SCIENCE AND
THE CHINA MAIL, MONDAY, DECEMBER 14, 1969.
Weekly Survey Of American Economy
EXCENTERING STEEL OUTPUT IMPROVES
Britain's Longest Crude Oil Pipeline Ready
CONSTRUCTION of Britain's longest crude oil
pipeline has been completed.
over 60 miles across South Wales, the pipeline links BP tanker terminal, now being built near Angle Bay, Milford Haven, with the company's Llandarcy The pipeline is capable Refinery, near Swansea. of earrying 5,000,000 tons of crude oil a year.
After completion of tests the
pipeline will be ready to re-
ceive crude ell
for Landarey Heavy Duty
Refinery from the first tanker
to call at the terminal carly in
the second half of next year. Sintering Furnace
Work has taken just over
year and over 450
men were
The
employed at the peak of acti- vity during the summer. pipeline is burled
care
throughout
2
Car Industry Catches
Up
With Production
New York, Dec. 13.
The U.S. car industry resumed near-normal production for the :
first time in more than a month last week as steel output approached new records.
The
|
HONGKONG
STOCK EXCHANGE
by
Our Own Correspondent
Business done at the Hong- kong Stock Exchange Olvis morning amounted to approxl- mately $530,000. Noort quota- Gons and the morning's tran-
actions:
Bharre Buyers Bellera Sales BANKS HK Bank 103 1030 4441060
.
Unton
.
Lonsbard
SHIPPING Wate bost. 95.30
**
8.00 $325
5.05
2000 3. [0000 + 3:05
DOCKS. ETC. K. Wha..
130 142 Dock Provide 18.00 101 1125 10.30
39 30 1000 + 30%
BK Hotel.. HK Land
Humphreys
12 23
1920
000 M 18
1.44 1.475 10000 = 1,423
With General Motors back in units, for below expectations Experts pointed out the 1959 Running for the picture after almost five but a great Improvement over building boom, which began to weeks of paralysing layoffs 1058's 1,257,000 units which re-taper off at mid-year, was arti- caused by steel shortages, U.S. Įpresented a ten-year low.
ficially stimulated by the gov- car manufacturers planned to
Total loss due to the steel crament anti-recession measures 1958 and increase substantially last week's strike was estimated by the car put into effect in | output of 54,000 cars, Only some {industry at 560,000 units, about (therefore could not last. The 30,000 about ten per cent of $450,000 of them 1960 modris. current prediction for 1900 is o General Motors total labour The steel walkout ato upset comparatively CA 1,200,000 INSURANCES ferce were expected to remain estimates of 1959 business spend-units. Idle this weekend plus a few Ing on new plant. Adjusted thousand of Chrysler Corpora- figures
show now
that much On the other hand a genera! tion's manpower. This was a spending is falling 5000 million business upswing is predicted wheelock... 3.00 marked improvemení from the short of earlier expectations but for next year, provided of course 250,000 car workers laid off at
even so, is atlit seven per cent that no major strike mars the the peak of Detroit's steel shor- above the level of last year.
picture. Independent surveys tage rome three weekends ago.
Total capital spending for
point to a gross national product 1859 is now expected to smount of $609 billion, $20 billion above Record Pace BRITISH firm
La $32.6 billion, compared with the estimated 1959 total of $480 Talkoo Dock has
but still billion.
biggest item, in | LAND, ETC. The record pace of the steel $30.5 billion in 1958 new heavy
of the amounla produced a
the expected rise is $18 billion has been duty sintering furnace for industry, bent on producing as very far short
steel as possible during spent on new plant and equip-upsurge in consumer buying. inch its length and
at temperatures the 80-day Taft-fartley injune-ment in 1956 and 1957. taken to preserve the amenities operation
Another 1950 expectation that This is entirely possible if its up to 1,650 degrees Centition ending January 26, brought
store sales uther sectors of The did not quiic come true was current department with grade
2 hydrogen life to
Rall traffic again home building but here the lag Agures are used as an indication. One of its economy.
stores like Sears atmosphere,
move at levels tup-
so much due to steel | Major chain possible uses it ir
the ping those of 1958 and 1957. shortage as tight credit. Private Roebuck and Montgomery Ward of
in 1950 More thra 19,000 25 ft. lengths manufacture
In the first week of housing starts,
were report sales gains in October and tips
estimated
1,325,000 November of between nine and at to nearly now of-inch diameter steel
An 13. per cent over last year. This was dwelling units, this total will top were used. These lengths were cutting tools. It is hoped to December amounted of 600,000 freight cars.
the 1,310,000 total posted in 1035 other store, Spiegels, reported almost seven per cent ahead of laid akng the tuck and walled manufacture
sales a full 38 per but will fall short of the record November After the joins were this type
export the work a year ago and almost together.
of 1950 when 1,351,000 cent above the same month last bove the like year tests by radiography, the p92 | market.
four per cent
units were built.
year.UPI. The beating chamber was wrapped with glass br
a period of 1967. and bituminous enamel, lifted
replaceable
fused tube
Steel output this past week into a trench, the earth abuve it
lumina 5 in inside diameter, could hit a new all-time high- At worst, it consolidated and the fog
Fused schedule is kept. 32 in. heated length. replied. Where necessary alumina tiles housing the beavy would approach last -April's
curved at the site on
record. The pijn wa
Holybdenum tating weekly tonnage a special pipe bending inchine.
elements surtound the tube goal, the Industry set for itself Tra pipeline crosse feu
along the heated length and also this week is 2,671,000 tons. major sivers, five minor rivera and 28 streats. There are alsupport the tube. allowing free Last April's high was 2,657,000 more than 100 road and 12 rat dissipation of heat and provid
of the countryside along! Toule. WELDED
crossing.
High Speed Tape Reader
A
Die
section
furnaces
for the
is
f
to began
for Loadings
tons. This past week's produc- achieved, would
ing mechanical strength. A tion quota, special high temperature insula-mean production at 94.3 por cent tion of porous alumina behind fof capacity. Last week's output the bricks as backed by graded was 2,050,000 tons e1 03.0 per thrimat insulation reducing cent of capacity. heat losses to a nininum.
IMPROVEMENT
Deliveries The rise in row steel output
This design is a greni
of Anished Im spurred deliveries the molyb-steel to consumers, too, but still upon firm announces provement U.K.
denum wound refractory tube at an uneven rate. And not all that it is currently
of of the available now steel was t-ually used achieving speeds, with ro-furnace. A mechanical fature going this production. liable operation, of up to of the work tube, due to thermal first time last week there were 500 characters per second shock, or stress from the charge reports that steel wers are again new building up stocks in the absence
progress cause failure of [of on the fully transistorised ad does not, with this
arrangement.
In this type
arry
For the
toward
a
high speed tapo reador it is the heating elements. Converse-negotiated settlement of the steel developing. It is stated that ly, the work tabe is unaffected labour dispute. Consequently a the tight squeeze is developing in functional tests indicate lay an electrical failure of
finished steel products. elements, which can be replaced some
notably tin plate, one of the that the
accuracy and re-
individually in the apment pure reader lumina tiles.
move because ad- slowest items liability of the now
A further will be of
is of its long production cycle. high vantage of this new design vary
The continued squeeze 011 order. It has already read that considerable sensible heat
is absorbed in the refractory metal supplies is keeping alive a
2
over 10 million characters without error.
The functional elements. the clutch, brake and photo-sensing head, have been designed to be completely interchangeable In the pduction models which are also furd with adjustable guide rollers for 5, 8, 7 and 8 hole tape. The optical system is such that it can permit accurate reading of a tape on which the holes are incorrectly positioned in relation to the edge.
grey market in steel obtained from various sources outside heavy normal delivery channels and at
was not
London Market
Resumes
Early Advance
London, Dec. 13.
Industrial equities resumed their advance this past week and quickly threw off Monday's hesitancy over the future of British interest rates.
Optimism
In Cotton
Grey Goods
lining, acting as a heat reservoir. The cylindrient furnace cas- Ing is constructed of
prices which occasionally iMarket gauge mild steel plate, with re- movable and covers. The cx}1 those at the mills. For example chamber is water-couted to en- one purchase
of cold-rolled below sheet on the grey market recent- cents a pound
rare
that a charge is oxidation
temperature before ly brought 24
leaving the tumace.
compared with the mill price of Atmosphere of hydrogen or some elght cents a pound. cracked ammonia is fed through an inlet under the furnace to distribution pipes in the thermal insulation in the base. Auxillary demand.
Imports
Steel imports are in continued Although up-to-date
inlets are provided in the main figures were not available, the between statistics. furnace casing and
for October, the last
New York, Dec. 13. Optimism prevailing in the cotton grey goods market months past con- tinued to gather headway last week.
for
The reader embodies an elec i heating and cooling chambers to full month at the strike, show holiday brought a pause in the.
tromagnetic bruke and clutch which are operated froin a
sensing photo-transistor
the position of the sprocket hole to jocale the tape in the reading positions. The action of brake, is virtually free inertia and the tape cun be stopped on any character from the maximum speed.
the from
In-
The markets as a whole also recovered their polge. The fall in gill-edged has been checked. They have been neglected in favour of equities but' prices have been steady, There has bcen more institutional buying and turnover markedly creased from Wednesday on wards though the short-dated Foreign issues are still week. bands have been quiet. Dollar stocks have appreciated in ling with Wall StreOL, and tho premium rose 4 per cent to 1 per cent
The Financial Times index for industrial ordinary shares rose 4.1 on the week and closed at 314.7 a new record peak.
INVESTMENTS
Redi's
RUBBER
Amalg
3.7716 3 ERS 5000 (3.00 1000 3.80 4000 or 2.30
Trust
A. Tawah
4.03
Sungate
3.725 10000 | 32% 6000 3.05
UTILITIES
Tra......
Star Ferry. Yaumati
31 31.75
177
140
100
12
C. Light X 10.70 10.00 1000 10.50
Wall Street
Registers Marked Gains
New York, Dec. 13.
The stock market during the past week came within less than three points of its record high set on August 3.
That was on Tuesday when blue chip issued led industriais to a closing high of 075.29, up 9.72 points, the best level since August 4, and the widest gala
November for that group since 27, 1957. The record industrial high was set August 3 this year at 679,10,
Rails thal
day rose 1.80 points to 154.00, best level since September 20. It was the widest risc
three for that group on weeks.
an
America
Beckons
The market had been rising moderately on Monday so that the two-day gain was a sizable one. Then it fell again on
rallied slightly Monday, Thursday and resumed the de- eline on Friday. Trading fell oft The for the week to 17,001,094 shares, a daily averige 3,400,078 shares,
MODEST ADVANCE
of
The averages showed modest
2871
18.80
Electric
14
Naw Ris
25.40 25.00
403 M 25,
Macao E.
72 24.10 61, 14.10 advances
Telephone
200 or 31 500
at
Cement... 381 38%
ŠTOUES, ETC,
Nairy... 0.30 0.50
300 20.40 1000 at 20.40
2000 20.40 100 20.30
INDUSTRIALS
Watson ..... 181
254 25.70 L. Craw. Kwong S. 1. 348
COTTONS Textile
8.00 9.30 Nanyang XD 13.70 14.0 MISCELLANEOUS
Vibro 14.60 INVESTMENTS
Int
0.00
Το To UK
Tourists
London, Dec. 13.
enthusiastic reception hore to the idea that travel Britons can now abroad carrying as much money
they want of holds promise British tourist bonanza for the United States,
ng
Д
115 the industrial closed at 070.50 up 0.50 points from the previous week; rail- utilities road 153.05 up 0.02:
How soon British pounds will the cash 87.08 up 0.33; 05 stocks 217.31 begin to tinkle in up 7.73 paints.
registers of Amerias, no one van Frodict with cortainty. But
a continuation gronied
of British prosperity and none of the exports is predicting an Cor output rore; electricity end to 1960 seems as good a output came close to a record. įguess as uny, Retail trade rose and was well
It was a good week for bust- 100 at 26.50 ness news. Steel operations set
an all time record high.
Gold Bar
Market
Weakens
Zurich, Dec. 12. The gold bar market weakened further during the week to
Bituminous
travel-
become
There is a great difference of above a year ago, coal output was up sharply. epinion as to just how
happy the Brkich will The big gain came on InsL now that the government Tuesday when the blue chips removed the restrictions
were
has in
In the lead General effect, since before the war. Tho Electric, Westinghouse, Du Pont, Briton who managed to get out Chrysler, Eastman Kodak, and of the country with even £100 Union Carbide, Rails led their (US$280) was considered excep
Lanal. Now anyone who has tho out practically g the Bank of England,
eighth straight rise.
The drug shares got a jolt money can when Congress Investigated with prices. They fell on Wednesday, rallied on Thursday and turned down again on Friday.
Paper issues sagged at times on the dip in paperboard cutput. TURNOVER
HAPPY TIMES
But
Not, even in these happy Umes, that there is fuckerly going to be an army of Britons with money to burn, Even in these prosperous' days, salaries Avco led the market in turn-
aren't lavish (220. or with over
sales of 305,200 bere chares. Electric & Music In- $50 weekly is considered a good dustry in second place with wage on the mass level.)
all Indications are that there thousands of Britons December 10 and prices fell 259,700 shares, netted 4 point.
Sperry-Rand was third on 25,200 will be to a new low for the year,
sharus and a net loss of 14 in the coming months, and be- Offerlags mainly due to the painte. American Motors lost rond, who will bave $1,000 or points to bring up into so to spend on their annual Bank of England cales сап-
of a "holidays." nerted with the decline of the fourth place with sales
total of 44,400 shares. Ford in sterling, were not matched by nfth place, rose 6% points adequate buying interest.
24
three
And all you have to do is $86 and registered a turnover corral a couple of dozen of these
210,800 Investment interest in indus-
shares. General travel-hopeful people, or read trials have broadened this past
Business with the Middle and of
Motors was sixth with 161,200 the advertisements and accounts in the British newspapers, to The approaching year-end week with institutional buyers Far East was quiet and no
demand was
reported shares at a rise of polot. particularly active. Prices in sizable
In the drugs, Vick Chemical realise that a heavy portion of items, but Rome cases where there has from South America,
lost 9% points; Carter Products/the new-found travel money is allow an increase in the gas steel imports of that month were demand for scene
1.5 + rule been a shortage of stock have
Prices on the gold coin mar-7% and Schering 44 points. going to go to the United Stater flow when doors are opened for 362,000 tons, only slightly below textile merchants
kel
One of the reasons is that- A the 368,000
jumped up sharply. This im- charging or discharging.
tons Imported in ciderly predicted p remum-
showed tile change in Ampex, General Frecision and followed
lost more than
omitting the moneyed classes or 'burn-off at both doors
September.
sympathy with Paris in mode- Litton At the same time ton of the buying wave after provement
stoudier tone - steel,
of sterling exporta Iri ito now you.
Mall each in the electronics. rale deulinys. China sumes excess hydrogen and pre- the U.S.
the receding fear of a bank Special.
Du Pont gained 84 in the the relatively rare highly-paid vents ingress of oxygen.
October hit a new low of 37,000 Heating is divided
chemicals, Jones & Laughlin 3 specialists Britons during the So far this year the
rate rise in London and also Fiscal into two tons.
in the steels, Polaroid 44 in the restricted-money years by and because
of developments last independent, automatically con- excess of imports over exports year-end
cameras, Louisville & Nashville large could not afford the United week on Wall Street on to yo
34 in the rails. Beech rose 4 States. The fare alone took too in the aircrafta.
General Tyre 4 per preferredt soored to $443
con-
trolled zones along the length is two
[ElBolt Automation Ltd., 34matic Posthund Place, London, W.1.)
Machine To
Fight Infection
million tons.
considerations and inventory PERSONE,
vacc In 1956 could slow down the
In ahead,
be
of the heating chamber. Auto- and 1957 exports exceeded im the days immediately
temperature - control, ports of steel by one million and but mocs observers agreed that
to mounted in a separate control four million tons respectively.
likely any pause Was desk, comprises three positions, Steel imports so far this year tæporary. indicating typo temperature -January through October controllers operating moterized voltage regulators giving step less variation of the low voll age element supply.
A MACHINE which, it Micrometer
in claimed, will com
bat one of the major causes
Height Gauge
has beon demon-
NEW
of cross infection in hos-! pitals
the and
Alecrit chores hotTM been stimulated by the imminent rationalisation : of the industry which should result in a cor- responding crop of mergera. Shipping shares were also ac- tive. Banks have done well in anticipation of the good re- for 1058-59 and Also stores on the news of the
total 3.4 million tons, double the In fact, the inability of pro- tonage impuried in the fall ducers to come up with goods nkarby year of 1950. Latest estimates for spot or reasonably show that during the peak of delivery helped explain a the strice, foreign steel account sinckening
volume toward sus ed for about 25 per cent of the the end of the week, Some mills booming pre-Christmas sales. total now cupply of steel in the were said to be turidag down U.S.a phenomenal thare.
Stock Supply
*American Motors was reported Ito have acquired a substantial supply of conversion steel as micrometer protection against a. possible
more orders than they accepted. Another feature of the 11- Print cloths fabrics were dustrials market this past week Some has been the popularity of the stil the strong spot.
blua
thered mills reported the largest sold-
chips. The interest in capital goods shaad positions they have ever
week has been continued. Hoavy War II and the Korean daya
strated in London recantly. height gauge has been resumption of the steel walkout enjoyed, surpassing the World abarca which was evident last :
The
Silver Eases In
Bombay
$74% points—UPI,
Bank Of France
· Lion
Statement
cent up
biz
bite of their pittance. So it was off to the Continent.
Now, America beckons.
A FEW TIPS
"Could you, afford an Ameri- can vacation?" asked a recent London headline. And the article that followed said, in effect," you could.
the
284,589,809,107 Manhattan Island for 10 cents, A free walk through Greenwich Village and hot dogs at a dimo a throw were mentioned,
Even New York City was Bombay Deo. 13.
Paris, Dec. 13, offered Us a place that the bullion market eased
tourist The Bank of France state-budget-minded British woder the Leadership of
the week ment for
ended could afford if he took advan- the silver in
city's bargains. week ended December 18, reads as follows: toga December 11...
francs Stay away from the wight spots, 431.379,867,277 Total gold holdings
10,102,504,858 eat your meals off lunch coun- After an initial resistance,Total other currencies
iers, the writer said, and you It is a combined vacuum
in Increased 9ight balance abroad In EPU.......
398,180000,000 could have yourself quite a ball sweeping and polishing device developed by a U.K. firmnext month. The absence of any
Unfilled orders on all printgineering shares have done the metal megged
Wunder liquidation, Advance to Baba 31 žm
in New York on £10 a day. well and the leading electricals activity cloth fabrics were estimated at
tion Find which alters off the germs from with particular application progress toward a steel spree.
1.000.000.000 ment was beginning to create
have been In demand, Steel meeting only limited support. the floor instead of blowing
Total bilis discounted 1,350,670 01:180 Such sights as the Empire State Sentiment shares have also brightened up
Building, a boat ride around the adversely acknotes în cireudBA them out of the other end, which tool room and inspection pressure as avaliable inventories close to 800,000 yards, up 3%
nearly
gone. For per cent from October and al-
3,361,200,€7,120 city, bus rides the length of AL
the affected by dlacouraging of
up- is what the conventional vacuum departments. It is a precision are
Current accounts and the cor Industry, most double the order backlog following the reports Instrument with a range of example,
country advices, cleaner doc.
deposits Thus the harmful germ laden |from two to twelve inches,
which normally takes from id on hand at the same time last record steel qutpat.
Stocks totalled 1,500, born and your
The leafs
market started offtake 10 bags daily, to 20 per cent of available ateci durt picked up in a ward or It is strongly built and accur shipments, is reported to be twide front during the week, and Prices were marked along corridor is destroyed before the ato' to within 0002 inches. Aling to secure for itself as much
cheerfully and Tuesday · Freq Stocks amounted to 35,000 State issue were particularly tolas. Arrivals ware 4,000 machine can be used else- large drum micrometer permite as 30 per cent if it is to sustain
further advances were predicted bright but later in the week afiados 9,000 tolas Ching-Mall precise and rapid reading. The fi announced production plans, ot; The machine, was originally mewaring faces
price tended to become mixed Epecial.. destined for use at the Alder are designed so that top or bol-milion casa in the first quarter are being forced to pay two Coppers turned dull in the last The fact that ecmis mills and the marient quieted down. maston Research. Establishment, for Tendings can be made of 1950, where it has been used to pick directly without any need for mente
This will necessarily centa a pound more for raw half of the work. Tine were up dust containing redio active calmanton or attachments. Con-mewhere. particles. It marke an important negantly it is triple to operate
export quotas: for next gene". engineering advatop, since a and của bo used alciently by industry, call for a 1903 produc- | wherein commarens saw becom=”
Present plans of the car • "Inflationary. – pesosures"
De was done in the local free. How at air turpush the semi-elkiled (workerw.
dofficial machine has
tion goal of 4,790,009 - passenger | ins incremitigla anacious to tended to dry up-and prices" morning at the followita Talaisena. previously been [Tho Apurbad
hod. mlorometer ones, 21,8 per cent more than swoll inventory holdings; inherent in every vacuuír elsan- | height gouge is made by
VR. GEBATE (per $13 the this year and second dnly to the
Berling nalad (per 21) 197 13.09 Amer Tool and Gauge Co. Ld., 7,930,000
12.01 [Cimros-Fraser
Rikkara tonđad to, improve i culturalian notes (pera 611RUN Tuson Ltd, Grove Road, Chadwell Heath, Total quique for 1909 has now demand
produced in 1905,- Expanding mentr Orpington, Kent, England]
mili arfer, the ravent all of Kex, England.]"
teen Corrected to 5405000.1
where;
of the gauge of some
two and
* quarter
and
even greater, shortages cotton than they expected; betime after news of the rise Exchange Rates
(extijo
Interest in the olla market
Bank Of England
Statement
Landon, Dec. 18,
But, what if the British visitor wanted to see the wider United open spaces of the Btates.
The long-distance bines, pre
The Bank of England slate- |cheng, mid the London Express, ment for the week ended De- and qualéd - a round-trip: bus fare between New York and cerrer B, reads as follow kay Is Notes in etroulatori (5,310319047 San Francisco at the equivalent Public deuceitas ranked page of about US$140 (meal not in- |cluded). Or you could hire ba | car, the writer said; for about Fallake the same amount of money and
"Private · deposita
Cuber?, weurities
travel 1,000 miles upt.