Page
? THE CHINA MAIL,
MONDAY, SEPTEMBER 14, 1959.
SCIENCE AND
Weekly
Pare 9
Survey Of American Economy ENGINEERING TIGHTER MONEY MARKET
New Dual Colour May Slow Down Recovery
Of Current Steel Strike
Printing Machine Produced In UK
A
Now York, Sept. 13. Worry over the state of U.S. economy last weak split evenly between the stocl striko-now the nation's longost postwar stoel walkout and fears that the tightening money market may slow down recovery and ovon reverse it next year.
At an estimated daily loss of actually lower than the reces-, for the third or fourth week of $15 million to everybody con- sion level of a year ago. September as a result of steel
without prospects of early settle-steel cerned the steel strike, El Pennsylvania Railroad, a major shortages. But the auto industry
LEADING U.K. manufacturer of printing machinery has introduced a new 39 in. x 26 in. offset two-colour machine which is of entirely new design. It incorporates a number of exclusive features and is considered as one of the most in-dorker cloud teresting presses in this field to be built in the post-war period.
יוונו אגוז ת
sheet
-
Hive
carrlor, reported
car-
so for is not alarmed. On the contrary, it went ahead with ment, was steadily becoming a loadings of 71,274 cara Inst week
on the economic as against 74,472 in the same plans to produce 640,000 units in horizon. Now in its ninth weet, wook a yeûr égo,
October-one Among other
of the highest the strike was certain to prove activities directly affected by the levels for that month. Ford much costlier then the record strike, coal output fell by 24 per makes about half Ils steel needs 1952 walkout which lost the cent, metal mining by about 30 in its own mitis and American industry an estimoted 17.5 per cent and total minerals pro-Motors has reported it could million tons of steel and the duction by five per cent.
produce through December an steelworkers $450 million in
existing stcel "inventories.
wages,
Production
Shortages
HONGKONG NY RECOVERS
STOCK EXCHANGE
Our Own Correspunddal
Businces don on the Hong- kong Stock Exchange this morning amounted to approxi- mately $940,000. Nood quota- tions and the morning's tone-
actiona:
Buyers Bellers
035
Blzarte BANKS JIK Bank INSURANCES Unton ***** Lombard SHIPPING
Waterloot Wheelock
70
4016
1.43
DOCKS, ETC. K. Whart Dark
101
45%
The first model is geared for hand-assisting the dampers
Ered of 10,000 whitst the press is running. #heel per hour mul has been i
Electrle energy outpul-art!- The pressi self la enclosed
felaily kept up at record levels installed a Londen fin of
cart guards which be in heivy printers. The recond is
Steel Magazine, the industry's because of the hot weather and enhancing the
warned that some of supplied to Buckman Gmphie besidey
high consumption of power by weekly. of the press,
It began to affect not only air-conditioning unlls and fans the worst shoringea will occur Machinery and Supply Corpora. pearance
statistical productivity indices showed its first drop last week after the strike is over because Provident tion of Long Island City, USA. muximum protection,
++ Tathou the Federal production Judex, but sill remained 14.4 per cent it will takte soveral weeks for the With trip-stop' selected the
AND, ETC. now Flood around 150 after Prominent among the exclu
above the like week of 1958. Industry to gear up and get back FIX will stop whenever gr having reached its peak of 165Last week's electrielly
said sive features on this machine is Pres
two I und output into, operation, I in mislaid. with rip- in June-but also employment, was 13,759,000,000 ki
hours, wooks are needed to pour in- a comprehensive hydraulle on-
selceled the press wit trol system the first in the low down to pre-set low spectacantly-prices of scrap.
