12.00 oven hiring warphouses to store | LAND, ETC. them. It made sure that all its HK Hor) .. 20.20 23.30 $300 20.30 suppliers also had adequate 1 Land
36% 30% stockpiles. Smaller car mantine- Lurers, such as American Motors, were actually reported to have Realty enough steel to last to the end of this year, Ford was perhaps in the best position of all it produces some 50 per cent of
RUBBER its own steel needs at its own
Amale plant at River Rouge which In Trust organised by the United Auto-Towals
STILITIES workers, not by the striking | Team Steelworkers Union]
פא.
as
10000
10003 5000
1.59
1.51
2% 2.025 2000...
310
20% 20.80
4000 RULES
114
3004 setback.
500 114
18.20 19.30
· ·
20.10 20.26
16
2016 26.70
34
100 31
179 17.00
609
1715
125
But privately compiled econo- now being produced are for tale Indicators disagreed as to tho National Physical Labora- | the effect of the walkou; on the fory, the Services Electronicsconsiny. The New York Herald
for Tribune index,
example, Research Laboratory, the
claimed it was nf a three-year Mand-Nickel Company and low of industrial activity this, the U.K.A.E.A. Recently, or wick, the Times Index, on the other hand, showed a sight rise don for this instrument were
over last week-it all depended from France also rocolved
on how measured the pulse.
To give a few more examples Star Ferry and America.
In the absence of official, au-
of the metal working industry's | Yuumalt thoritative stundard of measure
preparedness container (can- ! ing which will only become
ning) companies received come available after the fact, the
4.5 million tons of steel ship | C. Light Lales extimate of the situation
ments in the first half of this was that the decline in indus-
year compared with the 4.1 mil- Electrie trial activity which always ne-
lion they got in the same period Mass E curs in the summer will be
of 1950, the last previous steci | Tel.
INDUSTRIALS somewhat greater than usual.
strike year. The cor industry signalled the
Machinery manu-
Coment But the prevailing view so for end of the 1059 model season facturers and firma that produce STORES. ETC." has been that it would not be last week with a clim turnoul of | goods for contractors received Dairy
some 100,000 passenger curs. shipments of reinforcing bars very great,
The confidence was in some Most of the cor manufacturer | totalling 1.4 million tons in the contrast vith previous steel hove already closed down for | Ars) half of 1959, compared with Alrikes when much more con- model changeover and Ford re- one million tons a year ago. cern was shown by business į muined virtually the only ono after they had passed the four- sill turning out 50's. weck mark. This time not even the strikers themselves have complained so far of any serious personal financial straitė.
This pulley of standardis-of tavaluable ton. It is claimed, not
unly menty a cut in production custa and selling prices but also re-
duces the number of component
anufacturer
must
WO
science and engineering where it is essential to use materials of the highest purity, such
nuclear engineering, semi-con- spares
ductor research and manufac- hold.
ture, and in the development The new automatie oilburner | of non-ferrous metals and control is constructed in
n alloys. standard plug-in sub-unit to The spectrometer is a doubly
of fucilitate installation and" mala- | focusing instrument
te tenance.
Moltouch type, in which positive Thus control relies on aians, representative of the sam- pluto-cluetric detector for dame ple composition, are produced detection and a thermal rday when a high-voltage spark oc- 10 control the allure-to-ignite curs between two electrodes of Ume. The cult 33:3:+
placed no the sample thermlonte valves which, 11
VREUIM. Inj close
an
Is
dispensed
material
In
together elalmed, ensures the reliability After passing first through of the instruments and a warm electrostatic analyser and then
through o\magnetic with.
analyser up period The control is suitable for smuller installufions where non- recycling control is adequate,
The starting sequence is initiated by closing a time or thermostat switch as required, Emergency flame failure lg ar- ranged to lock out the burner and
the Inns come to focus according to their mus, but irrespective of their initial energy, 15 d reries of lines on a photographic plate.
For the analysis of impurities in solids the photographic plate is used as an integrating device.
a series of exposures of
which then required resetting gradually increasing length ne before normal operation can be faken ( rack mechanism allows resumel.
p to 10 exposures to be re-
de-
Newnan Industries Lad., Yate,corded on the same plate and neur Bristol, England.
| the exposure la decuratels
fermined by the total integrated charge falling on the monitor collector). The concentration of the impurity in estimated from the intensity
lines ou of the the longer exposures, and with this technique concentrations down to the level of 0.01 p.p.m.
