Page
SCIENCE AND
THE CHINA MAIL, MONDAY, AUGUST 24, 1959.
Pago 9
Of American Economy
Weekly Survey Of
ENGINEERING FURTHER INDUSTRIAL LOSSES
New Product To Help Combat Fungus Disease
A
NEW product, to be marketed shortly by a U.K. firm will combat 'grey mould” or botrytis, the principal fungus disease of glass raised lettuce, For the first time this disease can now be controlled without checking the growth of the plant.
The new product which con
fains a nitiated chloro-sin
derivative is the latest discovery New Air
of the firm's research deyzart- 1
TEL. It will be sold hi the
Equipment
tom of a yellow powder which To Be Shown
Is mixed with
the wil before
pizatBiz o azed afterwards s
Stre
211
Taircraft equipment-
a
ita
Production Slows Down
Due To Steel Strike
New York, Aug. 23. Further industrial losses, slowing down of production and resulting Washington concorn marked the sixth week of the steal strike.
metal.
The situation was compound-1 volved is the increasing right of ed by the expanalon last week lobour to decide how companies of the copper strike to the point should be run; labour maintain- where it affects three-quarters ing that precisely because profits U. S. production of that were to large, management had a duty to share mote of them The first offclat statistics an with the public. In this way both the effect of the steel strike-sides are presenting the issue as at least during the Arst two involving fully principles rather weeks of it are available now. than just questions of material They are not singgering but wil gal. cause concern to anybody who cares to translate them into aix-week period. And even in its Aixth week the labour dispute failed to reach a stage where any settlement would appear possible soon.
rç!
STEEL OUTPUT
During the 1050 steel strike five points the index dropped from 141 to 130,
• Mineral production, such us iron ore and coal, dropped five per cent in July as a result of The drop was even the strike. bigger in August. The National Coul Association estimated soft coal uutput for the week ended Aug. 8 at 0.350,000 tons, down from. 7,285,000 tons in the pre-
13.5 per cent | vious week and below the 7,923,000 tons pro- duced in the corresponding week of last year when the industry was just beginning to climb mit of a recession woes.
LAYOFFS
HONGKONG
STOCK EXCHANGE
Own Con standünti
this
Business done on the Hong- kung Stock Exchange mening amounted to approxi- mately $1,056,000. Neon quota- tons and the morning's transac- tlons:
Buyers Sellers Gales
Shares
GOVT. LOANS 120,000. 3 (1943)
BANKS HK Bank.. INSURANCES Union LombFL!... SHIPPING Wheelcks
DEL
UNCERTAINTY PREVAILS ON N.Y. MARKET
New York, Aug. 23.
The stock market took a beating for the third
successful week.
The market enjoyed only one alrerafis, which are in disfavour good session this week-on In Wall Street, Autos moved Thursday-bu this was not narrowly. Allled was weak in nearly enough to offset losses the chemtenis but International Sait was strong. Seme of the Caution was the by-word in electronics were strong, Wall Street. The market is wrestling with three big un-
| suffered cariter in the week
include
BIG LOSERS
Among the big losers were
certainties and investors appsor | Bendix Aviation, off 5; Cater- reluctant to commit themselves | pillar Tractor, off 3%; Edilson until they are clarified.
Fire- These Brothers Stores, off 4%; marks question
the stone off 1%; General Tire, off 3: coming Khrushchev visit, the Marms, off 37, Phelps Dodge, longthening stool strike and the off 344; Johmson & Johnson, up possible effects of the govern- meul's Ught money 440 441 2700) (7 441)
the economy.
DHIT
t44)
W
500 74%
401
6.30
1.40
DOCKS, ETC
K. Whart Buck
103
Providen!
13 30 131
...
LAND, ETC.