inventory growth, and-sigal-down from the record rots, make slabs, inspect them world to be incorporated on an
14,109,000,000 kw hours in the and get them ready to roll. An- when a sheel is mislaid; this The government. through its previous week,
ether wook will be taken. up bu offset press; entirely new power- obviater
the possibility of Labour Secretary, hinted the
processing the Glect. First ful drum-type inking arrange going into pressure at bigh Taft-Hartley Law Injuncio
į deliveries reven-roller damping speed as
of post-alrike steel ments, a
in these conditions clause-calling for resumption of
may not before ilve or six weeks Bystem (against the convention-
the pres apext cannot be in-work for an 80-day cooling off nl five-roller arrangement); creased beyond pre-set low..
after resumption, it warned. and negotiation period-may be highly developed foeder
invoked if the steel strike Brags incehaniam; electrically
on Into Octuber. Euards; and the extensive use of ball and roller bearings.
linked
Blankets are tensioned from front and rear and a new fer- ture on the firm's presses in that they are hot punched for fiting; they are
inserted directly into the serrated jaws of the blanket tension bar und clamped up.
Mr J. D. Garner, works dires; tor of the London firm operating the new machine estimates that his output will be almost double that from any other machine in his shops. le is patkularly NEW DESIGN Impressed with the quality of the two-enlour printing at speed -especially on "difficult' colours,
August employment agures.
Inventory
The spring inventory boom which was touched off by pre- strike steel stockpiling, fell oft
First sharply.
government
figures for July showed inven- Lorley in that month rose by $500 minion compared with the $900 milion, monthly average recorded in the second quarter. Manufacturing and trade in- ventories at the end of July totalled $36,800,000,000-up $4.3 billion from a year ago but still
below 1067 lovels.
Sicel Magazine estimated strike losses through the end of the eighth week at nearly $2.8 billion in steelworker Wages, Industry sales, lost taxes olher expenses. by raltroads and other affiliated Indirect lossca Industries would bring the loss tetal up 10 $5 bilion, the Magazine said.
although showing dip in unemployment, at the same line showed a drop in tatal employ- ment.
The July employment figure stood at an all-time high 01 07,594,000, In August It was only 67,241,000 because of a seasonal farm labour drop but half a million also due to the The design of the press calls idle steel workers, 145,000 lad for grippers bath on the impres-off in railroads and mining siun cylinder and on the upper directly as a result of the strike Controlled frvan selector mosfer cylinder. A new design and some 80,000 nute workers pane at the end of the press of gripper motion is employed | Wald off temporarily because of Post-strike period already filled mercial the hydraulic system for trip
cylinders and inaing ping the rollers has eliminated cumber some mechanical Camis linkages. 1 is so arranged that each tripping cylinder and ink ing motion is independent of the other by simple manual,opera- Hon or by automake selection.
An example of the flexibility this system allows is demon-
whereby the blanket can he retooling for new car models. trusioned at the front and rear without alleration to the gripper releasing four settings. By
Unemployment
UTILITIES Tram XD Yaumati
::
+01
Bates
SLIGHTLY FROM DECLINES
New York, Sept. 13.
Stocks declined in each of the three sessions that followed Labour Day and then came back moderately in the Friday session.
1000 #35 and
12000
Trading picked up moderately but overall I was a dull week | for the market. Traders defer- red appraisal of the Cature in Indivance of the Khrushchev visit demonstration of fune jorder in the money market.
Losses lookok large in the heavily
Dow Jones weighted 100 4513 averages. On Tuesday the in- * 200 Kdustrials fell 0.40 points in the 3004 Dow Jones Index ami 84 cents a 200
share on the Standard & Poor's 500 3215500-stock adex.
2000
012
43a
1000 @ 20.10 10093
2001 200, 354
4000 M
On Wednesday the Dow loss was off 5.02 points and the Standard, 41 eents; on Thursday the Dow yielded 4.20 points ond | Standard "dipped at cents. The Friday market saw a recovery 3.40 of 3.08
3.10
polnis and 42 cents respectively in these two In-
1.30 203 4.10 diditors.
AVERAGE LOSS
For the week the average loss 1.00 (of each issue amounted to 11.1 125 wedle the Dow-Jones
average 1.95 fal 14.02 points.
