1955-05-09 — Page 9

12

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THE CHINA MAIL, MONDAY, MAY 9, 1955.

Page

Geothermal

Steam Development

Auckland, May S.

World Interest has been aroused in plans to use New Zealand's geothermal steam to produce heavy water for

TRADE

and

COMMERCE

SECTION

ONE SWALLOW DOES NOT MAKE A

Britain's atomic develop NEW YORK

ments and electricity.

are more

Important as the heavy water project is to the British Com- monwealth and the free world, New Zeulanders, especially

Islanders North interested in the electricity side of the scheme. This is because the North Island's power supply will be short of the demand by 1958.

re-

Development of walker sources in the island, which has the bulk of the country's popu-

STOCK

MARKET

REVIEW

By Elmer Walzer

New York, May 8. Trading lightened sub- lation and manufacturing indus- stantially on the New York tries, has fallen behind schedule mainly because of labour short-Stock Exchange during the

azes.

NOT ENOUGH".

said

past week as market opera- tors turned more cautious.

Industrials cased at it as did utilities while rails gained.

groups

But

SUMMER

April's Gold And Dollar Figures'

Promise Bright Spring

From Our Own Correspondent

· London, May 8.

"To build up hopes of a new high tide of prosperity on the

A But a week ago all the major strength of one month's gold and dollar figures would be as rash as welcoming an English summer on the appearance of the first swallow. In both cases optimism should be tempered with caution.

But if there is little sign of high summer in April gold and dollar figures at least they should hold promise of a fine spring.

North Islanders have viewed geothermal steam as providing an assured source of power to meet long-term needs.

made small net gains statement. by Dr W. M. Hamil-

Government with the rails also the best per- ton, head of the

formers, Railroads have been Department of Scientise and Infor

more car Toading getting dustrial

Research, has caused

business and have been report- surprise, and apprehension.

ing substantial higher earnings.

This week's market played down the issues whose com- panies reported lower earnings for first quarter. Traders hit the airerats for time after their prolonged speculative rise.

There

a tendency to seek month: was out issues believed behind the market-issues which did not participate to the full when the market was making new highs a short time back.

Dr. Hamilton

that geothermal energy cannot pro- vide enough power to meet the long-term requirements of the North

Iland unless gener3- present tion greatly exceeds estimates.

13

a

ZENITH SENSATIONAL

now

on

Two important factors helped is almost back to its 1953 high; the gold and dollar figures last consumer spending gues

breaking records; and construc- seasonal

tion activity is the highest in the country's history.

influences swung back in the sterling area's favour and measures taken by the British Government in de- fence of sterling began to bear fruit.

to

·

HONGKONG U.S. RAW COTTON Singapore Rubber

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hongkong Stock Exchange this morning amounted to $290,296,80. Noon quotations. and the morning's transactions:

SHARES BUYERS SELLERS SALES BANKS

BK Book .. 1533

Fast Asia

INSURANCES

214

Balon X AB 900 Lumbard

SHIPPING

Azia Nav DOCKS, ETC.

Dock Provident (0) Wheelock LAND, ETC. HK Land HK Land Humphreys. Really UTILITIES

Tram

Star Ferry

10 i 1580 10 v 1500 131530

***

300 m 31

78c 000 The

24.10

7.30 7:30

17.20

801, 07

18

2.03 2.10

130 134

1500 12

Yaumati Ferry 104 106 300 C. Went to)"

c. Light (N)

Mectric Telephone_..

But the American worker is not without his worries. He is haunted by a bogeyman labelled

Technological pro- INDUSTRIALS lose "automation," gress is causing him to ground in man-machine ratio or modern factory production.

The First National City Bank does not believe however that the American worker is in any

The

Cement Rope STORES. ETC.

Dairy -Watson

18.40

EXPORTS

New York, May 3. Raw cotton exports. by destination as reported in -bales by New York Cotton Exchange for the 1954-55 season to May 3 were as follows: Britain

Contineat Orient Canada

Market

Singapore, May 8. steady on trade support with The rubber market opened some fair turnover on Saturday, and closed slightly below thế 1,123,440 best. Future closings were?

$13,817 No. 1 rubber per is.

404.739

200344

Total for perlad Same period last year 5,779,770

United Press.

The Bank Of Franco

Statement

Paris, May 8. The Bank of France state- ment for the week ended April 28, reads as follows:

Total gold holding .. Total ether currencies Sight_balance "abroad

Advanced

to

Franc

June

July

No. 2 rubber per No. 3 rubber per No. 4 rubber

Spot rubber unbaled Blanket crepe

No. 1 pale crepe

90-8014

955-961 United Pres.

The Bank Of England,

Statement

London, May g The Bank of England state- 201.281,301,426ment for the week ended Mar 4, *11,706,657,752 reads as follows £21,542,129,828

Note in circulation:

199,000,000,000 Pubite deposite

Stabis. Fund...... Bank note in cucula-

Private deposita tion

2,544,114,861,150 Government deposits Rts 5.30 Current accounts and

Other esitles ceports.

139,903,363,873 Receipts Total bills discounted 1,140 148,470,478 | Ratio

-United Pres.

107

79 7 18.40

14.40 14.18 133 # 14.40

38 38 800 3814 3100132

29 23.30

..... 20.30 2015 1100 # 82.40

13.40

L. Crawford 25.60 COTTONS

Textile Carp, 3% 2.90

Yarisze

8.20 6.50 Alfed -4.0915 4.95 1000 5 4.93 2000 24.02%

They increased efficiency, stepping up produc- Exchange Rates

It

The American sec

cecovery owes the The scientist" "estimated

nothing to Government action; it total known geothermal stean

was solely due to a chain reac potential at Wairakel. site of the

of confidence.

Between These factors helped the area tion combined fieavy water and

ol 1954 and the up a surplus of $860 the summ build electricity project of the British

Zenith was a sensational per million in its trade with Wastern opening months of 1955, says the danger of being superceded by MISCELLANEOUS and New Zealand Governments,

review of the machinery. in April-which will latest monthly Europe kilowatts former in the television group, only 134,800

it says, has been trend, sufcient to take care of only Radia Corp. ran up to a

give a $30 million glow to the First National City Bank of New reserves

boosted their under way in American industry. this month-and to York, consumers one year's rise in consumption, high when its Chairman . re-

reduce is deficit with North rate of spending on goods and for years even for generations. initial power plants at ported record first quarter ca:0-

services (The

by

of process more than seven The

Improving America. Wairakei will produce 40,000 and

billion- predicted a

billion dollars. ENCOURAGING kilowatts.)

dollar, sales year in 1955, p re-

This is encouraging in itself their purchases Dr Hamilton said

if only because it shows that the by two billion dollars. power cord high,

The

Chairman, Brig Gen worst of the immediate balance result of the increase in sales potential frem other geothermal

expected to total David Sorolf, saw colour tele-of payments crisis is now over, and output businessmen stopped 475,000 kilowatts. He did not vision "breaking through"" by But the important question is: cutting back their inventories,

said that

thus increasing their rate 500 include the world-famous ther- Christmas and

Where do we go from here? mal resorts of Rotorua. and colour sets may be available in

The answer depends very spending by nearly fve billion Whakarewarewa in this reckon-a year or two. PCA presently largely on what happens in the dollars. ing because of their value 35 is making colour is in 21-inch United States.

ACCOUNTS FOR ALL Recent events tourist attractions.

models now to sell as low as have discounted the popular Together, says the Bank, these $795.

notion that when the United changes were enough to account Steels were strong from, time States sneezes the rest. of the for the entire upswing. In the to time

but as the steel industry weld catches pneumocja;" same period business investment moved its operations up to 12-

Government be no denying that and

spending substantially when American economy is fight-were

unchanged cord levels,

Automobile issues were firming at the outside world feels and

largely from time to time as Chrysler a whole lot better. reported bust earnings on record

sources" was

Dr Hamilton believes that the fült de of Wairakei, steam will almost certainly cause all sur- face thermal activity to ccase, as it had at Lardarello, Italy.

The scientist said that it was possible that more steam would

be found at Wairakel deeper down than the 2,000 feet wells already bored. Eventually New Zealand must look to coal- stations, burning

generaling nuclear power or other sources to meet the rapidly-increasing demand for electricity, which on past experience doubles in loss than 10 years.

ALTERNATIVE

יי

there

were

of new homes tion, creating mass markets by

As a

attractive, competitively. offering att priced products has been going bas on for a long time. created many millions of jobs both in manufacturing and in all other lines which benet from an expanding economy.

therefore

ol

neutral influences, Happily the signs are that the With the recovery to the pre-

accomplished the for a first quarter. Chrysler de- United States is in the middle vious peaks clared a 75-cent dividend, un-of a boom that will carry it problem now is to achieve long- peaks of prostim self-sustaining growth. The changed from the previous three to unexpected

perity. Its output of goods in fact that automobile sales are quarters.

the

Bank, months of this breaking records, says The cement issues were strong the first three

to the record does not remove the probability spets on hopes for big orders in year was back CI the

third quarter that passenger car production in the nation's road building pro-level

Industrial production the second half of 1955 will foll gramme. Several of the issues of 1953.

.30 40 or

cent below the per in such groups as building, tyre

present rate of $842

The million mercantile, oil, glass, and metal

steel industry were bid ap...

is operating only a shade below the all-time cord and the possibilitics" af further increases in the shart run' bare' strictly limited. And a continuation of the past year's home building is regarded as "practically impossible."

with

SEVERAL RECORDS Dr Hamilton said that full use of geothermal

as an Business held. Dower

high alternative to ccal-fired genera-several selling records besides

Building ting stations might well mean a steel.

continued to

weeks.

saving of £5,000,000 a year. mave ahead, Electricity output "It represents a resource of made its best showing in four high potential value. We should continue to explore its possibi- lilies resolutely and boldly," ho added..

Automobile output declined but through

no fault of the

N.Y. COTTON

MARKET REVIEW

buying public. Hot weather

her By William Plunkett

which cause absenteeism

The Minister in charge of the employers did the trick.

State Hydro-electric Depart-

New York, May 8.

ment, Mr Sanley Goosman, said, steady. Crude oil cutput gained Cotton traders found the

however,

a year ago.

factual public statement as, to factaring.

the Government's long. ferm policy" on power.

Monsanto, National Department

OTHER FACTORS These, the Bank believes, are

of the

öperations some

but earler

EVERETT

Sterling 1,742,211,309

B07, 109, 945

25,057,030 10.4.

United Prea

LINES

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"REBEVERETT

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Business was done in the local

exchange market morning at the following rates:- uncial U.S. dollar (per 1) Sterling notes (per £1) ....... Indonesian rupiah (per; 100) Slam deals (per 100) Singapore Straits)

Indo-China plastres per 100)

London Markets

Lethargic Until

End Week's

From Our Own Correspondent

London, May 8.

ii

The London Stock Exchange showed little inclination to throw off its pre-election lethargy until Friday of last week when a spate of good company results injected a little life into the industrial share market.

On Monday, despite the removal of the rail strike threat, gilt-edged lost up to 12s. 6d. They steadied the next day on a rise in the gold and dollar reserves but further selling in a quiet market caused fresh losses of up to 10s. on Wednesday.

But not all the companies who

Reynolds Tobacco B, and Tex- $7 a bale from the lows of April | pected all spending, is now ex= | concentrated on shares of compared with a surplus last yETT

tron,

for

rovi

Columbia Pictures featured the amusements by rising more then 2 points. Motors izmed

the indications of a levelling out of done in operations bass time In the summer monthe But by them other factors are Soff coal production held

expected to be operating to keep American economy on top form. Conditions were still quiet on Roed up 38 6d to 865 1024; that Dr Hamilton's So did gasoline production, line: of least resistance on

The soundest 'impetus for au- conclusions were only surmise although gasoline inventories the upside this week.

the last two days of the week but Bristol up Bd to 20s and Boots Mr Goosman added:

tumn form business, says "Wo did

the cessation of selling and the reap-up is to 325. declined as more people took to

Dunlops dropped 91 to 29s on know

Closing on higher ground in Bank, may come from the recent pearance of smal buyers put anything until we put

the road Retáll trade rose to down the Wairakei bores and as

feur out of the five sessions, the improvement in demand for

Brices fractionally up.

disappointment with the divi- a level two to six per cent above fist's close was, up 10 capital investment equipment. we put down bores

The Financial Times index dend which was maintained at we shall know what we can get. I have

to 65 points, or 50 cents to $3.25 Business investment in new of Government securities stood last year's vel despite highe Among the new highs for the bale higher compared with plant and equi

equipment appears to every intention of keeping on

Thursday's close profts, NOT ALL GOOD at 96.05 at year and longer were such .putting them down."

the preceding week. issues as St Paul preferred,

have touched bottom in the first compared with: "97,14 a week contracts, the quarter of this year; Nearby May

earlier, Dr Hamilton's statement and Rock Island, Chesapeake and pivotal point on strength, went estimates of the amount of Conditions were quiet in the reported last week had good the retort by the Minister drew Ohio, American Broadcasting an editorial demand from the Paramount, Beechnut Packing, a little beyond the 344 cent capital investment businessmen industrial share market for the news to tell.. De Havilland aire deficiency Auckland Star for a "fully California Packing, Joy Manu-line, touching the highest level would undertake this year have first, four days of the week with craft announced a

πάν been drastically revised what Intlc demand there was before tax of £1,333,000. com2. Motorla, in

to show a two months Stores, cumulative recovery of almost and capital

Increase by five per panies who had made or were of 22,639,000 due to the Corret cent over 1954. Previously it had expected to make dividend an- catastrophe. So shareholders go 20.

without a dividend this year. "The editorial also called

Kuncements. Cited foremost among the been expected to fall

"In addition," the Eank con-

PLUS SIGNS

On this news, shares fell is d the release of a report by Mr

factors generating the price lifting power

The times, "heavy business invest-

net loss were: 1

The reappearance of plus signs but recovered, to show J. H. London, a British expert,

de-ments already

tentatively en Friday was mainly due ta of only 30 on the week, on proposals to build a

prompt stoppage of May CLOSING. "PRICES

2. Anticipated scheduled for 1956-58. promise excellent

Cotton shares improved on livery notices;

results published by steam station. This report has

the long-term, stretch three leading companies Closing prices included: been in the Minister's hands for

Dun- the abolition of purchase tax on large-scale purchase of low well for

high-level

goods two years. The New

Wiggins Fe $146, 23

grade Rails Surfa

cotton

Spain and

capital

lap,

Teaps and Guest certain non-woollen textiles but and industrial. and Keen and Nettletoids, Foreiza

gains were not fully held Associated Chambers of Com-14; Baltimore

Korea; 3. Additional & Ohio $46%,

mmercial construction."

They

other "stars" of In other markets oils were merce is also pressing for pub- up 1: Rock Island $101; up Operations Administration grants

This is heartening news “not

until Friday steady 14; Deven

& Rio Grande to Great Britain and Italy; 4.

Southern More encouraging news from only because an area of weak-/sbe world who had mainly 1224

2%; up

the fexule trade, 5. Preliminary ness in American economy announced bigger profits earlier when most, shares went ahead the week. Among them were on British Petroleum results. E2 Facifc $61,

Up 1: Linton

turning into a source of slength Unilevers, Albert Reed, Bristol shares rose 35 11⁄2d to 73s ad on but also because the attitude of Aeroplane, Boots Pure Dug The North Island is rapidly Pacific $172, up 112; Missouri- new crop uncertainties.

ย bigger dividend and scrip issue. approachning maximum use of Kansas-Texas $14%, up 1%%%

SALES EXPECTED

businessmen towards new

in-All sharts

with the and Burmah Oil which has a Its water resources for power its preferred 289%, up 1%....

showed big stake in BP went un Shippers expectd Korea might vestment is a good Indicator of production. Apart from one or Steels-Bethlehem. *$134, two small hydro plants and two 24: Lukens $403⁄41⁄44, of 3.** buy around 50,000 bales, and Underlying confidence." UNEMPLOYED

Here is how they fmished: Early gains among South obsolete coal generating stations,

Spain between 40,000 and 50,000

Meanwhile, recovery of the Wiggins Teape up 3sed to 63s African gold shares were not most of the Island's power

bales out of her funds allotment.

Since must of the interest re- American economy has made 36; Guest Keen up is 6d to 785; 10lly held teas improved and comes from the Waikato River

Inquads portedly centres on low, grade substantial

on the trailevers, up 740 to 80s 11⁄2d rubbers were mostly shall market cotton, The South Island is in ectronics - Zenith: $1292, ownership of the head faster than the rise?

experts said number of unemployed Af fistu

the increase in production went base much happier position. It has had its share of port restricup 847 Sylvania Convertible stock looked more

preferred $198, up 52: Motorla, and tions but can look forward

restrain de-em acted to

de-employment but the point has to a

been reached where liveries on contract

ern period of plenty as its great $53%, up 14.

on by

ployers are having to rentre 320,000 kilowatt Roxburgh pro Papers-Minnesota, & Ontario Acquisition of loan cotton

$024,

particularly labour in order to get higher up 1% International the, Government, ject on the Clutha River is pushed to completion,

This Paper $101%, off 1; Oxford from the 1953 crop, also was output island has immense water re- $43%, up 1. As expected to lighten the supply. There are still 3,200,000 und Chemicals-Ailled $98, off 1% situation. The Department of employed in America today; but serves in its lakes and rivers.

1954 those in work are getting Agriculture cloring stock

loan will, be

July more hours and taking home that Dr Hamilton's estimate of Dow Jones, geothermal power resources to averages: 30 industrials 423.84 31 maturity for three months mir DIY

factory

fication of the report.

MAXIMUM USE

Zealand

up

Oils-Mid-Continent $11a 1; Paclie Western $41 up 234; Deep Rock 200%, "UF 14; Lion $40% up %.

North Island people

people hope Monsanto $131, 4

· and that much more power will 319-521-075ylarkka kyns

Sales on

for

from

the result of scientific caution 0.15; and 65 stocks 159.54, up to Oct 31, 1955, at which time An average

I will be taken over by the worker $15:30 (about £27) be forthcoming from the bores

approximated CCC. TH

The 1963 loan stock, cur a week Tho who work for which Mr Goosman will keep 2,250,000 shares, compared with rently reported; at 4,898,815 General Mou take here each on putting down-China Mail 2,270,000 the previous session.bales, will be taken up on. Ang week less than $10

1, 1995 United Fress

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United Press.

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