Hotel BK
Humphrey N Heally XD
20.40 28
2014 2012
300 301 16M
162 1025 000 1.50
2KX012)
3.023 300 200 3021
10*0.3 M
Trust
A. Towels..
UTILITIES Tram
Star Ferry XD Youmat
Amalk
20.10 25.60 2201 (2011)
114
The strike og passed the 34- day length of the 1956 walkout which was the second largest in post-war history. The longest steel strike in the 11. S. was in 1952 and lasted two months. The Iron Age Magazine said the only chest. The powder is com-Two new developments in
way out of the imposse expears. plately odourless and faintless
ONLY WAY
In be the invoking by the Presi
Railroad cartondings cur- md, of course, entirely harmless
an engine condition analyser
dent of the 80-day cooling off rendy are off at a weekly aver- to the people who will consume
Consequently, among leaders provision which provides visual ́in-
of the Taft-Hartley | age of 180,000. This is the main the lethee.
of Industry at least, talk
was Act,
source of the layoffs on the formation on engine tem being heard that the only or botrytis, is they nauki,
WAN That in the view of the in- fringe of the strike which Krowing perature and vibration, and out would be for the govern-dustry. Labour present in all fettuce
counters that government statisties for July solls Serious outbreaks. Be
crash position indicator | ment to exercise its right and such a step would not help put officially at 100,000. Addi sally triggeres off by wel,
at the prder
80-day cooling-off settlement, on the enntrary, it tónal Izyoffs have occurred in foggy conditions which prevoit will be exhibited
All available August. Show period during which production would delay it. lettuce Farnborough Air Proper ventilation
would be resumed witile negotia- intelai statistics and private in- grown under glass. A bad aftork | (September 7-13).
The latest were in Milwaukee tion of.
dustry reports meamshile spoke i can write IT the talk of the
But all the government did sout a growing slow-down
ien-1 A. O. Smith Corp., producers RUBBER The engine condition analyser crup.
monitors The new preparation, hus wiserentinuously
far was to publish this week dency in the economy. This was of Line Pipe and Oil Well Cas- engine
ings, where 300 had been laid under gestemperature and vibration
wealth of background Informa~ | the picture: proved effective,
off and 40 more are leaving work fun," a botrytis | night and displays the informa-
tion on the strike In a strictly again-1 lip
There are dozens next week. redtices that quickly
t in a forn which can
Impartial way, without any !
small-scale Steel production last week | such
Jayoffs commendations. The public wa- | Tuty bunnis to brown tissues, desserted at a glance, On pre-
left to draw its own conclusions amounted to an estimated 337,009 throughout the country especial- Work ent:tinuing on control | Right checks the analyser makes
specialty steel plants The engine
and they were pretty hard to tons or 11.9 per cent of capacity, ly in of tip her in the del
conditions kumedlalety
All output Inst week totalled where inventories are beginning draw, ne product is als i eontrol for
It also allows fault apparent
to dwindle. The "best-planned What the government did was 335,000 tons or 11.8 per cent of stem botrytis in tornatur, kation and checks on condition
to show that the steelworkers are capnelly. A month ago operations steel strike in history clair for routine maintenance to bu
the best paid in any industry, were at 12.9 per cent ut capa-applies to large bagle-type steel Electric mode without external equip
product manufacturers. Spot that the ment or rigs. A detalled check
steel companies have ity, yielding 305,000 tons.
The steel strike
shortages have already developed of the temperature of any engine had the biggest profits over
sponsible for a one per cent de-
for several specialty products can be made
period of years and that as at the turn of a
INDUSTRIALS a result foreign steel baseline in industrial prixduction last and as result the witch.
price of atez! been vilmbing up month although only the second prices-normally $30 to $40 ~" | Metal ... 1.00 steadily
of that
half of July was affected by the ton below domestic mill prices may incre transmitter
are now equal to or above the STORES, ETC. other basle product. Under these walkout. It was the first drop in circumstances the public was 15 months. The industrial - U. S. price. Mid-September
Index hd climbed now put forward as the date likely to ask what the strike duction all about and again get no estis steadily every month since April when steel shortages will begin
1958. The Federal Reserve Board to hurt almost everywhere. To an outskir observer 1. reported industrial production in would seem that the strike was July at 153 per cent of the 1947-
U. S. copper production Nonyung some sort of an expensive game 19 level, off two points or one management and labour had toj per cent from the June level of was expected to be slashed by 155. At this rule, even it sur-three-fourth towards the end of piny every three
down deny ther layoffs do not slow But both sides would
this past weck on a result of last walkout by the This vigorously, the management production further, the Industrial week's claiming that more was at stake i index in August would drop a than money,
what is in further four points.
