THE CHINA MAIL, MONDAY, DECEMBER 7, 1959.
Weekly Survey Of American Economy
SCIENCE WANT
STEEL OUTPUT IMPROVES ENGINEERING
STOCK
HONGKONG
Manufacturers Of Cars Still Feel The Pinch
New York Cotton Market Review
EXCHANGE
Our Own Correspondent
Business stone at the Hong- Kong Stock Exchange this morn int mounted to approximately $731,000. Noon quotations and the morning's transactions:
Stares Buyers Bellers BANKS
B Bank. 1064 1005
INSURANCES
Comand
SHIPPING
Wat Fount Wettick
DOCKS, ETC,
K. Whart Dock
25 to
360 5.05
1:37 141 52 971
1rowiat 1430 10.40
Talke LAND TY
Sales
Out 1000
31003
51000
200 (4 2370
1.00
3000 5,00
20000 11 4.00
2400 16.30
239130
3
K Bote 32.75 H3
14 Ear
2:3 3775
Hang Tony s
300 33
EK 31
1.40 1.473 1000 1.475
305
ate it ...
TORER
ди...
1
UTILITIES *Kara
New York, Doc. 6.
Steel production levelled off at a healthy
New York, Dec. 6.
rate of more than 90 per cent of capacity, assuring the U.S. economy of Cotton futures trading be-
a steady pace at least while the steel
truce lasts.
the
cent
und
on
st
came more two-sided last week, featuring a nar- rowing of differences be tween old and new Сгор months, but overall ac- tivity remained on the quiet side throughout the period.
with
London Market Experiences A Mixed Week
London, Dec. 6.
Stock markets have had a mixed week and at times the firm undertone which has characterised them since the boom started just before the October general election has been lacking. Butį by Friday's close there was a greater air of confidence and the undertone, particularly in equities, was firm again.
Fenes of dearer
tenors,
reserves
moncy
STW
some
Proposed System Of Recovering
Rocket
Boosters
TECHNIQUES for cutting costs in one of the -nost expensive areas of space flight were advanced recently by a Lockheed Missiles and Space division engineer, who proposed a system of recovering the costly rocket boosters currently expended on a single launch.
X-
Results of a comprehensive | York last month that the Air
But
study on recoverable boosters Force is Investigating the possi- of the Aftermoth
The prediction was based on
made by Lockheed were revended |bility of using a B-70 bomber as crisis still gripped the heart of an expected inventory. build-up
for the first time at the Ameri- first-stage launching platform Anicrican industry-Detroit following the strike and on re- where November gures discovery of actual production lost
into show a net gain on the week on Rocket Society meeting here for space vehlates.)
Recoverable boosiers "should elted the lowes.. output of by steel using manufactures,
Britain following the fall in the but the blue chips in general by Rudi . Bushmann, head of
Lockheed's advanced Bot-mobiles since World War But these factors depended
design be a part of the national space sterling-dollar rate and in the presented a mixed appearance.
Programme right now," Busch- 1. New car cales similarly wire two big questions: Wo 1
largely Was
The market in oil thares was division.
sald. At Friday's close the list ruled gold
Ho Buschmann reported several mann dragged into levels lower than strike be résumed Jan 26
said design Dossible approaches to the studies should be started im- the (2 year ago.
of the Taft-16 lower to 9 points higher, or responsible for the uncertainty. helped earlier in the week by expiration Hartley Injunction
w of 80 cents to up 45 cents a bale Gilt-edged were the main Puf- the rally on Wall Street but con-
and the depression tinued Relling on Wednesday intriguing problem of rounding mediately and when completed, Steel production was slated the inventory build-Us
really compared the preceding influence on gilts is the weight tended to offset earlier gains. up the huge, complex and "strong efforts must be made to To rist to 82.3 per
phase in recoverable boostcra 01
materiale in such propertiens. week.
Friday of new iues in this market.
recovery pensive missiles so that they can this post wx.cit capacity
and
10 satie be re-used
boost
other without delaying any of our big level of Brae.
