Page
THE CHINA MAIL MONDAY, JULY 11
Weekly survey of American economy
HORIZON IS
Big build-up blamed for steel slump
CLOUDY
Economic survey
HONGKONG Utility
Utility stocks of world World's largest
STOCK
EXCHANGE
Qu Con
ponden
New York, July 10. kong Stock Exchange this
Business dome at the Hong-
morning empunted to
President. Eisenhower lined up solidly proximately $2,185,000. Noon with the optimists as government quotations, and the morning's and private " analysts holiday-shortened business week to
probe the current
used
"hesitation"
the U.S. economic boom.
Wheelook
1.46-2000 @ 2.60 5000 7.40
transactions;
this
Ikarte -- Buy#re Belleri HK Bank. 1230 1240
What Co.
248
!
·17 @ 1.200
of Waterboas
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HX Dock Provident
112 314
21.30
42
Mr Eisenhower gave his news increased recently that opera- conference a $503,000 million | tions at 30 per cent of capacity estimate of the second quarter - now repressit as much stevi as a gross product-an estimate which 75 per cent rate would have been , fincial commentators termed "some very few years back."
tentative"- "extremely
The gross product estimate, if serting there is nothing on the accurate, would mean horizon except some industry crease of $3,000 million, at an- Auctuations "that gives legit- nual rates, from the first quar-
ter. male cause of concern."
1
BS-
The President Mamed the huge build-up of inventories fol- lowing last year's strike for the steel alluation, and pointed out that steel oppacity had been su
U.S. tight
money
policy
under fire
By EDWARD COWAN
Washington, July 10.
The Conference on Economic
an in-
Many factors
Clouds on this week's business horizon, however, included there
Hotel
1000 # 7.45 159.6 7.40 100 112 100 7 113
2006 21:30 530 21.10 5002 $134. HK Land, 58% 50 2000 or $85 2006 3815
Feny
HK Tram Ch. Light
• Steel production scheduled for the week fell to 42.7 per cent HK Electric 285 2860 of capacity, or 1,218,000 ingot toms the lowest in the eleven years since the week of July 5; 1949. Holiday curtalliments were the main factor, but many mills will remain closed for extended periods.
The Steelworkers Union reported that some 480,000 of its | 1,250,000 members will be idle or -working short-time by the end of this week, and predicted that steel production will rebound only to 48 per cent of capacity next week.
Telephone - 304 3034
GHI Cement.
64 Dairy Farm: 29 2920 Watson Allied
Textile
● Production of ears will Nanyang fall sharply this month as the industry begins closing plants for ! the changeover to 1861 models. Assemblies of the five major manufacturers for July are, ex- pected to total 460,000 cars, down 153,100 from June and 95,000 from July of last year.
500
681%
KÄNNSKRÁN
નજીકરણ થ
dominate
Wall Street
New York, July 10.
Utility stocks stood out on the New York Stock Exchange during the past week by rising to a new average high since mid-1930,
This group is consideredt de- fensive, that is, it is only slightly affected by charges in the bud- ness cycle, There were other strong spots in the defensive Issues, too-foods, for example. Oils made a fairly good showing. Selling knocked down some of the recent glamour issues, - -
The four-day week, cut short by the holiday, brought out only a small amount of market busi- ness Sales slumped to a daily average of 2,954,107 shares. against 2,964,093 in the previous week arid 3,653,908 in the week ended June 25, ...
STEELS BETTER
However, steel shares enjoyed. a good market in several sessions 28.70 on the belief that the worst had 2.50been seen this year. The
Youngstown steel area is slated to jump to 30 per cent of capacity next week from a mere 13 per cent during the past week. 300 29
Car production fell and it was believed it would continue af Inv. 6.10 8.20 3000 ₪ 6.10 low level fór, several weeks while ... 11.79-11.00 [email protected] the various companies change
2000 11.80 10000 21.00 over to new models. Auto sales 2000 11.80 during June were the best since 31651701955.