The prodit has been tested extensively hy commercial glowers all over Britain and an Countries overseas under widely different soil conditions and has given uniformly exertient con- trol with all varieties of lettuce. The crash position indicator
There are good hopes.
thalisa radio
beacon
the preparation will prove to be based on the well-known Sarah effective in controlling botylis (search
in other plants and
tricks are
B
extensive equipment. being carried out--
The indicator
Thermostatic Soldering Iron
Fescue homing)
is constructed
("Allisan" is mute by Bonts over a thin plate aerial and qua- Chemists, Nottingham, England.bedded in tough plastic foani to forts un aerofoil, which becomes an integral section of the ale- fuselage. immediately craft prior to or simultaneously with
aerofoll is i the crash impact, released, delivered a safe dis
ntressit true from the
and automatically eumences radiat- ing ratio beacon frausmission. is compatible with The signal Samah reaveh equipment now in we, and can he received by has been developed from a searching aircraft at ranges of
op 70 miles.
A
NEW thermostatic soldering iron, with ac- curate temperature control,
The transmitter
National Research Develop wit: operate successfully im ment Corporation patent by mersed in water or marsh and rent out of a small Scottish engineering will flout 80 per
wader. It is particularly company.
This equipment ensures that in useful for Fine work, conditions of fog or low cloud, especially in the manufac-arching nirerafl or ships, which time may past ture of delicate electronic at the present components used in gulded within yards of survivors, can-
missiles.
The managing director, Mr
G. 5. Meek believed that there was an urgent need for a high
not fail to locate their position, --(Uira Electric. Ltd., Western Avenue, London, W. 3.)
quality instrument of this kind. Tool
For Metal
And Wood Work
This idea was to provide a tem- perature control of plus or mis 15 degrees Centrade at a per- mal setting of 30-250 degrees Centigrade. Enquiries
the Patents Library, however, General Pred showed that the Ontre pirendy had a patent in existence envering the idea and by
A
Year
us this was in the hands of the National Research Development has
U. K. firm which pro- duced the lathes usad Britain's Geophysical Antarctic axpedition developed
now
Corporation for exploitation, Mr | machine tool suitable for Meck applied for a licence to
both motal and wood manufacture,
working.
the
Although it Wis clesigned
for the mateur originally
The next step was development of the basic idra, which was to make the differca- tal expansion of an inter market, the now machine, has
ferrous metal rod and an uuter case operate a micro-switch by an Intermediary magnifying Jever movement. Trials showed that a manber of points required further investigation and ex- periment. Mr Meek, who is ca engineer, carried out this work personally, as a result of which he succeeded in dispensing with steel tan iron- the expensive nickel alloy with a low co-
been proves under test to dustri standards.
itz-
for
than
factory answer.
that
20
years or 30.
was re-
British Economy Appears To Be In For A Boom
London, Aug. 23.
COPPER STRIKE
mire,
C. LAAM
Telepine,
Cetent
Dalry
111 11+ 14110
2020 23.4)
18.
1500.to
3001.10 10 12 5091
FM 29,43 104029940 2004 23.40
20 30 8 1009 201
342 3434
4: Libbey-Owens-Ford, up 4 policy on Owens-Corning up 4; Reynolds Metais, up 4; Texas instruments, trp 5 and Warner Lambert up the 3.
WAITING GAME
Investors
"waiting
fire Rome,"
playing
says
broker,
ne
The Dow-Jones averages for the the week showed Industrials of He pointed out tired bull market is going to 3.35 at 855.39, ralls up 085 at need a new stimul if it is to 103.20; uliitles of 0,53 at $1.38; resume its advance with any con- and 65 stocks off 0.60 at 218.80.