In dollars, Ely croded
13.20 13.30 3274
XD
2330 20,40 331 35
Hunakarysi
Hentty HUDGEN
17 11.20 1.525 1.53
Anusit
3.25
23000
10000 A
Triest
4.10
15947 6 4.375
2000
4.173 -
A. Tawah..
Suagula
2.00
5. Kelantan 123 I
10000
1.65
10000
2000
15009
21099
120
200
100
D00 6 11
1000 18
*1000 nr 18
100 8,10
$500
JB tire
21.70 23.00
Lone
500
23 10
183
101% 10,80
0.80 20 1500
54 2015
12.80 14.10
31.3
...06 18.30
141
-6.80 6.35 425) 1000 11.50 15
33.00
0%
11.80
C. Light
Electric
X. All
-+
Mineo E.
Tel. INDUSTRIALS Cement STORES, ETC. Dairy
17.50 10.10
With most of the nation's business impatient to be done with the strike and resume the interrupted 1959 boom new fears appenred in the form of increas-
tighter
Com- money. With new order books for the ingly
bunks last week four months after resumption of increased the prime interest rate steel mill activities. some mills on inans le customers with best are beginning to take order for credit rating from 4 to 6 per
Watch in 30 years. the fifth and sixth month. Hard cent, the highest
L. Craw Kwong S., Unemployment in July steed to get steel products may not bu The Federal Reserve System
COTTONS crews the complete gripper at 3,744,000 or 5.1 per ont of the avolinble for six months after acted after one week's delny in
Textile mechanism can be lifted bodily total labour force.
rate-the An August the strike if anders are placed boosting its discount
Interest charged on Joans to
Nanyang out of the cylinder until the drop of 608,000 in unemploy-now, trade experts predicted. new blanket has been sliached ment was expected but only a This roulisation helped to firm
member banks-from 3% per MISCELLANEOUS
It was a Vityro and tensioned.
drop of 316,000 was actually up scrap sleef prices last week cent to four per cent.
Critically inst. several total of in new
dreas. notably new 27-year high, 3,420,000 unemployed, or 5.5 per Chicago, where dealer grades the new rate became effective HK & FE**
af screp steet edged up another starting September 11 in seven dollar à ton. Prices generally major member banks. Even- are up to four dollars a ton tually it would spread in all the above pre-strike levels. Some areas of the Federal Reserve Illinois steel mills, not affected System. by the strike, are now paying $35 a ton for No. 1 heavy nichting type of scrap und in trading among dealers the price for this type is reported al $40 and even $11 a ton.
Ti firm's nonnal design of bearer confact between
All
achieved for a
strsted in the operation where--cylinders has been incorporatert cent of the total labour force. by the press can be immediately but converted to single colour print-
some laude between ing by the depression of three blanket and impression cylinders of the selector levers. The allowed for by the provision automatic tripping: features are of a handwheel which regulates Thousandth retained for the operative movements single-colour units whilst the second remains tripped and
to une
of an inch.
The press is completely con- isolated. Testing Impressions tuned within
the overali body,
The nation's steel cutpul-in smaller planis unaffected by the strike-remained at just below 12 por cent of capacity last week This a total of 332,000 tons. week's output was estimated ut 937,000 tona. Production a year ago-still on low recession levels of around 63 per cent of capacity
was 1,780,000 tons.
set
can be made statically under dimensions of its main
Railroad carloadings, severely In the application Industry this control.
The main drive motor being hit by the strike, ran at a rate some major shutdowns are mounted within
INKING SYSTEM
the
framo-
work. All operations are con- trolled from floor level and there are no steps or platforms are the to be
mounted by the press most powerful ever produced in operator, (R.W. Crabtree and an offset press.
Sons Ltd., Leeds, Yorkshire,
The king motions
Twenty-one rollers of widely England.)
varying diameters are arranged
In pyramid formation to form
a deep reserve of fresh and
evenly distributed colour.