U.S. difficulties with Cuba A. Rubber continued. With Mr Eisenhower R. Trust slashing by 700,000 tons the amount of Cuban sugar to be de-
UK share
prices
higher
London, July 10.
London, July 10. World production and in- come touched new peaks last year and the upswing In economic activity. In the Industrial "countries continued into the early months of 1960.
A United Nationa: world economic survey for 1859 dis-
TV studio
opened in London
closed last week in a reportTHE largest television studio in Europe with a ✦ floor space of 14,000 square feet recently came into operation in London last month.
scheduled for discussion by the U.N. Economic and "Socie council in Geneva.
Outstanding last year were the rapid rise in residential construation, public investment and consumer spending on durables, For 1980 the main stimulus to higher economic ac- tivity
from was expected business fixed investment, while public investment and housing construction was likely to rise more slowly.
For primary exporting coun- tries this meant an upturn and stronger markets for their com- modities, notably in Industrial raw materials. Their receipts from exports rose appreciably in 1959 while their impart expendi-
„
Owned by the independent dency in view of the separation television company Associated figure required. Rediffusibo, it is 140 feet long and 100 feet wide. To allow full length camera" shola down the whole area there are no obstruc tions up to a height of 30 feet.
There are eight cameras sited in the studio at present. With other electronic equipment they the British 105 lines, the permit the use of three channels
tinantal 625 lines--LPS. American 515 lines and the Con-
single studio has been made to The provision of such a large me large television, produc- tionis to be confined to one studia. For Tammal prodition a giant sound-proof partition reaching New methods in: from wall to wall has been in- stalled which can be raised or lowered. suka UNES coal mining
The partition is approximately 90 feet long by 30 feet high, and.
world.
Stocks staged a gentle climb tu was lower then a year if the largest of its kind in the MINING ngineers in
through the week and took weekend · profit-tak- ing in their stride to keep a firm note at the close of business on Friday. Buying volume showed a modest expansion in both Indus- trials and gilt-edged with both the
earlier,
With the narrowing of their trade as the need of the primary producing countries to barrow overseas was reduced of past debts and reparments improved.
Britain are working
on the possibility of all- It comprises two leaves seperated by m distance of ap- work on coal surfaces being proximately six feet. Each condone by machines.
sists basically of two thin steel sheets, one of which is gauge
Mr. B. Letcalf,gmat "free" and the other is faced in- President of the Amociation of ternally with absorbent material. Mining Electrical and Mechani
cal Engineer revealed this al Acoustic tiles are fixed to the Blackpool recently, institutione back in the market, In the Communist bloc, with "ee" plate to assist in giving a
The Financial Times industs centrally planned economies suitable tria index gained 2.8 points 1959 saw a high rate of growth when the two studies are in use, pletely mechanised face had long Mr Metcalf said that the com- reverberation period over the week and ended at in output, but industrial and to avoid possible damage to attracted mining engineere and 3173 against the year's highs of duction by the troup expanded the partition, hardboard per- that one of the most difficult
general public and the
OUTPUT GROWTH
At the close on Friday, the in- and the low point of it year at a lower rate thin inforated tiles are affixed to the probleme was to get the power
6000 11.80 2000 @ 11.20 50001080dustrial average finished at
Commamist
295.8.
1958 due to a
adjusted itself to the fortnight-us.
The market had apparently growth rate in old credit squeeze moves and In most Communist countries buyers increasingly book the fixed investment was Accom- view that the Treasury braking panied by an increase in retail action was not only getting sales and consumption, while in results
but had been neatly foreign trade between these timed,
countries Increased markedly in lars reserves and the strength of of the world, however ex
The better June gold and dol- 1959. Their trade with the rest
sterling helped sentiment with panded at a slower rate than in the belief that relaxations might 1959, the report said. come reasonably soon.
of
18.30 18.40 2000 17.50 646.81 up 5.61 points, railroads 3000 80 142,20 off 0,17; utility 94.87 up 1500 17.30 1000 a 17.80 1.38 and a new high since June 17.30 10, 1930; and 65 stocks 212.82 up 3300 @ 1730 1.61. 2000 à 18 →
The government's action 4000 38.00 300001830 clipping off 700,000 tons 10500 a 18.30 Cuban sugar imports was soen 18.40 as of no influence on either the 7.20 5000 @ 7:4 market or on business. It was considered a temporary affair in $.70 8.80 134 6 6.23
1000266 troubled situation. Expropria- tion of Texaco and Jersey off refineries by Cuba also
1000 © 710
1000 @ 8.83 1000 8.80 1000+ @ 30 80056
was
Progress said yesterday ivered to the United States dur that President Eisen-
remainder of 1900. Talkoo Dock 5115 8516 ing the
Ignored. Texaco rose 24 points hower's tight money policy | Fidel Castro was expected, as a
400 68% on the week and Jersey was up 23.30 $4 1000 230 nearly a point has saddled Government result, to seize all US. property Humphrey
1.95 1.875 8000 @ 1.605 at all levels with wasteful in Cuba,
Realty
• Work rule talks in Chi-K Gar costs, inercosed unemploy-cago between the railroads and Metal Indust. ment and further infla- the four operating unions were, Craw...
recessed abruptly after manage- tion.
negotiators rejected ment union plan to establish a com- HK & FE
rules, mission to study work wages, etc,
It said that for the years 1953-59 rising interest costs have imposed an excess burden
of more than $5,000 million Labour trouble ̈·
upon the Federal budget, more
than $500 million upon State and foral budgets and about
a
Coal out and shipbuilding The Blue Chips paved the way were the two exceptions in a
lower par£10kg (3,
loading machine to sleep itself,
This unique construction en- The Coal Board Mining ables the weight to be restricted Research Establishment, he said, to approximately 25 tons for each had devised a coal seratus pectie, leaf; had the design followed the using measurement of the inters convictional mass law principle, ally of gamma rays to dele the lost weight would have been mine by the machine the tuck- in the order of 100 tons.
Jess floor.
to the method of sealing, which Particular attention was paid demanded a high degree of ell-
for this week's upswing with period when the world's major New British X-ray Imperial Chemical Industries an industries recovered their pro- outstanding performer on its duction, A coming quotation on the Paris Bourse,
Steel and Motor issues with the excep 1000875tion of Amerlain Motors moved 14.70 14.80 1500 14.80
1200 @ 1 up with Ford the feature.
Government securities attract- 434 43% 1000 4334 Us Steel gained more than ed their best business for months three points and advances of and a good spread of fractional more than 2 each appeared in rises marked the dated stocks. Armen and Youngstown Sheet & Tube.
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100049 1000 .431 200 @ 433
ny... Gitmen Amay 'Can.
14.00
4.052.10
151000 @ 14.30
2.10
Star
Ferry Int'l Hy Порев
106
834 4.00
• The AFL-CIO decided to Macas Elec. 1215
$17,500 million upon the bud-demand the Democratic and Re-Ente
gets of private individuals and enterprises".
con- The privately-financed ference made its assessment in
a
77-page periphjet
titled
"Tight Money anxi Rising
Interest Rates",
publican platform writers include
a pledge to reduce the 40-hour work week to 35 hours and a re- commendation that all. State "right to work" laws be repealed.
General Electric scheduled to begin negotiations with more than 100 unions in mid-August on five-year con- expiring October 1.
Principal author was Mr tract.
Leon H. Keyserling, chief estimated that increased wages
economic President Harry Truman.
Wages rising faster in Europe than U.S.
New York, July 10. Wages in Europe are rising
BONDS QUIETER
¿
exported
the coal left on the
It was possible that arcpbezi cal methods spukt play an in- creeping part in the miting óf new collleries and in tha development of existing ones...
Mr Metcalf pointed out that in Cannot Chase, Staffordshire, a survey had accurately mapped a'subterranean valley filled with heavily waterlogged bebble London, July 8, bads. RDERS and being. It was shown to be deeper than
Read the rate of had been expected and. He find
durable consumer machine e goods, output gained through rapidly developing home, and foreign demand. Chernical Industries made a notable: sd- vance while textiles and the construction Industries staged a
one a month from home and ingr, confirmed by a bore hæle, pronounced recovery, the U.N. Foreign bonds quietened to study showed.
overseas for an X-ray scan-averted what might have been a Demand for labour grew but ning micro-analyser develop costly and dangerous tuation. wards the end of the week but Losses were heavy in the Japanese issues showed tires did not bring acceleration in the ed by a United Kingdom It was also probable that alee- over the five dealing sessions rate of increase of earnings. In firm collaboration with trical or seismic methods would
most countries the rate tended
be developed for relatively short- While traders were encouraged whild. Giteks tended easter.
the growth of | the by the better showing made by Plus signs returned
to dollar to lag behind.
industrial productivity.
Cambridge. Deliveries the steel and motar issues, they stocks, were not impressed with the Violence in the Congo
FOREIGN TRADE · have begun.:-Three instrum
ments will be exports
HEAVY LOSSES
electronics.
/ays Pavendish “Laboratory range prospecting : underground,
-Mr-Metcalf also mid that nucleónie; probe, based on the Farm Tay technique, had bee
Establishment to locates the post- tion of coal seams in a bore hole,
volume of these groups. Nor prepsed African mining shares.. were they impressed with the South Africa, golds were weak Foreign trad staged a the United States during this devised by the Coal Board's- type of volume leadership fur-The finance hostes sagged with vigorous recovery, marked by
year. ished the market.
the producers and the gold the rise in trading "of, manu- United Whelan Corp, topped thares Inder at 63.8 hit its tactuced goods. This was This the list in turnover and ran up west since 1955.
specialised instrument helped by
progressive
provides a qualitative and 2% points to 13, Automatic
Coppers drifted under political liberalisation of trade In Canteen came in second. Then stress and even Nohanga's bril- Westerat Europe. The upsurge quantitative metastical analy- came General Telephone, 'Uni
and scanning...” the sample under
the
Recorded music of electrons, and analyzing the resulting emision of X-*|while you
adviser to former and benefits asked by the Unions faster than those in the United veral Match, American Motors/Lant results falled, to dispel the mainly made its impact off trad-is of a sample by Irradiating would amount to an "astreno" | States--but they are not expect- NAVI and Standard Of (NEXT | gloom. Record quarterly geming between industrial countries investigation with a fine besm ed to cause a wage-price spiral These soven Lees had sales of sales also could not prevent Imports of primary products European goods less 1,013,900 shares 8.6 per cent of eating in diamonds. Tins were from the rest of the world rose making
more slowly. i. Some 2,400 design and de- competitive here, it was report the whole market's turnover · for 40 thế gizbe track," k
Cuban movės kept oils under The survey said the upswing in
went on
Western
the week
The X-ray image is displayed
Bonds made a better cloud and
they closed the economic activity, did not bring on one of two cathode my tubes.
week easier on balance, after serious balance of payments dif- The other tube, simultaneously MOTORISTS
narrow movement."
now play Kraj cords in their the car
Other members of the COM- mical" $500 million over two fcrence include, Walter Reuther, years, President of the United Auto Wockers Union, James Patton, velopment engineers President x1 the National strike against Radio Corporation ed today.
The "Report ста Farmers Union, and Thurman of America's five plants in the Europe" the bi-monthly survey than rocks. Second Amold, trust-breaking Assis- Camden, New Jersey, area, with
ficulties in any industrial displays a reflection electron tent Attomey General in New other unions representing about of the Chase Manhattan Bank, railroad bonds ran up 1.08
their average"
All other Rubbers fell back reflecting country.
image of the same areaje mode Deal days.
20,000 workers observing
explained: the
The balance of payments posi- "In post-war years, large groups had smaller gains, with tumbling prices for the com capital investment and technical, boa1 83.30 up 0.46 point on munist buying and the easier whole, improved in 1859 but som between the surface topo the composite average of 40 modity in the absence of Com- tion in Western Europe, on the
Thim à direct visual compari-
large increases in productivity in all the week's rise wa advances have ¦ given- Europe
supply the large enough in many industries seen as a poor beginning of what
situation Teas were deteriorated for North America, graphy of the specimen and the The Auto-Mignon, developed was mixed-UPL
in the United States for the distribution of a selected element by Philips, is a fully autómadin to support the rise in wage rates trezitionally is a summer rally
socond successive year, ng and still give European pro- in the market. However, many ducers a growing advantage in market experts continued to be international markets."
of that
ophalon that the summer
Decking a dix per cent pay in ABANDONED
crease. The plants are engaged Asserting that the administra in high priority defence pro- tion has "progressively aban-jects-UPI doned the objectives of maxi- mum production and unemploy- ment, the conference, proposed
that the President should state
In his annual January economic report how these goals can be
attained in the coming year.-
The conference, sald such
:statement should be part of a
national prosperity budget
a
New steel centre
It added that despite the Euro-rise wold come before the end pean wage rises, they were un of the July August period," "con likely to reach US levels in the sidered the best of the summer foreseeable future-Reuter. months for, the list.-UPI.
wide for Algeria BRITISH POLICIES
which would stale, Federal
speeding and tak programines
jazd monetary policy,
* It mid the “independence" of ¦.
Paris, July 10.
the Federal Reserve System, Agreement on the setting up of which, controls the supply of a steel industry in Bone in Bank creche should be curtailed Algeria has been reached, be and the President's influence tween the French Government over it strengthened, Save and the French Steel Industry
WORKING WELL
Special to the China Mak?
London, July 10 shaping in the year like 1953, It said this would lead to bet
Hobit Federation, steel sources herewith dollars apparently pour-1954 e 1958, in which the Bank
Source the Bank of England, of Torso, ki le
sald today.
ter co-ordination of interest rate agreement will be signed Brith policies never worked map policy and overall économie: policy,
ing conference Fanged: Con+ gress to declare its disapproval of "The extent to which the más tem nás recklessly abandoned essential support of the ernment" securitie
It mid the
Maksould
(on July 125gra depan.
Prob
can easily be made. The micro-record player designed for per»
• The study - say D similarity analyser his wide and growing menent installation. They claim
Contract for tween the matter of rising des search and industrial.com can be operated or bumpy
mend in countries plications.
during the second half of 1958
and throughout 1950 to that ex-
perienced after the economic aet
English Electric Co.rth America
LES
The machine carrier only two critrola-both pusts buttkins, One
is repord
backs 4n 1959, in Wester Giant casting made the other the end
the 1053-54 recesinh
gathere
The UN report mid as the in record time London, July 10, economic de touwing Engilah Electric Company momentum in late 1959 apnounced it has been awarded early 1800 some govern a2500,000 order for reciders were codicerned over then and transformers for Hindustan of growth in domestic decon Aliinan Corporation
They feared Infiationery! The * equipment will be mures would":"develop"; and toolt shipped to a new plant in Utter
to shop" down the Pradesh State in the spring of
ansion)
better, Internally, they are mak- first by picking that time for a The The now steel centre, which ing room for the needed invest cat ingine bank rate or more Blumi will have an annual capacity of cent Goard and, sid, tar i the similar, demonstr 500,000 tons, is the biggest proli under-developed countries of "ject Included in the “Constantine with the usual buters from the Penthe Algerien five-year rected producers of consumer economic development platt: It sonde which the outeriers them that In Arve will require investment enthut-selves do riot take too seriously miry ing to 1,200 anilisons, new trends. Externally sterling's parent
The Governments, absessi Temple enough to be shared
be between a smart rally in the
managed
by the Algerian change rate and
quipement Fund
The steel plants will receive | tamiliar ena ore from Quenza, near the very put
'the
Bank of England
and