Most analysts believe
The daily Everage volume settlement of the steel strike dropped to 2,352,442 shares from 2,775,963 shures the week before lowest for any and was the week since the one endlost May 30, 1958-UPI
[CITY LIGHTS
40
509344
17.40 17.70 105 100 16 00
17.60
17
21.30 2115 2003
• What a lucky thing gun.
21.
500 +
CUTTONS
Textile
4.06 0.10
30.40
3604.05
Walton 1. Craw
inill and smelter workers union INVESTMENTS agalas: Kennecott and Magma Copper, 12 strike against Anaconda Wednesday
and
against Phelps Dodge, copper stocks, however, are estimated | as being sufficient for two to: four month period. The total of copper strikers is over 10,000.
1960 a 0,10
2090 N 10.55
1300 10.40
2000 kr 10,40 3000 14.51) 100 10.40
0.05 0.13
500 11,5:1
1.00
Int. Allie
& F Inest, XD
$12
Exchange Rates
hadn't started to clean
Landton Laporna Ameri
would stimulus.
provide just such
Cotton Goods Active
New York, Aug. 23. Most cotton goods markets were moderately active this past week. Saics
print cloths were through of the year,
Light
Individual corporale develop-| Iments played important roles in made from September
the end the price action of many issues. United Fruit omitted Its dividend trading was reported in sheet- and lost 5% points an the week, ings, drills, twills, and fine yarn its good, but prices were {1rm. Paclic Southern
riused dividend and proposed a stock Omabergs were up 4 cent in split, sending that stock up 5%
un the week.
Automatic Catern rose 45% on
Steel,
light dealings
monthly of grey
Offerings of 3,500,000
yurde cloths from India brought increased demands
a stock pilt.
• An eight-month rise in
The steels scored gains of 1 for action by the Secretary of anyrolls was halted by the steel
to 2 points this pas week in Agriculture and on the fidu- strike. Commerce Departent
was gone in the Lorat
fake! the Allegheny-Ludlum, Youngstown, try's petition for import rellet. exchange for July showed the deal
and U.S. Sterl statistics
Bethlehem,
Finished goods business 150 ming at the following rate :
satisfactory. Total income
individual of
mostly Aluminium reported 5.73 National
were Americans Inched to a new re-us. dollars per $1)
bot coppers Man-mare bre fabrics 1904 issues were trong angusi rate cord-an
steady In price with mills well were generally weak. $304,100,000.000 nad a
mo1 staple gam of
Olls and tyres suffered some booked head
So did the mandors, New business during $300,000,000 from the June level.
13 fately sharp losses.
the week was mostly for Bli-in But wage and salary payments U11 the
quantlifes. slumped $500,000,000
rale of average
Payrolls in $201,200,000,000. manufacturing industries alone were down an oven $1 billion
to
[38
Sterling notes per Australian nen per ... Indoneinn vinh Iper 11 Sans Beals per 100) Bug pore
3.57 i
for
rises in other business haly- the months,
ed the loss on the average
8
OPTIMISTIC
Both government and independent authority stated categorically last week that Britain's economy was in for a period of boom and this coincided with the publication of a public opinion poll The steel hiventory pic- result which showed that more and more tere is still optimistic for most still people are flocking to the banner of the Tory mujor steel users and existing
supplies are considered
for another Six Party and if there is a general election inadequate October then Prime Minister Harold Mac-weeks, The brakdown, as millan's government will return with a hand-ported by steel magazine, some majority.
boom
INDUSTRIALS
I
Is:
million the end of six weeks as steel users have been dipping into the stocks at a rate de-o one million
the
•
tons a
week.
In
Increase U.S. Exports To Russia
Washington, Aug. 23.
WOOL
on
GOODS
were Wool goods markets Generally firm with new buil- nesa Bimited but with pressure for deliveries, There was con- siderable speculation on men's wear worstedt price for the full 1960 season where some business has been taken on an "at value" basis.
Expectations are that the actual prices will be 15 to 39 cents a yard over autumn 1909 valuca, depending in part on futures raw wod price develop- menty
The hard bres markets were
After covering require.
