1957-08-12 — Page 9

SCIENCE AND ENGINEERING

No Press-Button,

THE CHINA MAIL, MONDAY, AUGUST 12, 1957.

TRADE and

COMMERCE SECTION

BRAKES ON INFLATION TIGHTENED

No Knob Automatic American Government

Record Player

Philips have marketed a new, fully automatic (no press-buttons, no knobs) 45 rpm record player, named "Mignon." Slipping a record into the apparatus automatically starts the mechanisın, the sapphire needle being infallibly guided into the groove.

Without any button or knob being touched, the music starts to play. Operation is as simple as posting a letter. When the record is finished, the player stops automatically and the record is partly pushed out cautiously."

Fabricated Reactor Vessel

The

wording principle of this modern recora player la as fellow

In the late position the motor is whiched off. JIV felipping a record in the lo', a ply situated heding the furn- table is pushe

away.

As a rull, the motor arts and the 38 ann centring Kind

incre

What

is probably theirta se that now the record is most complicated stainless centrallre and cannot steel vessel ever fabricated which later vertiently in the dway. The plek-up- element, anywhere has been made pick-up arm. is then toweri. by John Thompson, Ltd, of the #apphire noecilo gently Wolverhampton, England.dropping Inio the starting

Increases Interest Rates Half Per Cent

By JOHN MORKA

New York, Aug. 11.

The cost of money in the United States moved higher on

a broad-front this past week.

Interest rates edged to new 25-year highs. The rediscount rate- the rate charged by the Federal Reserve Board on loans to member banks-was hiked from three to 314 per cent to banks in Philadelphia, Chicago, Minneapolis and Kansas City. The eight other member banks are expected to follow suit in the next few days.

tit

Others Advanced

further tighten the

HONGKONG WALL STREET

STOCKS GO

STOCK

EXCHANGE DOWN SHARPLY

י **

Our Own Correspondent

Business done on the Hoog- keng Steek Exchange is morn- big amounted to approximately Moon quaaftens and

على الدين

17

$441,000 the moming's transactions:

Shares Buyers Fetters Soles BANKS

Bank

920 23 13 010 INSURANCES

12 SHIPPING Wheelocks 7.75 DOCKS, ETC. K. Whart

112 Поем

7.00

10.7

4000... 77

48 4

been to Bumrey's borrowing. 23 Really

HUDBER consumer Amala.

Valenti

By ELMER WALZER

New York, Aug. 11. Tight money and talk of business uncertainties for the fourth quarter brought stocks down sharply during the past week.

Industrial average hit its high on. July 12 and the rails made the top on July 15. Up to those dates the industrials had gained 15.95 points from the Feb. 11 low and the rails had gained 14.58 points.

the 23.00

At the close last week 3000

industrials were slown

clnts or 36 per cent from their

12

1.237

0:444

1.20

..

1012

10

37

143650.23 high.

37

590 30.75 Laft week's decliue was

ecemmpanied by slightly higher | volume of trading. Daily sales svaraged

10 60

1.175 112 1.50 1.623 7325

21.30 24.40

500 24.44) 1943 ... 24.34 30 24.39

The upward trend in interest, top credit risks were being offer-

natic's Pvident (a) 110 epten wie interpreted by thunzial ed al tur për cent, lesser known credit structure in order to dis-LAND. BE chele here at other fodien- † companies up to 3% per cont. courage a possible runaway at HR Hote

4 Dive Cloverzneni's Arm

Mutica. One of the avowed alms HK Land The new prices on these two montre In further tighten the types of Instruments reached f the Government's mati- In ker naviest a creeping infla- back to the early 1930's. The last | Inflationery policy has

business Do which as snt the cost of change in the prime rate took curb living

uznecesary pára 18an to now highs place on August 20, 1956. It is well as SAAZ Pen vuisecutive months. 11011 at its highest since 1933 spending,

when the prime rate was first Corporate spending, meanwhile, UTILITIES" quoted on a nationwide basis. continues to rise to mew records, Tele 1 ts the complex 30-ions Bove,

The ection by the Federn1 although some pmpanies have The Reserve. Head's activa lainiers Mce) container

The ncedté for

pressure is con-

Board hosting its and to either postpone planned Star Ferry.. Reserve today :13 mmet 1

uther The Britain's Br foll-reale

trolled by a mall spring.

edisunt rate was pretty much expenditures or abandon them to fast-

developments casdien ho the 201712 rottles

others, reactor now bring in-pick-

especially Chi Tunday the Bankers a ferepore conclusion when itugether, the crime rate

willing to Malled at the

was adviced. These

Day United Kingdomheticntar dhextion only. When

high Electric York's Trust Company, New Alemie

The new rate af Authority Lord is being played, sith beget mercial bank, thus widened to 12 points the getting the necessary dancing. INDUSTRIALS Exergy

4 per cet interest rates, found in trouble to the lear station at Douray plek-up arm is rey in

Americed as increase toa ur spread the three per gent

Under Secretary The same firm has sequited position over the turn-

[ the Cement t) 41⁄2 per cent in the prime

rediscount aple in effet since Treasury, W. Randolph Burgess Rupe the liquid metal table,

rate. This is the rate merged by August 24, 1956.

has blamed the current lation airs

STORES, ETC. bipetk 113 bus ners harrowers

tw factors tes much donand Watson Leidered primo credit risks.

for capital spending, plus time wong 5, H. All other interest tes

logs while the demaid worked Tixte

COTTONS generally kecvd to this rale.

Sitjor banks -tinoughout thei tried Sint

Seuiland.

bita mode

boller plant.

fis

week.

wal-(xchange systent nine! When the regard is anjchel and the needle, staches the final the cattres mechanism to function reversely, The

Bree, cam

im

the pick-up clemem is taked plok-up arm Jumps back starting position, The statring slut dieps and the pin taps the

aced away o position where It can be with- drawn by hand.

The motor then stops and the player is ready for the Lecould. By depic, sing a button underneath the slot, at the Juft.

switch may

the oti met handsan before the needle has reached the last aronye; it the

lo stop Possible

1. thus

record while it is playing.

thut

The sapphire feedle is kept SILAD by a small brush wipes the needle tip each thar the plek-up arm jumped back

in the

The vogel has taken eighteettito siting peltien.

months to convituet. While its

el an

With the apparatus overall dimensions are some 20 idle position and during the

ly. 14

fet, The camplex control

red tubes. instamentperations preliminary to jalage pipes.

Ing shields

record, the turconed on- rotating

ad

nerden to the pick-up sockel of hune components of the vessel have

mitomatically bren positioura and do set is wilded to thousandths

short-cft quited by ment of inch. More than 3,300 X-ray negatives have been taken to ensure that every welded joint Is absolutely hak-proof.

The reuelor vessel is being position in the vast pinced in concrete "vault", six feet thick, which gets en blological shield for the resetor and

the

primary liquid-metal eircuits king heat from the Lucle This "Vault" is in turn enclosed with a huge steel sphere 135 feet in diameter.

FLAMEPROOF TRUCK DEVELOPED

A

smat: switch.

The switch does not

open until the reedte Is 13 the grave; it elcses when the netdie enters the tal groove, Thus, there is no noise from the needle in the fral grove and clicks of the mechanism

audible.

Protecting Airscrew Spinners

are

Considerable develop ment has been made in the use of epoxy resin glass cloth • reinforced flameproof battery plastics

for airscrew electric industrial truck spinners, blade root beon, designed and farings and other com- built by Brush Coachwork, ponents by de Ltd, Loughborough, England

Havil- Propellers, land, for

Ltd,

has

in LIBC

areas

where explosive or inflam Stevenage, Hertford

are pre-shire, England.

mable materials

sent.

011

Spinders of this type ate be- The truck is based the fog supplied for such nirerafi company's standard Industrial | De The Bristol Britannia ona the model and boy a payload of 1 Bluckbum Beverley.

II

die

Vie

Take Advantage

1313 125

07 103 M107

19.10 2018

3101

frts

90.70. 10.40 $0.00 30 28.10

Telephone

1,084,450

Logainst 1,772,530 shares in

previous week.

AVERAGE

shares.

the

At the clase Friday U Dow Jones industrial average tot 408.72; f 9.32 points

146.02 1999 the week; hils

4.53; utilities 60.21 cft 0.48; and, 10c5 locks 172.06 of 3.17.

1:sues

100

*

Of be 1,392

off

AMERICA REDUCES SUGAR QUOTA

Washington, Aug. 11.

The Agriculture De- traled.partment last Saturday

most since July 18, 1902 decline reduced the 1957 sugar

while 315 advances and 175

held unchanged.

marketing

There were 192 new laws for 100,000 the year and chly 22 new highs. Cante

15!

JA.TO

17.0

10 18

4.30

4.43

Deelines 1500 9.20

16

4.50

its way through the economy: Nanyan Only a short time ago, the end wage increases which he MISCELLANEOS thrivat.er an- Federal Reserve was saying that said have exceeded productivity INVESTMENTS

Vibro I now! Euitar 3 Other there was stow reason for berzal-gains. short 1. ca

vates - ing the redisecunt ate, pro- vanced also.

vitles of course that banks were

More Time-

Albed

EXPORTS

into

quota by

tons because

plenty of sugar is reach- rériens save Wednesday when ing the market and

Auriet enjoyed

fairly

ocu

Some recovery. thought it might be ready fur another try at the all-time re- cord in the industrials but

started resuming its eltne,

it

de-

had prices are falling.

The quota was

cut from 0,300,000 to 5,200,000 tons. The reduction followed three in- creates since the 1951. quota of 8,800,000 tons) was set fast December. The increas imposed to check ring prices. However, the Department sali "the upward pressure en prices during May and June was reversed in. July."

The rate or bankers' HC- ycí taking advantage of the gap ceptances—stert-term negotizble between this rate and the prime:

The act by the Board U.S. RAW COTTON insta concocts veri to fance rate to borrow at the reserve and this time was also prompted by fede in torge or in shipment Dho use these funds for speru-come long-range constlerations,

CONSOLIDATION ---were hiked 14 peretotage elog in Treasury bills or other according to Ananetul circles point. Comipercial papir car-investments,

With the demand By hands

New York, Aug. 11.

The market was sem 115 poration short term

Colton The Brad's tellin was viewedcally heaviest in

exports the 3D-

by teeing a possible consolidation were bring quoted la purettage į also let terms of another assaultjprodeнg autumn Serson, the destination as reported in bales

le running for pout higher. Six-nosin nies to the part et the Governinent meney merket would thus have by the New York Colten ES-; weeks before cough momentum

more time in which to adjust it-through Aug. & were as followether try at the highs,

change for the 1857-38 season can be generated to make a self to the tighter money en Britab ditions.

Retur

Investors Held

Back In London

London, Aug. 11.

Raw

The upward trend in interest in!

Cenitent

Canada

Tuta fui kuson*

rates is expected to trigger a new round of political debate in H Saie perical bet your Congress. Demserati — Insisting | "excluding linter.—United Press.

policy

that

the Government's works a hardship on the average Wage eamer hove binmed business disitcations in some segments of the evcnomy mi The policy of credit restraint.

1

scr

18.913 Best performer of the week ggin were the motors where Chrysler

63 gained esrly 37.274

puint and RUNES | General Moturg, femed. Auto tulpai tose on the week and was higher than a year ago.

A few seleried cils firmed but most of these issues showed letses ranging to more than four prints In Amevada,

Exchange Rates

5!17

WORLD MARKET

were

On Aug. d the world market Pilee of sigur was 4,19 cents a or 2.05 euts pound,

Jower than at the beginning of July and 2.75 cents below the high registered on April 22,

The domestic price was 6.15 cents A pound duty paid, or the 045 cents below the high

July 5.

Bethichin Stez! led market in turnover on the week with Sunshine Mining reconi, 10.75 Gencial Metors third, Standard 12.10 Oil (NJ) fourth, US Steel Ofth, 1170 General Dynamles sixth 27.40

Tea United Press,

Busters was done to the oral Delending the Government's unofficial exchange marks! this useal programme, Burgess to a morning of the following intens

U.S. dollar per $19 Sente finance ccmmittee at Sterling notes iper £1 interest vales are not too high, Australian notes mer £1

Glam tical (per 200) Singapore Straits)

Feature of a short and slightly edgy week has been the severe attack upon the govern-than the average for some other ment by the monthly "Banker" in a leading article entitled: "Wanted-Leadership.”

at the prime rate is still lowe:donesian rupiah (per 103

Gist of the complaint is that the country is in the throes of inflation but the government does absolutely nothing about it. In fact the government seems to argue that it is not necessary to take any sensational steps. All will come out well in due

course.

Confronted by this situation, was in the Tokyo 5 per cents rekers have furned cautious whose this past -

non-usscnteds Rained week and held in-

and scnteds gained 15/- vestors back. Turnovte was Chintre

fractionally very light:

total on Friday

bargains wie down 6,835, the ravier,

west gince March.

were

BEATINGS

countries. In addition, he added,

chance of giting credit than ever before in history. He also

that interest rates would b lower H year from now.

NG not di: corage varporate) Il is only a inino:) fuctor, he said, adding that the real question is the availability of evtdh."

the "hulle Man" is a better

cnid there was a good chance

Interest rates, per ce, he added, torrewhg.

Helped Depress

Tuesday's prime rate advance helped depress bond and stock: pices. The Dow-Jones Indus- irat · average—generally

aldered a good barometer, of in-

Briti Gavernment lost Dollar bonds and Canadians vestor alene enjoyed moderate buying look heavy beatings, mainly pa

#teased

was not

the

al

COTTON FUTURES

KEPT

UNDER PRESSURE

By WILLIAM T. PLUNKETT

New York, Aug, 11..

Improving crop prospects and lower-than-

- expected Government price supports combined to

sentiment lost 5.65 keep cotton futures under pressure last week for

the day, closing at the third time in a row.

Bank Of France morning carrying a 4 per cent

but it is the lack of definite The

Statement

average trade ex-

shown

previous quotas:

Here are the decreases from

tons;

Domestic beet sugar, 12,376 Mainland cant sugar, 13,039, Lous; Cuba, 29,175 tons; Peru.

4,330 tons;Dominican Republic 4,950, tone; Mexico, 5.100 tons: Nicaragua, $74 tons Halt, 200 tons; Netherlands, 70 tons; China, 59 tons; Panama, 59 tons; Costa Rica. 59 tons United Prem.

Cotton Price Support Postponed

Washington, Aug. 11. The House Agriculture Com- milltes last Saturday posttoned until next year any action on programme for colton.

proposed new prieo support

The progranime would give cotton growers direct subvidy pyn.atts from the Treasury. The Committee agreed to delay action until Jan, 15..

crop G. sonie

The agriculture Department new crap be supported at 18 per cent of the U.S. cotton textile industry- commenced to gain parity. Or 28.81 cents a pound regain the amount of its ex- ier middling Inch and 32.31, Ports during 1947 through 1952. EFFORTS

ents for middling inch at aver-United Piers, age tocations. This was some- what less-

than

the

trude quarters

alt week, Exception In New York but without 194.13. Even the rail average was War Loan which is widely arouting any bargain-hunting suffered despite strong rumours At Friday's close the list ruled off 34 to 101

Eld abrón and sometimes in London,

that the ratiroads would be points, or $1.70 to $5.05 a bäle lower than the maves. out of step with the Dollar, shares he. Shell OB] granted a tour to seven per cent

Jersey freight rate hike.

This was preceding week. local market; this past weck it and Standard of New

4. The others felt nearly 4 points: In the one after the market gaved 1/10th or fath

Canadian section

The all average closed From

The seasonal International close,

bighs bales wer Nicke! fell

3.00, points, to 47:10 or 1,40 colablished in early July. The pectations. lo points

The market rallied HAPHAZARD

Per cent, fractionally its low this year.

market showed a cumulative fall for a time on the report, but

The Committee also rejected. Nevertheles

Meanwhile, Treasury

of 130 to 17 points, or $8.95 10 later Jave there is

ihree- An

ground as traders an attempt by Rep. Cufford Leading "industrials were i underlying

monik obligations closed lower, $8.70 a bale. demand for there

peinted out thot the completely haphazard All

McIntire to substitulo a istuca from

at 3.33 bid, compared with 3.20 those who Rre

undoubtedly has Unilever week.

fell 3/- and fearful of the fiture of sterling; prime interest hike postponed brought intermittent rallies, bui

an technical reasons, improvement Buying the previous close.

proposal to make surplus cotton cince the figures available to U.S. textile mills The and a scole-down trade demand, were complied. ton and'o turning radius of xix Along with this development, Imperial 3. hul olhers cun- it feet three inches,

have investigated trives to gain stmbar mounts. week except in one factor. Havilland

visible this post also the pricing of $105,000,000 prices suceumbed caer time to

at prices determined by the Scorelary of Agriculture.

.This There are certain differences, many types of surface coating and the index of Industrials premium with these enjoyed Federal National Mortgage a resumption of liquidation and announced the 1952. crop et proposal was designed to allow however, chief of which is that for protecting spinner CON" rast

from 2003 to 200.0. the flameproof truck has its ponents, Busi; tert: splaners and

selling us were to have been priced that marketing it is the fashion to attribute red only of 1 per cent to Asociation's debentures which hedge

14 per cent.-Uniles Preta, control gear and motor totally root-farings are mounted on a Whis luscitude, to the prevailin

night. In keeping with the headway.. enslored to the standards had stub blude nirscrew and

tising money rates, this issue absence of optrators on holiday down by British Standards whole assembly rotated at 42

was offered the following Specification, 220-1940, groups) per cent overspeed-about 1,409

and III. These groups cover revolutions par minute.

Interest rate, highest Interest The use of equipment in the

cale In Its 19-month history. A jet of water is directed on pretence of blast furate gas, a It, the unmediate result

The Government hydrocarbons met in the distile being

spectacular and the

market recovered some cf its tion of crude oil and the use erosive effects considerable.

Paris, Aug. 11.

cquibrium cn Wednesday after Frrace state the Tueday shock with the 01 of petróleuf, liquids derived

The Arm is at present using on July 10 ull-thing high of ment for the week ended Aug. day blils due on November 7 front cbaltar, solvents used in an epoxy resin based formula- 670 but it closed the past, reads as follows: Industrial processes and boat and th. Incorporating synthetic

weck around 644, down some

*rand

quoted at 3.31 vicid, compared mittee was reported considering The Bank Of England coke oven gas.

rubber and having an unusual

Total gold holdings 201204 307,820 with 3.32 unchanged, but there a revised version of a cash A 1 per cent in that period. This Topi contains varlo modification. The paint, E.H.F., past week Royal

other

were rome losses of % 10 % on subsidy cotton bill designed to The truck

Dutch fell renties

12,733,037,339 the Intermediate and long-term shake cotton spiely dovicts, theluding an made by Compra Plastics, Ltd 15/-, British Petroleum appro

Sight balance abru

available for do- automatic overload circuit Hertford, England, is claimed toximately 5/- and the others all

in EPU

11,171,500,000 issues,

meste milis nt.world prices, Total bills discounted 2020,002.753.622 Elsewhere, savings banks breaker, and a charging socket poseems good adhesion, Lough down at least 2 One of the! Bank notes in, cireu.

Reportedly, under the bill, the cut-out. The standard battery ness and flexiuility and chemi-

lation newermers, Tankind Petroleum

3,304,731,421,30 Pennsylvania bocated their In-Government would pay formers } <

Loudon, Aug. 11. consists of 12-lead - neld cell cat resistance, with additional Development

Lerest rates another per cent the difference between the world The Bank of England state which is beth Current account t

deposits enclosed in a steel box the adhesive drength and supple-

411 220,300,150 to 24 per cent, and the Federal price and 60 per cent of parity meat for the week ended' Aug. speculative favourite on Wall is construeled 12 ness derived from the rubber sizeet, tumbled 12/-.

Housing Administration raised to However, traders said only 7, reads follows: of which is

3 per cent the celling which certain amount of the crop allow ample ventilation.

NAMESAKES German bonds were strong

lendars The water spray lesi Weight of truck with battery:

can charge on FHA | would be eligible for this com- Total-note cleculation inst week: The mon-atsuniteda Answers-1 Racing, 2 Mac-mortgages. The FHA also low-pensation payment. At the Private deposits

Publie depasil 22 hundredweights; overnil proved very selective and the Young. Luan and Potash 7 per kine, 3 Trophy,...4 Flying, "5 | cred, the minimum down pay-weekend, truders awaited more Coreminti reusition dimensions: length, 11 test: | epoxy material survived the cents gained £1%, and that of Frame, a Stands, 7 Ulster, 8ments on mortgages in order to | definite detalis on the measuroj Other topeltien height, our feet; wiata, - three ordeal better than alkydərosia | the 01⁄2 per-tenis Polash gained Track, Accelerato. :

give the lagging building new The Government's Septembor | Receipts, and cellulose-based paints,

Itatio 10/- Only change in Japanese. Geoff Duke.

impetua-United, Press,

1 crop indication of 11,807,006)

feet six inches.

1

constituent,

news rather then of pro- icarional operators which ja rxponsible.

#

Oft shares have been taking heavy Pounding the past four weeks. Their Index reached

The Bank of

tur-

United Prem

accures

fo

attention

Some Sharing considerable mari;st | expected.

were reports "That counted on 80 per cent, or bet some last minute efforts may be ter. Last year the support for made to put through some form middling inch was 32.74 cents.. of farm legislation at this session

-United, Prés of Congress,

The House Agriculture Com-

Statement.

SUGAR EXPORT QUOTA

to

New York, Aug. 11.

might be

able to All is 1957 U. S. sugar expert quota with new crops, according to B. W. Dyer & Co. sugar economists and brokers.

The Company was comment. ing on shortage.

a reported Philippine reports. 05,000

According to theso short tons of wan officially

diverted from local Philippine con 11.997.87) sumplion from sugar reserved.

for export to the United States. 253,000 341

44.des Burilor 10,000 tone werO $2802.150 similarly

"United diverted,"

2,009,193 GB

augar