The inking roller reciproca- Computer For
tion is by worm box mechanism
which eliminates the orthodox Bank Accounts
cams and levers and which is infinitely variable between zero and maximum travel. In the absence of conventional ratchet motions, a far greater degree
London Helped By Good Election News
London, Sept. 13,
INVESTMENTS
Inver
values
weck
amounted
U.S. Car Production
Unaffected
By Strike
Detroit, Sept. 13. The U.S. car industry, still unconcerned and un- steel affected by the strike, went forward to- day with plans for a con- Aistent bulld-up of 1960 production.
All the ear companiis foresaw
paper 110$8,000,000,000 in the first three the steel strike long ago and 110 days and came back on Friday placed advance orders for large.
by $2,310,000,000,
amounts of steel to carry them through a long shutdown. Stret The dollar loss on paper for stocks were piled high at the to plants
and some companies Sto the high hired outside
to warehouses store steel supplies. At tho same time, they jogged their of steel, to supplies to lay in large stores Assure steady de- livery of component parts.
23.90 $0,270,000,000.
was made on August 3 to the 23.80 close en Thursday the
general
23.00 loss in the value of all listed
issues has amounted to $20,460, 000,000 or about six per cont.
At the Thursday close, the p
{ industrial overnate was al a new)
As a result, the ear industry
low since June 23, the rail since general) believes it will not December 23, 1958, and the es feel the pinch of the steel 3.83 locks average, since June 10. strike unles
6.03
COTTON
GOODS
QUIET
New York, Sept. 13. Cotton gopis murket here
it runs boyond Motors several weeks ago sald it could continue production 0 new At the close of the week, the cars into December,
The utility artade its low
American on October. Friday, a new low since July 2.
Dow-Jones Industrial verigo
slood at 637.36 14.02 points trom the previous week; rul}
156.42 of 2,19, etlity 88.24 off
OWN STEEL
1.83 and 85 stocks 211.00 of 4,41, Ford produces about 50 The big funds appeared to per cent of is steel in its owa be doing to in the market ginnt Rouge plant, which is not and the selling that took place affected by the strike. Ford's seemed to be of routine char steel workers are members of
the United Auto Workers.
Demonstrating the confidence
ter. The feet that?' bide were
some
wide lacking brought changes in a thin market.
Activity again⚫ centres on of the industry at large that Aanerican Motors which rode the it can outlast the steel atriko, top of the list nearly every day. the car companies have as- Sales for the market as a whole signed 27 per cent of their amounted to 11,138,515 shares. plants to two-shift operations This worked out to, a daily in the next few weeks for average of 2,841,028 share for production of 1000 models.
four trading days. It was
Slow Down
that the light! It was feared
slow down the money would boom. Housing starts were sure to be affected, also capital ex- penditure by companies on new plants and equipment. If the money squeeze continues, some projects may be postponed D even cancelled, experts feared. This would remove part of the upward pressure on the economy which go for has generated a
In rosity road this year, wts so
By October, the industry ex- likely to slow down more as a
over-pects to have more than half its resull of the higher interest
plants on two-shift operations. rates.
Ward's car report says produc- One of the results of the
ton will Increase steadily during hiking of the prime rate was increasing reluctance by banks
The market correctly anticl-the rest of September, and will to create more credit. Ccm- With mills sold up on most pated a rise in the Federal Re-ride into October with a pro-
schedule of the surve discount rate from 3 to duelion
about mercial paper and bankers ac- Items for the balance of
four per cent. Eight reserve 640,000 cars for that month ceptances, which mostly utilize year, buyers found it diffleult to
banks made this change one of the highest levels in the existing, deposits instead of obtain needed supplies for spot
Tharudny and the others are Industry's history for October. creating media of borrowing. Į and nearby delivery.
expected to follow. The rise And all of the carmukers *sald The commercial paper market,
Denumit for cotton yarns was was merely an adjustment up- they took their stool stocks Into How at its highest volume In 40
were rucs had risen. The discount October schedules. UPI. more rfistant lackening.
last week were acasonal the highest since July 27. ly quiet with activity the previous week cales restricted to small lots aged 2,315,236 shares dally. for quick delivery. Prices
were strong throughout.