Commerce Secretary Frederick H. Mueller lasterally firm but somewhat les
weck reported a sharp increase in U.S. exports to the Soviet Union during the first three months of 1959,
This heady news caused an very active. Investment immediate expansion 11 themand has now broadened from Actually some 1.500.000 tons is in share markets and blue chips to include a much being used every week and the outstanding half a million tons In the sphere of metal work-
prices cach day recorded DOW wider range of shores and 311 time "highs." The advance
in prices has occurred above inventory use is being oe-
However Muchler said ex destined for the Soviet Union it is a sturdy centre lathe wit: variable height of centres
Financial Times industrial over
broad front. Foreign counted for in this way: 250.000 are still
third involving ports to Eastern European with almay
Other sliding with und
automatic motion to the cross side and full index rose 6.7 on the week to demand from the contineat and tons from mills that
The 255.4. Gains have been general the United States has been operating. 150,000 tons from steel
and 100,000 tons nations generally were some paper pulp machinery.
products to be shipped to serow cutting empabilities.
and in many cases substantial, much less this week, and home warehouses
UTC bulyt acciate, ean be set over Hailstock
The numbers of
A quarterly report on export Russia cautious investors buve been chiefly from Imports. The magazine said what below 1958 leveli
that 34,000,000 tons in steci in-
operations sald ship-motion picture film,, synthetic toper tuning.
investors would appear to be responsible for this week's rises,
ventories would mean minimum control By windlinut off the cross slide
diminishing rapidly und the unit and substituting a milling bulls are now in full charge,
working requirements. At the ments to the Soviet Union! were abres and conveying equipment.
during i
COMMODITIES above, rate this level will be valued at $2,400,000
January, February and March efficient of expansion) originally table it offers the facilities of a
BULL MARKET amall horizontal milling magine.
Steel and shipping shares reached in another six weeks.
Commodities licensor for ex- specified. In its place he used The drive to the milling is taken,
The use of 100,000 tons of gempared with $3,400,000 for have been the strongest of th
Most of the in- is all of 1958. week ordinary mild steel, cutting
particular
Shares of foreign steel every not by the taper in the spindle,
Since this
bull industrial markets.
crease involved the export of ports to other eastern European Included tobacco costs by about 50 per cent.
of carbon countries but by a special arrangement of market started in February buildings and allled trades con- something new in the U. S. Difcully was experienced stots in the nose of the spindle, 1958 equity prices have nowed to attroel attention. The economy. It is the result of some 2,100,000
shoots, a manufactured valued at $818,730 to Czecho
slovakia end Evet Germany, obtaining a correctly wound heat-thus avoiding the danger risen, on average by 63 per main tople in company affairs is thing that has been building up steel
steel product. current strike
corn $650,240 to Bulgaria; crudo ing element. This was overcumage to the taper bore.
cent. The average yield is now
IMPORTS come sill the fit for Harrods stores long before the
for the Government statistics
sulphur $515,000 and dimethyl cent having it with mounting an angle plate on the by winding
4,03 рег
Frazer andi House of
U.S. imports from the Soviet terephthainte, $204,960 to uniform light tension to avoid milling table, surfacing, boring down from 7.13 per cent at the
Ola Debenhams conlfulng to outbld second quarter of this year show excessive tightness of the wire. and end milling can be carried
steel imports exceeded exports Unicu daring the first quarter Czechoslovakia and soybean oil, bottom in February 1958,
ench other.
Work of 1930 for the first time since
also reflected on in- $163,050 to Rumanla. which would cause breakage. out. Ju single setting. It may Consols yield 4.71 per cent so
trade. tctaliing Other markets tended to bo War II. Imports are now running crenso
Most of the actual shipinent Finally, he solved the problem thus be
gap between the
the boom m
at an annuni
of $530 50,615,000. Most of it was for to non-Soviet nations overshadowed by
After a dull tax million restrials,
or four million tona, benzene, chrome ore, platinum Communist eavery late last week and carly ulls recovered a little but the compared with 1,500,000 tons in and furs.
This compared with $17,001, Poland. The 1056 and 350,000 tons before the this week. Short-dated stocks tone was still uncertain,
000 for all of 1950. Imports
come
of
By
for machining Liscel
For the metal worker, boring
is also a machine process for
them and
п Gilt-edged staged
A
revival of interest
Tale
LITE
worth
tural
ments for everal months, buyer: offerings avere few, prices firm,
showed less interest in sinal.
and sellers anticipating now. agricultural twine requirements both here and from Europe.
Homp continued - in supply with demand offerings and prices firm-UP,
tight exceeding
Bank Of England Statement
London, Aug. 23. "The Bank of England state- ment for the week ended August 10, reads as follows:
Notes in croșiation. £2,148,211015 | Pušile deposita
Private, deposily
Goverminent 'Bourities Other securities feceipte
Motio
15,426,230 303,476,120 2233,061,553 34,011,794
57,281.218 18.3
-UP!
Bank Of France Statement
Pacis, Aug. 23.
state-
ended
in the of heat transference to the simple press tools. Keywaying equities is now very small, handle by cutting short the cup of sharts is also a simple matter.
bloc were agricul- fer products destued per alloy expansion rod and Jon- ing it to a metal with low con- ductivity. This idea is now the which the machine is suited.
Despite the Increase in East- were the first to show signs of market ta rubber shares has also war. saw For the wood worker subject of a patent application.
As for the other sectors of the from all of costern Europe for west trade, exports, to eastern ulting life but they turned quieter as been uncertain. The company now manufae-bench is available with
in in U. S. economy, such as sales and the first three months totalled
The Book of France Europe for the first quarter table and a epockaš stub arbor attention turned to the medium
the ture two models of this thermo-
week amounted to less than one halfment for issues. As the shores has also been uncertain services of all kinds, new highs $22,200,000. and long-dated atatic soldering ir 70 wali
for carrying the saws.
ended, however, the Activity in gold
At the same time, Mueller of per cent of total U.S. exports. August 18, reads as follows: mining were being recorded despite the iron for production and repair With a stable cutter mounted wetti
confined to one or steel strike. Retall sales for said the value of export licences imports from the Soviet bloe
Total gold holdings 291.002.323.500 work in radio electronics and
and employing volume of switching into equi-shares was on the api«!le"
Issued U.S. firms for shipments came to sixteenth of one per al other currencies 10,000,730,993 other small work, and a 500 wait the rise and fall feature of the ties outpaced the buying and two specialties with Free State example, set July record of $18.2
tito cased. Foreign bonds gold being
most pro- billion or 9.1 per cent ahead of
eent of total Imports.
Right balance abroad headstock, rumbing, duvetalling, prices
The United Sales trades only Total bills discounted 1.439.009.537.013
IZPU
201008,000,000 Both models will be displayed grooving and spindle moulding were almost out of the picture nont, With Aurther news of July 1950, Department sales into Communist bloc nations rose are running nine per by $000,000 during the second
with Communist nattons in Banknotes in circula- at the can be carried out. A saling except for a mild fluctuation of African disturbances investors. Augus) on the DSLR. and
August, 1950, quarter of the year to reach a Dollar stocks were have turned cautious but the cent ahead
Europe. It carries an
************ $387,073,319.000 Scottish Industrice Exhibition disc can also be mounted on the Greeks.
record breaker, total of $7.247,000, strong buying from Joharines, which was a
Second quarter capoet Beences with Red China or North Korea. Current accounts and
depcalis
233,131,052,432 (Ginsgow, September 3-19) with spindle (Murad Develoxats Irregular.
prices to calty | Auto sales were continuing at
found $3,300,00 in goods-UPI. In industriais the market not burg caused other,
Dylesbury, science-Lid, examples
Stocklake,
ie last clip in August.-UPI. only has been strong but also UPI. based ideas in Scolleh Industry, Bucks.)
Iron for general workshop use.
of
of
nono
Francs
UPL