Dreember liquidation. incident Foreign bonds have been quiet and the leaders made a This compared
the Nobody ns yet knows
payloads.on cosmic missions, boaster time schedules. showing on small factory with the rate 89.7 per eent
to the issuance of a low delivery with an occasional speculative
Presert <lay answer to the firm question and
However, in order to gain the booster systems. investment domand, achieved last week, far ahead
there are
about notices, and some spot houses flurry in Greck issues. some doubts
stockn have been
Buschinin pointed out. cost "greatest economle bencilt from Dollar old cron
The kar market showed up
recovery anywhere from $1,000 to $10,000 recoverable boosters. the second. Some steel experts selling, weighed
well during the week until pressure was largely unwanted and have in rush for an inventory months. But the
per pound of payload placed in schemes have to be considered
in catly orbli, depending on the particu... | very
the design of certainly not at not great and the market seemed consequence been more vulner-We accumulation,
01 ed end-account depres
boosters," he said, "not “midni the
the to be affected more by an indif-able to the ups and downs of Friday when prices dropped in rate that
lar mission requirements. preceded
Wall Street.
tlan. They point ference on the part of buyers in
But generally speaking strike last sumuner.
LITTLE CHANGE
Possible recovery techniques or afterthoughts," interest in the kar Iveal three most com- nearbys.
advanced in
"Only then," he added, "will " the Lockheed out that the
For a time on Thursday the
low ebb studies include: market remains at a
we be able to achieve the same New crop deliveries continued industrin equities market was
accomplishments with our satel- and it has been charity Johan- to be neglected most the time
Parachute recoverable boose and space fall in its nesburg and U.S. Interest that depressed by the
systems at ol- while traders awaited the re- and sterling but on balance has made most of the price rises
most half the cost of convening of Congress and the
• Winged booster-or hybrid recoverable systems." in individual mines. of expected introduction
aircraft-missile designed
the last
see ho
of expected schedule of resump- lion. The low-down of
of production recovery week was expected since iron
beginning Are
held back output at mills,
to
11
The schedule is maintained, last wwk's oulul would
C
31 1.15
31.75
2,012,000 tons of steel
Ingots,
150 ... 31.77
COMERTCr
with
500 31.75
fast
ani
werk's
with
Star Ferry Yaumati
13
128
135
130
HEM
120
2000 20,10
1000 2354
arbleved in the th peak
30 20310
500 in 30.60
25 69 23.749
300 25.70
128 25.60
52 24.19
Electric
Donus 24.10
1624.10
132 14.19
2,540,000
2,620,000 tons
werk of Jone 15.
weck for this year.
19.10 hravy
HIR
34
1800
Maeno ... Teleulone
11.30 11.50
30 31
1200
31
200
31
INDUSTTUALS
Cement....
38'
20
STORES, ETC.
Barry
Watson
COTTONS Texulo
Shipments
Last week also saw Biz first hipments of finished steel made from ingots How melted after the Supreme Court order halted the accord 310-
200 35.75 day strike November 7. How- 800 38.5
CVEY. resumption of Anished 300
steel shipments is still pliqued
convidamblo
500 29% by 2012 205A
2000 29.69 Some products. like 19.70 20.10
mbalince. structural
200 25.0 steel, which requires le pro- 25.09cessing. Is beginning ta mave
25.8 at pre-strike levels. Olber items. Ba- plate used in canning which needs extensive moving in finishing, won't be volune until the week after
Nt, experts predicted.
1. Craw....
6
400
100
1.05 1.24 2000 9.10
1000 1.10
1000 8.10
3000
9.10
Nanyang XD
14 14:30
14.413
0.40
520
5.40
MISCELLANAQUS
Vibra ...
INVESTMENTS
3:4
Allied
OFFICIAL NOTICE
Proposal to change
a Ship's name
For example some oil COM- pantes find themselves in a very tight s'tuatiers en meci nipes, us miit currently come:ntrate on producing item- that can be rolled
in more quickly tonnage and that are demand- cd by a wider variety of ron- 401TA
mars
Rubber Trust Property
The following letter has been received from Messes J.A. Wattle & Co. agents for Rubber Trust Ltd:
In The China Mail of 4th December, 1959 rc- ference is made to rumours that some of The Rubber Trust Ltd. properties have We been put up for sale. have boen Instructed by the Directors to sizie thai no property or properties have been put up for sale except for a small division 450 acres of Interior of rubber.
have nor
any offers 10 purchaar pro- perties been received. If any sale of any property I made the public will be Informed. We will bo
will give grateful if you this pubileily.
во
factors
that ustзlly
Ca roduction in November | mon skidded to the lowest level for prompt a large inventory build- that nichth Since 1941. With ap ore lacking at this tine, Coneral Motors completely out
1. Yan-Shin Zee of 12A | Chrysl Kni Yuen Terrace, 3rd floor, down as the meth progrvuses. Ilongkong, hereby give notice! CS car
234.472
of the production picture and clesing radually
makers preduved
half units, only
the October and', com-
steam ship GOLDEN NITTO Workers Recalled
Was
ex-
There Bre prospects of panding production. nilci- vation of higher prices, and need to build up stocks protection against supply. Interruptions,
Sceptical
as further
| farm legislation.
فولة
COVT. COTTON
new
Traders walted a scheduled December 10 hearing by the Senne-House, agriculture sub- committees on working of the Government cotton programme The programme in effect this year, and scheduled to continue in 1000. permita Government buying and selling of u major portion of the cotton crop, tre- quently by-passing the normal functions of the cotton trade.
The New Orleans Cotton Exchange, in its annual report, said the Industry is unanimous ir feeling operation of the low is disrupting and that some- thing must be done promptly 10 rootify the situation
Market technicians also em- phasised the narrowing diz ference between the New York and Liverpool market. The around his narrowed spread 200 points in the past month.
| CITY_LIGHTS
"If it weren't looked after it'd have cracks in it like the Labour Party!"
Traders thought the action re-is little changed on the week. flocked the possibility of a le- The ruling feature of this mar- cent reduction in the expert ket was the revival in demand' subsidy by January.—UPI.
Bank of England
Statement
devourites
......
17.9
UPI.
for shares in the capital goods industry. It was also clear this past week that investment sentiment has become very selective and at the same time very sensitive, which was largely responsible for the set- back in the latter half of the week
Steel shares have also been sections. one of the brighter Motors shares lost some of their flnmness. The spate of higher profits and dividends from the brewery companies helped most brewery shares to advarice, Stores lost ground. Some Ameri- can buying helped Philips Lamps
London, Dec. 0. The Bank of England stale- ment for the week ender Dec. that in consequence of Com-output of
2, reads as follows: pany's policy I have applied pare with 514,152 units pro- November last your.
Notes in circulation £2.172,588.493 recent
11.046,332 to the Minister of Transport dured in
The predictiemi of a record Fubile deposits ....
2417,113 of the Not sings November 1941 when Section under
17
251,000 unite, steel your was also production was
viewed
Avertiment by Merchant Shipping Act, 1894. Fr November cutout been so sceptically
sources Other securities pomo
13.507237 which pointed out the in- in respect of the. Britishow in peacetime.
Rallo creazing role played by foreign steel imports. America im- of HONG KONG REGISTRY
ports of foreign sicci reached record rate of mor? than Official Number 187566 Gross
General
Motors
tep in the first nine tonnage 4474.47 tons Register coduled to recall some 60,000 4,000,000
months of 1950, almost double nage 2486.26 tons, hereto- laid-off men last work, bring-
ing to 115,000 the number of the previous record set in 1951. fore owned by The World-recalled workers. About 220.000 Contribution of foreign stozl Wide Steamship Company ove boen Inid-off by thai imports to the U.S. supply thus Limited of 420 Marina House, company alone because of steel rose to 3.4 per cent so far this Assembly work on year, compared with 2.3 JXT Hong Kong, for permission shortages.
General Motors models will be cent in 1958 and only 15 per her to change
numo to
restarted December 9. Chryster, cent in 1957, "GOLDEN ZETA" and have her registered in the new name at the Port of HONG KONG as owned by The Marine Navigation Com- pany, Limited, Hong Kong.
sembled
N.Y. Registers Widest Gains
Since October
New York, Dec. 6.
to meanwhile, shut down its re In specific tracs of steel maning assembly lines this the percentage of use of foreign past week with work scheduled steel is even more amazing. to resume also on Dec. 0.
This year, it was n full 55 per According to present cent of U.5. supply in barbed estimates December car output | wire, 38 per cent in wire mails, may not rise much over 400,000 28 per cent in wire fencing, 27 unita This would make fourth per cent in concrete reinforcing
output qabrler
somewhere Any objection to the proetween 1.1 million and
bars and 25 per cent in wire Stocks during the past week registered their widest 1.3 rods. posed change of name must mor
gains since October 30 in active turnover. cars, the lowest total On the other hand U.S. steels be sent to the FEGISTRAR since the Korean war year of exports so far this year
Business newe continued The market has been in on OF SHIPPING at HONG 1951 when 1,000,000 units were only 1.729,000 tons, the lowest
in the last quarter. rate since
continual Tiso favourable with many dividend jalmosl
.since KONG within SEVEN days it would also bring the total sales of steel lost by the U.S. to 1030. Thus total
increases, several highly favour- November 18. In the period from the appearance of this | production for this year to foreign competitors since
able earning reports, and what industrials have risen 20.54
ralls 6.02 same run to more
to be some progress pointa,
polata and than six million appeared 30 per cent ubowe 1858 but well
toward settlement of the steek utilities 0.82 points. tons per year, calculated below the 0,110,000 cars built the basis of a thift fram un ex-
impasse,
GOOD DEMAND in 1957.
Wall Street regarded the steel port surrus of four million
The list made its best gains of tons in 1957 to an export sur situation as much improved since
union has begun to the week then electronics, plus of more
than two million the steel
malte proposala-ot as yet ac-electrical equipments, rails and tons in 1959.
demand cepted-for a rettlement of the olks were "in
-To- long drawn out dispute.
baccum, hit last weelt by another cpacer scure, were helped by the report of the internal revenue bureau that September cigarette consumption had set record high.
advertisement,
Dated at HONG KONG the 5th day of December 1950.
THE MARINE NAVIGATION COMPANY
LIMITED.
racund 5.5 million units,
The curtailed production was roffested in diangpolesting sales In November. For the first time Uus year the sales pace da curs
droppest below that of a year Steel Makers
1057
|ags, Cers were selling at a daily Indirectly, U. 5. steel makers average of 15,670 undis, 3.3 have lost perhaps a million tons
NOTICE TO CONSIGNEES rate in 1938 when
*S.
TAIPING" Arrived 8th December, 1839. Deneged cargo er this Yead Wil be surveyed by Mweten. Wood Hrowne at Enngising & KoWipan Godown at 10.30 min, on Wednesday. 9th and Thursday, 28th Decemba) are requested. So present during
1959, and commeritve representatives
survey.
BUTTERFIELD & SWIKE, (ILX.) LTD,
Australian-Ortenia) Lina, ·LAR, The Chins Naviɛsion Go, Eká,
INDUSTRIALS. UP Industrial shares rose in four
per cent below the November of steel business рет year out of the Ave sessions and at car sales through the rise of car imports the close of the week their were just beginning to pick up which reached a record rate of average stood et '084,00 up 11:48 On Tuesday the market bene- after the recession. The Novem-780,000 units per year in the points on the week, the best ted from a move, of the; ber sules was a full 28 per cent first nine months of 1938,
Titain, alnoe the week ending Federal Reserve to make money below that of October,
These sources pointed out October 30 when this figure rose a bit caster by counting banta that there is no indication that 13.55 points.
vault cash 'ad vomirões. This was 1960 Output | the foreign" steel importa boom,
Forerunne Sales for the week tolalters | steik, as a possible created by aggressive compett-19,093,375 hares, a daily average of further easing of credit, il- steel industry engineered
The strong, comeback of the tion through under pricing, is of 5,696,076 shanta, In the pores, though, no further moves wCIO
talk tapering off. On the contrary, vious week-a four-day week fortheonlig of a record steel output in 1980. they said as steel inaking copa-cut by the Thanksgiving Day Some eeues registered wide Iron Magazino predicted the city increases in Japan and holiday, sales totallerí 19,508,031 guka. Polaroid an 18 total next your may be as high Europe, the ability of those whores, or a day average of points; Minnesota Mining 13; as between 177 and 180 mililon countries to supply types of 3,417,167 shares. A year ago Trans 10; American Machine di tons, almost ten per cent higher steel in which the US, now has sales totalled : 17,505,442 shares | Malala -9%; American: Blocha
TO tinn the previous record of 117 a' competitive advantage, will or d daily tavarage: of. 8,518,002) Produołą million toña- mein 1998, ----
·wnd to ineroase,—UPI.