ANTICIPATED
on
A electronic computer "The stock exchange welcomed enthusiastically the years, is offering prime business low and supplies for even the ward of the rate after other consideration in planning their
which will initially
of mixing in the ink supply is handle about 40,000 ac- nchleved.
[counts is to be installed In a. One of the flaws of the London centre of Barclays orthodox Ave-roller arrange Bank. Believed to be the first ments that the flow of water tends to go direct to the recond system of its kind in the slamper. Jestrving the first cam world to be used in booking, paratively starved. The arrang it will be housed in a special. nient of seven-roller dampingly adapted building and will
reverses the system and the flow
travels direct to the first danyar prve about 15 different In contact with the plate: ut bronches. the second damper erung as n
news that the general election would be held on October 8 and confidence that the poll will result in a victory for Prime Minister Harold Macmillan's Conservative government brought a good recovery to stock markets this past weels,
Wall
Street's recent steep over large. Prices pentrally rosu decline coupled with the rise in steeply, and although profit- U.S. Interest rates caused doubts | taking trimmed them, the net in some quarters about the gain on the week was large. level of present British interest From Wednesday, onwards rates and this was a restraint quieter conditions in the equi influence, particularly in the tes market were
Increasingly Latter half of the week.
The firm undertone The Financial Times index apparent
roquined but there were tow of industrial ordinary which dipped to 231.2 on Mon- Investors coming in the market. It has been dividend week in 256,8 on and readied Wednesday, showed a net rise the kaffir market and this has but the ger- on the week of 2.5 at 253.4 been stimulating,
evident from since the election news becamo erak dininterest known the index has risen Johannesburg in gold shoros
calood many of them to quiet. VERY FEW
smoother. Considerable Inik sav-) The branches will serve the ing results and better quality computer with information by printing is achieved. The pos- teleprinter with delalts of each bility of emulsification of the ink account being stored in the by excess moisture is reduced to computer's magnetic memory. a minimum.
The basis cost of the system ix about £120,000 but addi-day tional equipment such as in- formation storage units are The press is normally equip-likely to be Installed increasing pod with a type of high pile the capacity range of the com- stream feeder which has been puter. The system is expected specially developed to match the to be in operation by the sum- high speed of the press. This mer of 1901.
STREAM FEEDER
- feeder incorporates a power pile
holst and a non-stop re-loading
device whereby a fresh stack THE ANSWER
is trucked in, raised and brought into use as the anal sheets of
the previous stack are running out. Uninterrupted printing is This possible.
facturing the computer says the An omcial of the firm manu- mumber of banking accounts generally, are increasip,
and
is con-
4.2.
FIRMER
dated stocks. Even the
does
remain very few. Thiả
borrowers
money.-UPI.
UK
the
lowest
deliverles cost
Steel
Output Rising
Landon, Sept. 13.
STRENGTHENING
rate is the interest charge the Federal Reserve makes on ionnat
10
koop
Business nows was considered Demand For
Gold Wins
to is member banks their reserves in Line. Wool tops and yam prices showed a strengthening tendency favourable, aside from strike reflecting steadiness in overseas areas. Unemployment declined wool markets. Most wool goods a fair amount considering the
their strikes and employment Ect milis here have sold up production for months ahead. Bow high for the month of Man made abre fabrics were in August. Industrial construction active domaral and prices were pointed higher in ino estimates
Paris, Sept. 12.
The | by government agencies,
Demand for gold coins and car companies started produc- gets was active on the mar Demand for hard fibres, kisalition on their new models and ket here during the week to and Manila hemp remained their output cose 25 per cent September 11.
the previous week. Chr
continuest Britain's steel production is quite strong in the face of re- over
duced supplies. Prices have re-loadings
Both foreign and Uomestic to decline much now rising rapidly and covered
of the losses because of the steel shutdown. purchasing was reported.. the latest figures issued suffered since May and are now Gasoline consumption rose again.
that sald Seme quarters and inventories fell more than French a
insurance
companies today by the Iron and at levels substantially above
1,590,000 barrels. Retail trade
were in the market and early rose au foflies outfited their in the week some hoarder de- Steel Board show produc-
British East African sisal was chlidren for the new school tion in August was 18 per quoted at 114 cents
stand was reported. a pound term. cent higher thon a year against 4 cents a year ago.
Stoel magotiations made little
Prices, generally, tended, to. Hemp was in tight supply here progress so far we one could advance, although there was a #go.
Judge from the outside at the ceppital rebetion at the world's steel production In and were unchanged. UPI. Crude
| meeting room.—UPI, Avgust averaged $37,100 togs
end-Chinu Mail Special Week. Pig iron production
year ago.
Bank Of France
Rates
Statement
Swiss Francs Maximum Sell-
Pariz, Sept. 13. The Bank of France Iment for the weekend' resia ca
state-
Bank Of England Statement
After their recent reibpck
United Staten Influences un-
war at the rate of 210,05 Agreed Merchant "settled the oll shares market. gill-edged were Armer with better tendency spreading from Like other issues all shares res
lops a weekly slightly down the long-dated to the chest-ponded to election optimism and on the 221,000 tons in August
became a better market, but al- 1950. deemables gained up to 16. For- though all gains have been Stocks of finished steel in aid. merchants eign bonds wew largely negled-made, particularly amongst the consumers ed bu modulative buying kept lendor,
hands were estimated to have buyers in the market fallen in the seeqnd quarter of
!log 76. The later still In view of the high speed of the computer system
Grock bonds firm.
the this year by 180,000 finished tile press special precautions bidered the answer to meeting strengthening of banks and in-lock of demand has made
Sipeks in murance was not enough to cover market superable especially 1005. have been taken to safeguard |-growing business without
the public soa.or the operator The whole damp- great marease in staff and pre-
Transatlantic Wall Street tails to mity.
fell 'more then in the the early 'loesos.
21.007.319,360 ing mollan is enclosed with misen..
isaties were weak la reflection There has been a certain private sector.
Total Diner CVTRACIES 10,320,370 Shipbuilding and of Wall Street,
Noten in eteritiation) £2,118,037,000 olding perspex mard which, if
generat uncial exchange market this dight balance abroad
morning at the following ration:-
300,00,000,000 Tubile Deposits..... the induchico | market for rubber shares. Thote enginedring showed: the largest | vs. dollars (per #1),
1997 Tomkulle discounted 180319203,871 frivals depelle
293,031,001 steol shares were sorog shirp class due in fall in the private sector. 'nterior mutes (per (1) 20
Government, prcurities led the recovery In Industrial particular company, developments Stocks held by the motor in- Australian noten (per £11 equilles. The Steel Bures were but conditions on the whole dustry and the building the donasian rupiah (per 100) cutiunt account The Hacent
diam sienia (per 100)
233,099.XT2.253 | Natio particularly heavy and the turn- were quietly ofales—UPI,
dustry have focrenied.--UPL
Singapore (Strmitt)
&
zalegl. mufomalically reduces The computer is the sixth to the speed of the press to be ordered from the firm in fraction of the maximum. This the last four months. (EEL, 1. obviously minimises the Lid., Hayes, Middleons, End which many, minders taka" 'til |" land', }"
Partly under of options buying,
amount of profi-taking in the
Exchange Rates follows:
Business was done in the 10041 Total gold holdings..
1.01
stepoutta
London, Sept. 13. The Bank of England plato- ment for the week undèd Sept.
reads as follows: