Page Z
THE CHINA MAIL, MONDAY, FEBRUARY 22, 1960.
Weekly survey of American economy PREDICTIONS OFF
'What's happened to the expected boom?"
New York, Feb. 21.
The "what hsa happened to the boom" debate continued this.
past week as new signs indicated that the American economy's acceleration is not matching turn of the year predictions.
during the second quarter. Hay- added that ever, Worthington output will amount to a record private 120,000,000 to 123,000,000 ton
for the year.
There was spine fear that the undue .dehate may provoke
peruinism Economist both Rovernment and cautioned that such fears are still Business i premature. good and the outinok is still optimistic, they wild,
Seeme economists added that
Record output
American
Iron & Steck
the inflationary threat is merely fastitute reported January's out- dormant, tot dead, and
that put hit as all-time high of this is a good time to make #12,043,000 tons with operations seniching second study for 1960's running 95.4 per cent of capacity potential.
This was 100.3 per cent of the 1947-40 average, and compared to a previous monthly record of 11.980.319 tons set in December,
Word's sald
SCIENCE AND
OFF COLOUR ENGINEERING
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $1,743,000. Noan quotations and the morning's transactions;
Abuses Buyer Sekeri BANKS
1:200 1300
INSURANCES Union .... 0014
Generally, the nation's fze tories, mills and mines enjoyed The Federal a boom month.
Board reported that leserve uvemil industrial production advanced nearly three per cent, with durable goods accounting Bank for most of the gain.
The Board's index Jumped four points to a now high of 100, compared to 1947-49. The index, helped by pre-steel strike buildups, went to 168 last June. then dropped to 155 during the strike.
The
Department Commerce said the gross national product was running at an ennual rate of that February | $493,500,000,000 in
last the ("it" output will fall ubo quarter of 1059, an Increase of 80,000 units short the $1,500,000,000 from the figure projected 723,000 February OL used by President Eisenhower in All except Humblers economic report Inst month. duction, art Ford have elimustell For the entire year, the $30-45 --may yet be lifted, they warned.lurday operations. Last week's million aid in the revised report, output was ret at 156,406 cars the US produced $478,500,000,000 and 20,084 tricks, a net decline worth of gocels and servers, n from the 184,027 and 28,733 nine per cent gain over 1958. ---- turned out the previour week. UPI.
that
They pointed out
for the Ars Lime in many years there is an ebrence at the traditional February price bresk In cummales. The current mckay wing the economy cautious taildups of inventories, production cutbacks 41
und
len stel orders than expected
Too early
scoffed These economists talk of cashg Federal Reservis
It i restrictions. Credit early for such lalk, they nakt.
They notes that personal in- come hit new atmund recurd
rate of $393, nullion last month, up $1,200 million from the previous high in December. withough well below the $402 billion predicted by administra- tion officials.
'The
The average weekly earnlogs of factory workers in January hit record high of $92.32, increase of six per cent over the same mentis in 1DSC. rate of pay was $2.20 an hour. two cents higher thin December and $2.13, above January, 1959. Employment totalled
04,020,030,5 record for The
Bank of East Asia's big donation to refugee fund
month and almol 1,700.000 The Forty First Ordinary Yearly General Meeting
above Junuary, 1950. The
number of long-term unemplay-
ed--those out of work 15 werks
estimated more-wee
Tils
ןה
or
100,000.
compared
离婚
Tight
hes money
a
1,400,000 year ago.
but restraint on business and helped bring about the break of stock market price, depressed busine
which further
SHIPPING Lombard Wheelock .. DOCKS, ETC.
ཚུ བྷ
0.03
Balea
*# 1310
40 gr 1998
20 1303
30 1200
100 $7
400 # UT
15043
4.00 13000 0.90 6000 6 0.00
300 a 100
03
K. Wharf.. Dock
Lami..
Provident. 19.20 10.30 Talkoo Dk LAND, ETC. tel..
4315
Humphreys Really
RUDDER Ameig
4.00
7.30
3.00
Tran Bimgals UTILITIES Trem
Youmail
c. Light...
Electric..
20004
2000$
603 * 431%
1500 m 3312
1003401, 2400 409 2.03.20000 6 1.05 1200 1.70
4.00 12900 7 4.85
13154,025
200 33.50 700 # 144
Wall Street's New problems in
impressive
recovery bid
New York, Feb. 21.
The stock market launched its most impressive recovery movement of the year this past week after what appeared to be a selling climax on Wednesday.
For the Arst time this yes places, the old stack with volume
there were three days in a row of 325,100 shares with a tous of
disposal
of waste material
By ADRIAN SELIGMAN
The rapid rise of lving standards, with the building of power stations, oil refineries, paint works, hospitals, research centres and chemical planta ali over the world to creating special problems in the safe disposal of radioactive, tozle, corrosive and inflammable refuse. This article describes some of the factors which have to be taken into account bjj designers and research workers in what is becoming a branch of engineering in its own right.
ONE of the world's most urgent problems is to devise practical methods of dealing with waste products from atomic power stations and the nuclear-driven ships which are soon to be launched
that the slock market showed 4% points, and the when-issued rains in the three major averages. stock with sales of 323,600 shares These gains more than wiped off 14. The company's head, Gomney sold 10,000 nut severe losses on Monday and George Tuesday and left the market shares of his holdings and thin increasing numbers. There was considerable kigher on the week.
On Wednesday, after the Indus trial average had lost 10.00 points on Monday and Tuesday combined, the list felt another eight points an á late ticker trading spurled and that day the volume reached 4,210,000 shares, highest since May 7, 1939,
This appeared to be what the bulis had been waiting for alice 300 33.25 they immediately stepped into 350 13.03 the market in greater numbers, By closing Ume Wednesday the average had risen by more than 10 points from its low to close 1000 20 25 with a net gain of 2.22 points.
HIGHER PRICES
144
145
100 & 144
100s 144
20 20.20 2000
265%
3500 DO
20 15
26,40
120
1000 20.30 20.33
11.00
for.a
time unsettled the stock.
fle explained he was forced to sell to raise money so he could pay for optioned stock.
STEELS RISE
Loading slcels Tosc small amounts, Chrysler tell more than two on news it was to cut back production of Imperials. General Motors rose one and Ford nearly wo points. Wilson gained 5% it was in the packers on newI coming to an agreement with the union on a new contract. Armour tose two in good earnings.
Du Pont gained 5% on its earnings and Telephone rose 4. Minnesota Mining rose three on its stock splll. Ampes
7 gained in the electronics. Macan E. ...
Next day trading lightened American Steel Foundries rose 1700 334
Home Products "Telephone
somewhat but prices moved 8%, America INDUSTRIALS
0% polaita 10043 75 higher. The Industrials gained 13%, and Polaroid Cement. 40 451%
8.64 paints. On Friday a late in the specials-UP). 250045.25 spurt left the average up 6.26
of The Bank of East Asia, Ltd. was held at Watson
the Registered Office of the Bank, No. 10, Des Voeux Road Central, Hongkong, on Saturday, February 20, 1960 nt 12 o'clock noon.
300 €1
190 24.20
200 # 24.40
points on the day. In the three 500 2140 last sessions of the week in- 500 24.30 dustrials showed a 17.12 point 23324.20 Coin. This with the 10.00 loss of 45738230 Monday and Tuesday subtracted 200314 left the avenge at 020.45 up 8.22
2004 319%
500 31.59 points on the week.
10 1000 10
STORES, ETC. Dalty
24.40
24.30 24.00
L Craw.
91%
COTTONS Texilied
Nanyang
INVESTMENTS
Ik & Fi
Invest XD 14.50
15.00 10
MISCELLANEOUS
0.40
9000 10
1000 1.00
Rails lost 2.83 points on Mon- day and Tuesday and gained 8.53 points the
resi of the week,
leaving the average at is1.90, us 500 @ 17.10 0.70 for the week. Utilities elos- 100 17.10ed the week at 09,30 up 0.59 and
the 65 stocks In the three j averages at 207.04 up 1.07.
1.40
4.50 1000 + 6.50
2000. 14.00
pro- Present: Mr Kan Tong Po to $8,000,000.00. We noW (Chairman & Chief Manager) pose to transter to the Reserve
Li Roon Cirin, Wong Fund the sum of $8,500,000.00 $3.10 11.20 Mesara. Also, the Yun Tong, Li Lan Sang. Hon from the Profit of the year, thus past week saw a further tighten-Fung Ping Fan, O.B.E., Mr bring up the Reserve Fund to After dropping Y, K. Kan, O.B.E., and Messrs $10.300,000.00 at the end of the ing nf credit, for five consecutive weeks, the Wong Chung Man, Li Fook your. Treasury's short-term barrow- |Shu, Y. H. Kan and L! Fook lug costs jumped from 3,56 o Wo (Directors), Mr D. G. 104 per cent. But, enutious Sherriff (representing Peat, economists indsted, the time to Marwick, Mitchell & Co., Audi- seriously couskler casing credit
''tors) and many other share restrictions has not yet arrived.
holders.
Gloomy news
Meanwhile, the news continued on the gloomy side. from car and
steel centre
Industry
1. The Notice convening the meeting was rend.
2. The Directors Report and Accounts were taken as rund,
Refugee grant
To mark the occasion of the
to
Trading robe
17,290,950 stares, most for any week sirice January 15. That was a daily average of 2,458,070 shares. It
415: Ariniversary of the founding Share market compared with 13.483500 shares
of the Bank, your Directors have decided to send a contribution
of $100,000.00 to the World Re- fugee Year Fund in aid of the refugees in Hongkong In so
report
was
STO following the doing we
Dwing to misplaced sen- our Friday's Share 3. The Chairman recorded tead laken by Government intence in with deep regret the death of an
endeavour to solve anMarket Report Inference Mr Huynh Tai,
Permanent
I am sure that drawn that
Insurance Urdon Director, on
the 20th March, gent problem.
or $1.45. the step we have Laken will declared a dividond 1930.
with your wholehearted Tils in fact not the case, The was de- dividend referred to One practical way of solving the correct reading of the clared by Hongkong Tramways our local refugée problem is to
should be as Bentences LWO
and pansion of
"Union Insurance was the
sources in Deurolt said ear manufacturers are pre- aring cutbacks and steel orders were reported running 10 THT cent les than a month ago.
Chrysler Imperial and Bulek the revealed that they plan to lower within month. productiun
il
4. The Chairman addressed
meeting
follows: Gentlemen:
I have much pleasure in re- Ward's car reports said that the porting that during the year current rate of sales indicates a under review our Bank luus total of only 5,743,000 units for again shown steady progress in the year, compared to 0,500,000 all departments, resulting in prieted immediately after set-new high levels for total assets, flement of the steel strike. Sales advances and deposita, in January tolalled 456,272 units,
Total assets
meet support.
for the previous week, a dally average of 2,890,702 shares.
DIVIDENDS
London
market
slightly depressed
London, Feb. 21. Share
prices suffered a variety of adverse factors and the market ended the week uncertainly with buyers sitting on the sidelines.
divergence of opinion on this subject at the Inter- national Conference on Atomic Waste Disposal recently held in Monte Carlo.
are
As is well known, some radio- rosearch establishment in Scot- isotopes
lang-lived anded, solid wastes of this kind virtually indestructible, so that are loaded by a mechanically neither great heat nor clerical operated skip hoist into a rotary treatment, ne constant washing Kim, which delivers them, fler can reduce their potential dan- controlled combustion cycle, ger. Consequently they must be into refractory-lined ash trolleys. buried underground, far below, Such wastes inay also be screw- any possible source of surface fed into the furnace and dropperi water, or else sunk in one of the on to a sloping refractory hearth accan deeps in corrosion-prant or on to a travelling grate. The contoineta. Obviously, therefore, ash removal system may congist an important requirement is the of a closed conveyer ör alufco reduction in bulk of such wasles, pipe. so as to minimise handling and ↑ transoprt charges as well as the INFLAMMABLE consumption of costly cluminium containers.
WASTES
Heat from incinerators can be used for space worming, for pre- |viding hot water, or, for supply-
At the UK. Atomic Energy ing continuous heat at a given Authority's Capenburst establish-level to some special Industrial ment, an incinerator has been
LS one eighth of
installed for the destruction of process. Olly wastes associated 550 gallons of mixed radioactive with progressive industrialisation paint works, refinories, all was:es and 15 tons of general chemical plants, raitways and To factory refuse every week. Dur- 1 can be used most pro- ing incineration the materialtably in this way: but to prevent reduced
muking, their rate of combustion original bulk. But this, of course, must be carefully controlled, increases the radioactivity pwith ample supplies of air as given volume of the residual ash. well as adequate space and litte which is therefore delivered by ter the air to mix with the flur means of a rocker type grote
temperatures Into special trolleys with hinged must be kept high during this Ilds. In these the ash is removed process if combustion is to be to a shielded compound, where complete, and this tails enretu! it is tested for radioactivity be control of secondary air supplies. fore being sealed in containers
for transport to a disused mine) shaft in the district.
The Financial Times Index Loom handles all
gases.
Furnace
Feeding ally wastes into the furnace also raises problems. If waste is quid and flows Research inta
new types of the rocket propellant frequently freely. Its flow must be well re- be done, yields waste products of an ex-gulated. This inay ceptionally corrosive and dan-her by gravtly feeding from a gerous nature. At a rocket fuel storage tank through a protective seal, such as a constant livel water trough, er by prosTO A long list of companies talked
feeding through a dandora type dividenda or declared extras and
burner. Some liquids, such as
have to may paints,
bu several companies cut or omitted
mechanically siltred and healed dividends. Solar Aircraft and
shoved the industrial equity
while in storage, to prevent them Young Spring & Wire omitted
congealing. Olly wastes contai- dividends. Kennecott and Fly-section 44 points down on the
cut their payments. week of 320.1 depito Thurs ranges of yarn
ing solids in suspension may be Several companies, mouth Oil
including day's steadiness reflecting Wall
ted through a large orifice, uitièr of Pullman, Michigan Gas, Ohio Street's upturn. Selling was
FTER two and a half controlled air pressure, into a but lack n dribble Edison, Minnesota Mining lid only
special tray-type burner. This ini!! enthuriusin binung buyers made Harsco voted stock splits.
testing methad enrures partial atomisa- dealers mižík přets Bown,
under full factory working tion of the oil without risk of this can be achieved only if only stock to register a de-
Brokers say contained
The Institution Business news clhe, outside countries will asalst by
and insurance companies have conditions, Britain's Cotton blockages ad can be designed falied make several favourable and a fow un-
20 "Trams
frum nway
Associato accommodate solid particles ordinary Industry Research buying more of our products.
Finally, I would like to Lake
favourable Hemi. Steel opera shled much headway after the ex- this
tendering opportunity of
pepted baina Iskue falled to our sincere thanks to all the
materialiso and the announce- executives and staff of the ment of = 81.45 final dividend Bank for their devoted services did not help matters since a better return had also been which have been a great factor in the growth and progress of expected... the Bank in the past year.
offer employment through ex-follows.
our industrios
a 10.7 per cent gain over the month 4 year go, but about 230,000 short of the vehicles Our net Prof for the year. produced.
together with the balance Ward's said that, with early brought forward from the pre- February sales included. thevious year, amounts to $5,439,- Fales to date were 12.2 per cent 891.00. P in recommended ahead of the same period last that out of this sum a dividend year. But new cars in the hands of $12 per share be paid on the of denlers Increased to nearly Old shares. 200,000, a record for this me of The total assets of $100,581,- Report af Directors and
the year.
Hositation
019.3 shown Shoet
thun last posit and
Appropriations
I
propose now
that
Balance Acounta
the
be
in our
4.3 presented is $10,800,314.45 higher adopted, and the total balance year. Current, Doot $3,433,801.00 available for Other Accounts distribution be dealt with
JAN Advances niso show follow: --- further improvement as the re- Dividend and Bonus of healtation"sult of increasing activities ol
of $12.- per share and deferments and cancellations our business during the year. un 100,000 'Old'
But consump- by small users.
chatea
Iron Age Magazine blamed well as the decline in steel orders on “a general attitude
Silver market's better trend
tlong rose a
A years of
bit. Electricity shares. For the moment they aretion has just disclosed do- up to a quarter of th inch in output ond car loading doctor to put funds in field in- tails of a now automatic
clined
01
perhaps to
the weck but terest scurities, were well aliové a year ago. awalt a lower price range before
did coal output. Construction returning to orderies, alipped on the week and was off from a year ago..
Car production rose by 6,000 white but plans were being made by some companies to cut Hack
UNCERTAINTY
The line-up of depressing included uncertainty factors about Wall Street's behaviour, of the Bank of England on high The President of U. S. Steal equity prices and the govern- predlefed steel operations would ment's appeals for industry
output next week.
the warning from the governor
to
foom its scientists have da- signed to moot the de- mands of continuous flla- mant man-made fibros.
hos the
slz.c.
HOSPITALS
with reverbatery furnaces, con-
By contrast with these highly Inflammable wastes, the refuse from hospitals usually has a low calorific value but must bever- At host, misfied with results theless be destroyed at high obtained in these long tests, the temperatures to ensure complete research Association
sterilisation. To meet this pro- granted world rights for production of the looms to Willem economically, hospitals in Middle Europe, India and the zon and Longbottom Ltd, of East have recently been supplied Nelson Foundry Barnsley, decline to 85 per cent of capacity lower prices. Tho feeling has Yorkshire, England, in whose Bombay, Feb, 20.
the original prototype slating of upper and lower.com- in the second quarter from the grown that the government may works In
somewhat broadened current rate of 03 per cent at have to adopt deflationary poll-
refractory flooring through which activity
It has been named the heat passes from one chamber to in the week ended present. He foresaw a record out- eies after giving way to railway was built and put through its bustion chambers, separated by a February 19, silver showed a pu for the year at 120 inillion workers' demands for higher paces.
the other. This, known as the "Shirley" automatic loom. distinelly better trend under tons or more. short-covering
loom
la very rigidly reverbatory principle, allows the built on a solid cast iron bole-
best use to be made of all this heat available. Is Although the loom precision built, it is constructed
and quite 4
wages and because other Indus tries are in the queue for wage Several corporations issued hikes.
American High civil and defence esti- favourable reports.
the plate.
The
in
mechanical parts than on other typu the outlook
tact A
5
re- following $1,200,000.00 tion runs about seven tons'a
For the purpose of bringing Transfer to Reserve 2,500,000.00 ports of Increased absorption. month, it added, and assures the Bank's Capitat inore in line Reserve for Cor-
Stocks the industry a good year with, the actual resources
totailed 1,300 bars Telephone lad record year in | mates arò taken to menn Mm- poration Profits
Hospital lacinctators may be and offtake 20 bars daily. Gustained.
with minimum number of parts 1859. Du Pont had its second Apell budget will be cautious ployed, a Resolution was passer TAX
200,000.00
will avoid generosity
or electricity old that the at an Extinordinary
fired by oil, gås The magazine
of the number General Transfer to Stat
Gold was rather irregularist year history, General and car industry will continue to take Mealing held on 14th November,
Income for lant tax reliels. In addition to these mechanisms
fewer and are usually itted with dinl on Electric's not
lavo Pension Fund ..
showed 100,000.00 but
moderate,
recorders from which all the steel it can got until 1950 to capitalise the sum of
Depreciation
balance, gains on a predomin-year ruse 18 per cent over 1950 factors pressing on the market sometime in April, when inven- $10,000,000.00 from the Reserve
is several major of Bank Pre- tories will be balarged and a Fund. This sum was used to pro-
anco of buyers
R. J. Reynolds Tobacco Com-companies will soon come out comparable looms. One of the operators can make sure that mlses
107,276.00 destred backlog of about 20 days vide a bonus issue of one now Carry forward to
Stocks totailed 20,000 tolas,
pany had a gain of inore than for more finances over coming important features of the bacteriacidal temperatures have loom is the simple positive open been exceeded before any refuse supply built up.
share for every share then held
shed dobby which will operate is introduced. The chuige (which Arrivals and offtako balanced 15 per cent if its income. Stude-wookka. the sear 1900 1,320,818.00 Farm equipment and construe for the whole Capital Issued. As
Government bonda
at high speeds, The advantages may corditer dangerously in- After this proposal has been at an even of 3,000 tolas,China baker-Packard's when-lasued Hon machinery
brought from industries will
stock took top place with sales of quiet week but prices held up
to eliminate fected malektais, a result of this decision,
of being able Duneeconded, I shall be pleased to Mall Special. alash second quarter orders by 29
572,900 shares and with un-resonably well with Consola spring under mailbur, and have the wards in plantic bags or in Fully Paik-Up Capital was it answer to the best of my ability
pey conta changed while its common stock 24
16th Lower much as 50 per cent because of creased from $10,000,000,00 to any questions which shareholders
positive movement of the head waxed cardboard or ehærdium fall cups) in loaded on to a tray over-booking, it calth, Appliance manufacturers will cut down by $20,000,000.00, and our Reserve may wish to put.
400,100 shares, closing the week co1⁄4 off on the week to close about 30 per cent also because
with a 4 point gain.
COA.
The loom has woven a very placed in the lower compartment Dollar Blocks Bürger up to of over-ordering
wide rungo bi commercial of the incinerator, where its en- NAFI lost a hair point and wards the end be the week clothes including very fine plain tire contents, including con- nado, second place in 484,400 under Wall Streets lead. Golds weave nylons in addition to a tainers, are reduced to nah at jahares.
and sibukt 00" Conilgradle. Some of hit a rough period in mid- full mingo pf Terylene
Thistles. work, but prices frined towards rajon
The loom 19 this ash máy bó esteted by the PROFIT-TAKING-
werving the and of the week Nha, gave succesfully
also hot gases into the upper com- cloths and partment, where it possia through This company met sotne profit- this market a bad settled a nylons intustrial
Branup on news Perance. Dinda Weakened glass fabrics. It operates at a second barrier of flomer, to 1.2.9 faxiDƏ MENT
Ols were treguin Lode speed of 180 to 164 pleks pec canare that everything harmful the edimpery was buying Clarks-
showed loved over the wo minute, although it is stated in it has been destroyed. As a Craft.
Foreign Bonn pakeed KiVOLENIA A that it should bo posible to further precaution, á "Centri- Motorn American
tatibor quilel periód but CHV Matrás boost this 20 picks perfugal dry dust-chlcher is oothie-
multo. bhought up in foliria" and inth | come netvily zupt,
The magazine said that steal price cutting by warehouses has spread and föréigi solės are also sipping. U.S.
Exchange rates
BANK OF ENGLAND third place and volume of a 40% and War Loan: 31⁄2 De
STATEMENT
Fund accordingly was reduces! 5. The Biafement of Accounts temporarily from $180,000,000.00 was carried unanimously,
6. Mr L Lan Sang, Hon. Fung Plñg Fan, Messrs. Y. K. Kan, Wong Chung Man, Li Fook Shu, Y. H. Kän, and Li
London, 21. Fook We were retracted direc-The Babic of Ehglark! state- Mir Steel President;
tors for the year of 1980. mmit for the week ended Feb. Lelle B. Worthingtori, predicted Business, was done in the 207. Mesars Peat, Marwick | V. tids en follows: that the industry's rulo of pro- unofficial exchatige market this Mitchell & Co. were re-appoint- Notre in Creedadláče duction will decline to do per morning at the following raton: cent of capacity in the second 9.9. uoliars (per, sty quarter, the firk public state Sterling notes (per 13
Australian mép (par dij
0.11
ed Auditors for the year of 1900. Permana ka
18.01
9. The Chairman anntuneti novedimen 1272 | that - Dividend Wartaist VigLE CHESS mecharkiem szer
120b payable on and after, Man ********* **** [aky, the antal #autuary, 1960.
20419
ment by a promtrent spokes Indonesian rupiata per 100). Ingn for the chairy Quit the sum of rate will drop below 30 per ennå - Bingõuta (Bitzita)
frames, are considerable. with a detachable hudle. This is
bo