FRUIT CAKE
FOR EXPORT
TOP quality fruit
can be estimated. cakes
The method is particularly
mado in England to an useful for giving a generat now picture of the Impurities in a
The whole
old English recipe aro
mass
available at a reasonable price | solid. all over the world. And when Tange from 7-240, envering all elements, can be recorded in a they get to the consumer they single exposure of the photo- are as fresh as if they had graphic plate. Compared with
just come
out of the oven. emission spectroscopy the spee- Identify. More- ever, qualitative and semi-
analyses
The reason? They are indi- Ira are simpler and the elements
casier
can be
The answer was, of course, that everybody was so much better prepared for the strike this year. And that the US. economy was so much better equipped to absorb 1.
Last week, cur output in the United States hit an expected low for the year-an estimated 173.240 units as Chevrolet, Old.
Buildup
Watson
...18.10
L. CTAW XD 31.40
COTTONS Textle
The steel bulldup was reflect Nonyme
anct
REVISED
The
ket was in a weakened techni
Dow-Jones industrial cal position subject to a techni-average closed the week at 17 1 !!4
658.74 uf 9.83; reilroad 102.35 While the averages showed juft 2.10; utility $1,80 up 0.60 and
erosion, the 542 18.30 only mild
elee 65 stocks 219.40 of 2.20. The tronles which had beca hard hit Dow Jones 40-bond 18 30
ever uge 120 m 5000.te last week were driven
· down | gained alightly helped by inm- 1300 & 20.10 further. Bargain hunters carne ICES
Industrial katy ond into the market from the to korda. Railroad senior isSUED time and reduced the scope of lensed. Income rails, however, the decline.
showed a gain of more than a average.--
Aircraft, sicels and makers of quarter point 1717 exotic fuels encountered selling | ÚPL 5001745 and finished lower on the week. Demand continued for the 20 21 utilities which are considered 1001 nr.2:40 SCAmething of a defensive quality group. They managed to score a 5.00 0.03 2009 5.00 fsmall weekly gain, the same as u week ago.
10.40
1320 13.00
635
4.70
ed in manufacturers and trade MISCELLANEOUS inventuries which rose by $3 Vibro
INVESTMENTS billion worth from a year earlier Int, Invest 6.80 snoblie and Pontiuse joined in the first half of this year. Alllesi, others for changeover, A high- The pre-strike, month of June K&FE Invest light of last week's
11.00 operations alone accounted for 3000 million K & PE Invest was the production of the four worth of this inventory buildup, (N), millionth car of the
calendar
the second largest one-month buildup since the recession.
U.S. Fears Of Defence Cuts
And Inflation
New York, Aug. 16,
The forthcoming visits of Premier Khrushchev to the United States and President Eisenhower to the USSR have conjured up in many minds possible defence cutbacks and inflation fears.
Hence
trade the Russian The first reaction of the stock market was a decline in defence angle seemed out of the ques- Lasur, notably the electronics, tion at least for the present, rocket fuel makers, chemicols. The linking up by ship and aircrafts, and
plang might come aboul, but it anything else connected with arms and
would require ilme. supplies.
war
Wall Street recalls the quick setback the markets got last
SHEER WASTE
vidually packed in hermoti- cally scaled tins which give quantitative
It is a fact that the US, is thom
a prolonged keeping carried out without extensive time the government cut back spending more than half of its life.
calibration. (Metropolitan-Vic- an defence spending. It did revenues for defence and thus Hers Electrical Co. Ltd., Trafford that back In 1957 to keep with helping keep the economy high And it is The firm who produce these Park, Manchester 17, England). in the deb, selling, but it didn't by this sheer waste. linned cakes, have quickly deve
take much to put markets down fact that If there were drastic loped an export market and in
-and recession in general culbneks in this type of spend- busincas followed.
ing many lines would suffer.
the last six months have in- CHROMIUM-PLATED
creased this side of their bus
nes by approximately 30 per BICYCLE
cent,
With
their uitra moxiern
canning equipment,
and the
N all-chrome
British
SOVIET TRADE
And
But
the experts
insist that
(O
10.00
1000 co
1000 ML 403 0000 $
Business news exc.pt that from the steel industry made good reading. The Federal Re serve announced its industrial production figure for July which measured two weeks of the steel strike, as down only 2 pointe lo (153 per cent of the 1947-40 average. A further drop is in- dicated for August.
Employment set a new record was done In th local high
and unemployment de- Unofficial
market this elined. Auto makers cut produc- morning at the following ratest In the retail category", car U.S. dollars (per $1
5.74tion but not from lack of de- dealers added the biggest chunkSterling notes (per £11 15.57 d. They
converting but new
Total manufacturing and trado Exchange Rates
Inventories at the end of June were $88.0 billion.
אל ריאיו
of inventory in June, some $120 Alian notes per h 12.12 their plants
Indonesian rupints" trwy 100) 343
million worth of new cars. But Sam tests per 100)
(Straits) department stores were perhaps Singapore the best indicator of the sales- man's confidence in the con- sumer in the coming months,
strike or no strike.
were
OF
Cotton
Goods
Active
New York, Aug. 16. Colton goods markets
moderately active over the
to ha
past week, models. Car loadings and coul 183 output met the impact of the
London Prices
Rise To
To New Record Levels
London, Aug. 16.
were
G.virum nt estimates of a 14,815.000 bales colton, crop with a record yield per nere falled to influence cloth values and estiza ilself moved withly a very KUIZEW FRKE. Print cloths
at
were tight for. nearby, orkers being turned down premium prices as mopy plants were fully sold. Small sales were mide for September and better quantities for last quarter delivery.
They are stocking up on goods In the expectation that sales will set records. At continue to mid-August such storey had orders outstanding for $804 mil- on worth of new supplies, million compared with $418 worth of goods on order a year
Light sales of broadcloth were ciled. Sheerings were quiet curlier. During June alone,
with full-in folu sold at steady orders placed by department
In Anished stores totailed $576 million, The boom in industrial equities continued unabated prices.
goods, converters were edging prices up compared with $444 million in
last week and the firmness of the undertone into offset increased grey cloth June 1958.
costs. Coloured goods were i the markets was amply demonstrated by the good demand and domestic sales AG 0
fact that while the setback on Wall Street set were favourable. Drapery, fabrie prices back to the level of four years ago prices shies were improved. on the London Stock Exchange rose to new record levels.
ness
for the boom in equities is that
private
BOOST GIVEN
GOOD DEMAND
Man-made fibre fabrics were
WJA
{Abre and blended fabrics.
Woot goods markets were re- ported qulat but sleady. Interest A boost was given them by wns shown in spring lines but the week Was of announcement Arip trading over
and dividend forecasts limited
further Indicator of business strength and confidence, i borrowing by business was on the rise. July saw an increase of $103 million in commercial and industrial loans by member banks of the Federal Reserve System. This compared with a
The international and domes-all-time high. Steel shares led reported in good demand with Priers Arm and mille welt decrease of $400 million in busi-tie political news has been en- the boom in the, volume of their booked abcod cn staple rayon
couraging this week, and news activity, although the price rises and Leelaled goods, there loons by these bankos July 1958.
of the home economy and ex- last week were not as high as interest in newer man-made port trade has been good. But they were last week. Perhaps the most important perhaps the main explanation such a situation still is a long element in the general business
Investors here in Brain, both way off and that any changes picture from now on was seen
and institutional, still While the current reaction that would come would be ad-in the trend of business spend- hygienic bakeries, the latest Ableycle will be seen in
have mvings to invest and with the was taking place, there was talk verilsed far enough ahead tong for new plant und equip
the economy recovering they es the United States this of possible increase of trade give the U.S. a chahee 10 ad- ment, uning some seven per product "Olde English Cherry
cent ahead of last year. Al- are prepared to put them into by Langushire Steel and Firth In hard fibre sisal continued to advance, British East African Genoa", which is acknowledged autumn.
though most of this was being equities.
and John Brown, In addition there is A Nottingham with the Soviet, resumption of just for the change.
rising cent a pound during to be one of the best traditional cycle manufacturer is sond steamship with the Russianssituation to bring out the vir-existing plant rather than new American
Transportation airlines
Many have seized on the spent on modernisation of buying from Continental and
Stores werv brighter follow the period on good UK and sources which are English fruit cakes, the Arm is
ing the news of the current continental buying Brazilian now exporting to some 25 coun-ing the machine, completely
The discussions ranged to the tues of a big tax reduction construction, contracts for fac-attracted by the high yieida
*In electri-saat prices, on the other hand, tries. And
still buoyancy in sales. they have further plated with chrome, to be
construction haye the that could come with a reductory
also which British equities
el BGE advanced on German were adjusted downward in lino developments in mind for the auctioned at the Britanniaast detall, including how
token a sharp jump, running at] offer. Russians would
for tion in arms spending.
and U.S.
Properly with the African level and there buying. future.
pay Already they are ex-Ball in New York on Novom- the goods, whether the U, S.
ebout double last year's rate
shares were mostly well up on was good furnover here perimenting with the canning
A cul in spending would mean UPI.
GOOD VOLUME of other types of cake, and they bor 4.
would grant credits, what it
speculative buying. Most other Brazilian and fence would
Hemp was Arm but with few and lower production buy in return,
The Americans are once more sections of the market showed aro testing the feeling of over-į "This is the only one of ie
the Soviet wouldwer inx collection so that the scan marke's to determine the kind", said a spokesman of the whether
buying oil shares while the good gains, and there was more offerings in Manila cables. Other cut would be less varletico most generally pre-firm who made the cycle, “Com- loosen up its gold hoard for overall tax
Investment interest in the blus hard fibres tenerally quiet. than the daforice cut,
Germans ore concentrating plete chromium plating is far money to pay for the goods It
steel shares. This buying has chips than there has beon of UPI. noted. Tho canned "Old English on expensive for normal use, bought from the U, S.
produced a remarkable volume Late. Cherry Genon" cake includes a The British lightweight cycles
Based on reports cf rising Even if it were smaller, many
of business for the holiday mixture of selected raisins, top have a fine dollar-earning|
Under present laws the U. S.
world oil consumption oll shares grade glazed cherries, dour, cord, and we have produced
conant give credit to countries bellevo it would largely offset the pending cut. The case of
Interest this past week in git- were in demand and the reviyed default on debt and Russia eggs, sugar and vegetable shot- this sprelal machine to aid a
Great Delin is cited
edged was still lacking, but on American buying helped to push tening, and is available in two worthy cause, as well as to owes for the previous regime's example of the benefits that
Parle, Aug. 10.
and the prices of meat of the leaders business revived Friday Rizes 1 b. (453, grammes) highlight the
debits under international law. come from a lax reduction. Cycle'a
The Bank of France statement many of the weck's losses were up to the extent of two shillings. and 144 lb. (794 grùmmès). popularity."
The There were good features in Experts said it was doubtful Washington has made it clear, for the week ended August 6, turret inin small gains. @rm plso
The firm recently announced export a
to also, that International tensions reads as follows:
foreign bond market continued the Kafr marke Crimpanj yariety of cakes wrapped in that their export earnings sluce if the Soviet would want
quiet but a revived continental news resulted in selective buy- As a matter spend its gold to get I. S. ure far from over, transparent nim.
of the war are in the region of These, course, have a shorter keeping £100 milion,
foods. The goods the U. S. of fact the government is said Total gold holdings 391.002.313.300 interest in German bends began ing and Johannesburg came lament
1000007337 in mid-weelt while Grecks con- to support the market, reported-August its but are slipped in either The Britannia Ball is to be could buy would be fimited it to be having difficulty keeping Faldi cilier currencies Eight balance abypad refrigerated cool stowage held to raise funds for the In- wat zald. America needs within its $41 billion level for 120 $79.405,000,000 tinued to fuctuate narrowly uply chielly on American account.
and down. The market in dollar Coppers were firm and ins, al Notes in pinculation.... 2,100,049,72 The stock Advance to Stabilisa-
Hublle depotiky conditions and are popular International Cultural Centre for items Rumia has and used to defence" spending,
Private dopoctis West Afloo; Gibralter, Switzer-Youth In Jerusalem,
Following the commodity the Govermentsecuti import them. But in recent market, of course, has to a larger bile distantes 14.40.179.265 stocks reflected Wall Street with though neglected, held steady.
im big price Bankies In straujas
lowes right across the board. Lack and olher continental chairmanship of the event has years new sources have been exlegt hull}
The Financial Times Index for market in rubber shores moved outer antrion (Park Cake Bakeries been accepted by Lord Mount found and it was considered pyramid on prico Indation and Lid, Oldham, Lancashire, Eng-batten. (Raleigh Industries Lid, doubtful a change, syould be any deflationary force would hit
236.471.91 so the Industrial ordinary shares to higher levels Just weakly land}
UPF.TOO 3.0 on the weet to 248.7, an {UPI," Nottingham, England.)
furid,
The
British
20
World
made.
it hard.-UPT.
it is
Bank Of France Statement
on
Franet
ALDEON.
OTL
Bank Of England
Statement
The
14, reads as follows:
London, Aug. 16. Bank of England state- for the week. ended
storting
11.009177
270,011,770
24111444
24,34,109
UNL
caries