· Chemical: 18KORUPT.
and Vick
{
The main weight of local funds continues to press into the finance issues Frd quotations have now bc- come very responsive owing to a marked shortage of stock having developed.
It has been a decidedly dull week in the rubber market but at Friday's close sentiment was better.UPI.
Bank Of France Statement
Paris, Dec. 6. The Bank of France state ment for the week ended December 3, reads as follows;
Total gold holdings
Total other currencies Sight briance abroad
in PU
Advance to Stabil
lar.
non-
Although the initial cost of a to be flown back to earth single-shot expendable booster either by a human pilot or would be less than for the more by remote control.
sophisticated recoverable TOC Air breathing boosterkets, this would be reversed os designed to launch its second the number of launches for the stage in mid-alr (to save programme Increased, Busch- fuel weight) and then fo mann said, #y back to earth.
The Lockheed engineer said This Jatter technique-most that technique No. 1-recovery novel of the three-calls for "aby
parachute-is within
booster having the configuration present capabilities,
OUT
of an ath-breathing hypersonic He described the "air-snatch aircraft." Buschmann said.
recovery method'as one similar "It would take off horizontally to that used to catch a capsule
from from a runway," he explained, ejected
the Lockheed *y to an advantageous position Agena satellite as used in the and release the upper stages, current Discoverer programme. using the oxygen of the atmes- "A groppling boom which ex- for the fends from the recovery aircraft phere as the oxidizer fuel
snags the drag parachute, spills that one-half the three main chutes and tows "Remembering of the launch weight of a con- the booster back to the launch ventional rocket is liquid oxy-site. gen," Burchmann said, "the idea "At the Launch site two of using oxygen from the air as schemes for landing the booster a propellant source is most al jare feasible. The drag chute tractive."
can be winched Into the aircraft
franc 432,222,657,277 P.796,214,883
22510.000.DDE
tion Fund
7,000,000,000
tion
• 3,314,389,141,420 Current accounts and
deposits................... 258.188.709.147
is
P
Total blits discounted 1,335,183,12) 380
Bank notes in circula-
Exchange Rates
Because a great weight saving and larger parachutes attached effected in fuel, an air for a soft landing or the load breathing booster would have may be transferred to a heli the ecpability of launching big-copter. ger byloads into orbit than s Setting a timetable for accom- comparably sized ballistic plishing these various recovery missile, the Lockheed engineer (schemes, the Lockheed engineer sald.
said recovery of first stage He said present Strategic Air vehicles by means of parachutes Command bases are capable of and retro rockets can be done
such aerial In "the immediate future. accommodating
By 1003, he said, the first and launching pads.
(LA.
Doan Gen.
Strother, second singes should be recover- of air staff Morable and by 1085 all stages, deputy chief operations, revealed in a speech, Including those --to the American Legion In New 'orbits.
Business was done In the local
market unofficial exchange
tha muming at the following rates:- U.S. dollar per $1
5.70 15.64 sierling notre per £1) Australian notes per £1 12.48
(per 1001 2.20 Indonesian rupiah
26.00 Sin els er 100% Singapore 1Strails)
1.73
in near-earth
One or the nativepia from studies by Locked halten und – Apnan birision -for rus covering the posily pocket bowzare, now, expanded kan my handia davinanim in shown in Ertin's concept (top). In this rese, the first staan is a winked webdele whaka Lanieren kan singe from a treat height and then, flew back to earth; {Bobý
ultimate în recovery Zedkundenes for, all"slagen of:a" conilo, rocket. Sirel stage, vehicle which would be down back to earth' after separation at the 2000s. Sta
• second wingu lo, a" winged; gibier, which he ate an
: