1957-10-07 — Page 9

"

Page

SCIENCE AND ENGINEERING

Some Dinky Toy buses being processed at their new intra-red paint staving plant.

'DINKY TOYS' GET

NEW PLANT

A new infra-red paint stoving plant by GEC is alding the weekly production of tens of thousands of new 'Dinky Toys' model vehicles at the works of Meccano Ltd, at Speke, Liverpool.

maintenance.

THE CHINA MAIL, MONDAY, OCTOBER 7, 1957.

TRADE

and COMMERCE SECTION

NEITHER BOOM NOR BUST

American Economy

Enters

Fourth Quarter

By JOHN MORKA

New York, Oct. 6.

American business entered the fourth quarter of 1957 last week with all signs pointing to a long, bust- level plateau-neither boom nor extending at least to the autumn of 1958,

COTTON WALL STREET GAINS

HONGKONG

GOODS

STOCK EXCHANGE

Our Own Correspondent

Business on the Hongkong Stock Exchange this morning amounted

Noon to $149,000. quotations and the morning's dealings:-

Blarea

The optimists who had pre-, terest rates to 24-year highs, dicted a sharp fourth quarter still feel, however, that the in- upturn in business activity were fallen danger hos by no means confounded, some business lead ended and have indicated they RANKS

of relaxing Bak ers were disappointed, but gov-have no intention ernment economists and those their policies at present, Con- annlysts who think in lunt tinued infation, they melstein, I Unton

probably can only lead to serious defla-

terms range secretly pleased,

were

bc-

With the example of Great Britain where stern and lated austerity methods

have been invoked to check runaway inflation before them, it was dimcult for US Government monetary experts to see anything ominous in a levelling-oft caused at least partly by their own de- iberate tighi-money policies.

Come Down

Lion

"I leaks," the Walt Street Journal comracnted "as if the Reserve Board's anti-inflation pallcles will be relaxed only in

Buyers Sellers

Sales

150

5+

INSURANCES

ARIAN

SIUPPING Wheelock

7.42

+

1

7.45 4000 1500

DOCKS, ETC.

art.. 674%

Provident

LAND, ETC.

K intel

Land

of three one or more

contin- geneles. One of these would be self-generated growth In the money

supply so substantial that it would put money rates Humphreya town, forcing the Board to fol-

Realty Low Lit. Another would be #

RUBBER be Trust

deering trend in the cost-of- Amalk

lving index. A third would

its

con-

111831.

11.00

14.00 15.10

16,70

2.45

MARKET

New York, Oct. 6. Worth Street sellers of cotton grey goods this week commenced the - fifth month of waiting for buyers to regain confidence and come back into the market. Since Inle last May sumers have purtued an ultra- cautious policy, tolding on only what they neeled 10 Immediate needs.

CDITTM

Hurry

Last week a buying did develop in bog sheetings 1.40 and some heavy fabrics used 7.45 by the automobile industry, but remained buyers otherwise

250 7.48

aloof,

SEVEN PER CENT

OF VALUES IN A WEEK

By ELMER WALZER

New York, Oct. 6. Stocks recovered an average of 24 cents a share during the past week after falling $6.43_a share in the period from July 12 to Sept. 27.

In dollars the rise amounted, 00.00 un 0.10% and 65 stocks. to $3,328,000,000, a recovery of 158.10 up 1.53. shoul seven per cent from the 31 bilion decline made in a itle more than two months previously.

The recovery was keen s largely techaleal- vise from an over-sold position of the market. ACCOMPANIMENTS

There were

two adverse ac-

MARK DOWNS Apparently they waited for companiments of the gain 00034dditional mice mark downs averages:

In the two weeks immediately preceding the Industrials_fell by 24.13 points and tail by 8.56 points.

There

The week started and ended The Monday on a decline, dip was n small one, were good kaing on Tuesday and Wednesday, sinal one 4112

Thursday nu a big drop on Friday participated In mostly

by induirials. on

The adverse news at the week was decision of the Defence

22 34 while keeping watch over the A sharp decline in volume Department to limit defence con-

1.028 1.36 1.370 1.323 221 8 1273 300 or 1275

UTILITIES

Younnt

C. Light

23.10 3.20 J01 203 10.70 10.00

Electric

27.00-16

Cement Rope

STORES, ETC.

Dairy XD Watson

27.00

14.00

an appreciable downturn in overall business, following "All that goes up is leaind. to

steady course of the past year." here was come down-but

Painting out that backers re- u}3:1༼༼j situallon Ir wilch the

has Jur credit port demand movemen!-with its inflation-

sinckened while new savings are ary dangers-had ueen checked.

recession close to record levels, the news with neither

major nor wholesale

unemployment paper reasoned: "While there is Tel.

no sign now of lower Interest INDUSTRIALS foreseen in many quarter.

rates, these would follow There were sayings in finanunuation of such trends as the

this day follows night." clal quarters her early.

16.70 The Wall Street Journal, how your that what the American

his point is ever, could see no prosent like- economy needs at a cooling

a mild recession." Now it look-thood of a sustained decline in

index. ed as thought that was just what the cost-of-living government polleles had helped admitted frankly that the trend of business la "dificult to gauge produce a situation as near a controlled economy as is possiust now."-United Press. ble under

free. enterprise system.

These are cust in Mazak uzd

An opening benterised before being painteil, along the top allows fumes to To cope with the large range escape to a hood fitted above the. of products and the multiplicity phait. A fan removes the fumes of colours, the Infra-red sioving | via dueling 10 the outside plant has been so constructed atmosphere.

heated length, the that the healing intensity

After leaving The the and cun conveyor, speed

all be Want the toys enter

unlt where they are cooled by a adjusted.

fre air blast. They can then be handled when they reach the unloading end.

served

The produclier Une by the new infra-red plant receives the toy castings with thele baric colours already appiled

On this and stoved, production line the toys are sultably marked, sprayed with second colours and then again sloved.

Radiation

infra-red

The plant is served by an endless woven-wire bell conveyor with an effective length 252 ft,

The first fow fact of the conveyor are unenclosed 10 allow u Kultable flash-oft period before the toys enter The plant. The conveyor is driven by an induction motor The Infra-red unit in which through reduction gear and its the toys are stove is 33 It spred is variable. Many of the the long and has a maximum load- toys are carried through ing of 132kW, although the coinplete process including running load never exceeds flash-off. sloving and J0kW. Indde the plant the in less than nine minutes. toys are

radiation

heated by from shealthed-wire elements

and are

completely reflecting sur- Inces which dircet the radiation.

almost surrounded by

The elements are mounted in reflector units and these are space apart as necessary with

The reflectors sheeting.

سلام

flector units are arranged in fourrows, two above and iwo below the conveyor. The plant is wired in six' actions each of which can be indepen- switched on or dently

o, to half or fo

heating full Intensity.

Urheated vestibules are Altel to both ends of the plant to reduce heat losses. On bath eleto

the plant hinged of reflector sheets give access

interior for cleaning and the

ASBESTOS CEMENT ROOFING

of

cooling

+

in

The past nine months been marked by a rolling ad- justment in industry-gains some iines offsetting declines in the others. The overall result

a levelling-off been hus economic activity at high plateau.

ان

3

very

Key economic barometers like the gross national product, em-

and

COTTONS Texte

1200

13

11378 4.43

INVESTMENTS. Yangtze

Allied

0.30

stock

market action and wondering how tho overnill business ploture will unfold for the fourth and Arst quarters.

Sellers indicated deepening disappointinent over the falturë of business revival prediction

200 10.00 to materialise over the past 100 16,10 month.

500419.70

Week For Depressing

London Stocks

London, Oct. 6.

to a dally average of tracta and it was a move which

1,913,401 shares from the hit the aircraft hurd.

previous week's 2,328,070

Wall Street continues to look shares daily, the latter te for a highly selective market

must since July 12.

The fact that nearly

declined Ixstics

nuny

galven.

There

were

Traded Late September and marks carly October usually the beginning of the

busy

season for covering fourth and first quarter requirements.

Insicad of the seasonal limitad pattern, buyers still new purchases to quick needs despite the more general talk of mili curtailment and warn ings of a tightening in supplies.

Buyers

the shrugged off

mind keeping in warnings, accumulating stocks of print at the mill level and the fact they have been able to cover needs in the spot market at prices even with, or lower than fourth quarter quotations.

HARD FIBRE

Hard fibres were quiet and mixed, Burlap business dwindled to a minimum while the Calcutta market remaked on four-day holiday scheduled and the week- and Jewish holidays here. Sismi the improved sterling situation.

ployment, and persunal Incomes Markets had a very depressing week, watchingabres held steady in line with

have set new highs. Consumer spending is running along et re- cord levels, along with govern ment expenditures end business

TOWER TO capital spending.

TEST

Levelling Of

However, with

Hemp buyers held back hoping more for price concessions as

able.

the disappearance of the small recovery which had followed the 7 per cent bank rate. The Financial Times index of industrial shares closed at 177.0, the lowest for 1957; this was even lower than the 177.2 which measured at the time the shock caused by the new bank finished goods. government

rate. Before the bank rate, this index stood while at 192.2 so that it has now fallen 7.8 per cent in two weeks and two days.

TELESCOPE spending and business

MIRRORS

outlaya tor expa.ision levelling off, and many industries faced with

ដក

excess of production, the strong rate of growth In the economy has slowed down.

there in

1,3fta

stocks

and not a few traders are anti- cipating a test of the recent lows before a new attempt at rally is made.

Steel shares balanced off small Of these 148 gainer), gains and losses among the Olly were irregular. 527 declined and 196 held unders.

Nickel fell more There were 12 now international changed.

than three in the mutal, Latkens highs set and 238 new lows.

Measured by the Dow Jones lost 10 % in the specially steels. Alterafts had loster ranging averages, the maritet closed the

to more than three points in week as follows:

4.81 Boging Airplane and in the -- United Dynamics.

Industriala 481.7-up from the previous week's closu; General rails 125.00 up 1.54; utiles, Przsa.

Economic Development

Of India

น

New York Cotton Market Review

New York, Oct. 6. Cotton futures trading last

week became more two- sided, Interrupting a pre- xious two-week gradual uptrend which carried the market $3.50 to $5 a bale over the September lows.

the jist 20

New York, Oct. 6. India is shifting toward greater, reliance on private industry for the country's economic non-davao grades became avail-

development, a leading Rayon grey goods sellers

Indian industrialist reported moderato activity In mixed situation

told the tenth annual despite a

Prices meen-

conference of the Far held firm. Finished

East-American Coun- sellers Indicated that Goods

been some while there has

cil of Commerce and spotty activity, it has not boen un a scale which would dictate Industry last Satur-

At Friday's close grey day,

ruled 18 points higher to Prudential Assurance "A" German bonds were firm but much new covering I

down

bale from the $1.25 1 Dawes goods.

G. D. Birla, Managing Director points lower, or up 80 cents to shores-one of the most power-not in great demand.

New business in wool fabrics of Biria Brothers, Ltd., of ful issues in Britain's economy Loan non-assenteds gained £2

preceding week. the economy in the final quarter-has led the fall; since Sept. and the Young Loan F1 but 7 was handicapped by retarded Calcutto, was a principal speaker Foreweek weakness, reflected IB (the day before the bank per cent Potash lost £1. sale at the retail level. That the South Asia session of the a sharp inercase in private crop are now fading, and many cor

quiet retall pleture made manu-conference, which has attracted estimate anticipating the gov rate shock) it has los! £3*

iacturers hesitant about purm'

thon 1,200 Asian more

andment report on October 8 from £30 to £30. Measured

spring-summer, 1958.American business and gover- In shillings, this spells a fall of activity which lifted the non- chasing

In the textile market and the of 16 shillings. Royal Dutch the assenteds of 1880s and of the requirements for the Ume being.ment leaders to the Woldert along with continuing dullness

cents by £2 However, observers felt a spell Astoria here. has Tokyo 51⁄2 per Anglo-Dutch pil giant,

attendant small mill demand During the past several years for spot cotton. fumbled

350; Shell those of the 1824, and the 1930s of brisk autumn weather would £3% or

a pickup Ju seasonal the government has taken con

After mid-week prices start- Transport 24/-; Unilever NY by 1 and several others by witness

£1.

clothing sales.-United Presa.

trol of transportation, river ed to reirace some of the lost valley projects and some heavy industries in India which privalo ground, with spot October run- bing ahead when shorts attemp- Interests could not handle undering to cover in face of limited present Anancial conditions, Mr

teriders found offerings scarce. Birla said.

HIGHEST LEVEL

"Earlier hopes

that

might be a mart rebound

A 100-ft tower, the only one of its kind in the world, is being built

porate officials are beginning to at Newcastle-upon-

wonder whether the forepart of to the 1953 will measure up Tyne to carry out op- levels for to

the corresponding tical tests

year," period of the current on very

sald Standard & Poors. large mirrors for

Prentice-Hall analysts suld astronomical tele concern about the business out-

look next year is growing in the 19/-.

in Lace of a centinued decilne

In the upheaval among the business spending for expansion and inventories two important government stock popular War props to US prosperity since the Lon has led with a slide down

of 50/-. end of World War II.

scopes.

The reflecting surface of mirrors used in telescopes has to be accurate to something Eke two milllonths of an inch and hitherio mirrors up to 74 inches in diameter have been tested in horizontal tunnel while stond

de- 12

Business spending has clined in only two of the post-war years, 1949 and 1854, both recession years.

Offset Declinc

Eovern-

the

CHIEF VICTIM

Japanese had several

The

bursts

were assenteds

aven

more active; those of the 1930s jumped £4 there of the 19248 and of the Tokyo 5% per cent jumped £2 and several others had rises of £1 or 10/-.-United Press.

PROGRESS

REPORTED

Bank Of France

Statement

PRIVATE SECTOR

"The rest of the industrial deld is all left to the private

more private control.

widened

Rising to 34.66 cents a pound Paris, Qet. e.

sector," he said, adding that on Friday, October touched its The Bank of France state- there is a trend now toward highest level since July 25 and ment for the week ended Sept. 26; ready ng follows:

France Total gold holding 201204 307,426 Total other currencies 1222021,181

United Press.

Bank Of England

Statement

In the world of ideas the The UAM Group, or Tolpits,

chlof victim seems to have been Watford, Hertfordshire, has add-ing on edge.

ibe theory that Diese great ed to its range

asbestos

With larger mirrors, however,

stocks are "dirt cheap" and can cement products Unex light ser-

this tunnel method is not satis-

safely be vice corrugated sheets, developed factory, because the mirror dis-

bought for holding Strength in auto production, Indefinitely. It looks as though especially for the export market, torts under its own weight, housing construction,

a lot of people, including They are designed to meet con- That is why this special testing ment spending and consumer ditions where light weight and

possibly some of the institutional spending helped to offset Case of handling ore particularly tower has been designed.

London, Oct, 0. deeline in business expenditures investors, have changed their that the important.

Mr Reginald Maudling, the in 1940 and 1054, preventing minds and concluded

worst has not yet arrived. economic down-

Paymaster General, arrived by any serious turns.

Next Tuesday will be soitle- air tonight after European fres Prentice-Hall and a pretty ment

trade area day for the Stock Ex

talks in Brussels, reversal of geare prompt

O change account which closed Bonn and Rome, and said thal Lowards the tight money, on federal spending last week and if people are indefinite progress

London, Oct. 0. The Bank of England state- for defence and pubile works, and on consumer tax cute will culties over the six per cent formation of a free trade area

fall in market values which wo should bo made within the ment for the weelt ended Oct. 2, be needed

shift the US have seen last week, then there waxt six months. to

reads as follows: uptrend may be further forced setting. economy into a

"I shall be very disappointed Notes is circulations.... before the 1953 elections.

Although tho prevailing in If something has not happened Public deposits ***

Private deportia Economist A. W. Zelomek told United Press, "recessionary ten-pression is that this forced sell by then," he told reporters at

Government securtiles. very largely London airport, denales are in the immediate ng has already

there will be big

Rocoints offing, despite evidence that the token place, peak in influtionary pressure has relief when Tuesday passes into

ancient history. been passed."

He said the general feeling in business circles de that

They are made in one stand- ard size of 8 feet by 20% Incher. A thickness of only 5/32 Inch by moulding is made possible will "light" corrugations of D Inches pitch and 1 inch depth. achieving in this way adequate strength with a weight per sheet of only 14.3 pounds,

Because the tower has to be extremely rigid, it is being constructed on a solid founda- ilon of about 230 tons of concrete, and its steel framework is being encased in concrete, The mirror will do at the bot- tom to the tower on supports, facing upwards, so that it can be tested under Ekourustonces more or less matching the posi The maximum permissible than it will have in the actual purlin spacing is 2 feet 6 inches (elescope.. horizontal and side laps are 31⁄2

INTERNAL FLOORS

of

Inches and 3 inches respectively Half-round ridgo and hip tiles: are avaliable, each being 174 There are a number inches intg overall and weighing Internal floare in the tower, and 11⁄2 pounds.

each hos a contral hole through

που

Mr Maudling added that thera hat been no actup! negotiations on the tour, but a mutual exchange of views on

Hello

Over the premium

50 points from a of in- December to The future pattern vestment seems to be a ratio of 17 point spread existing a week one to two-that is, one for the previous. public end two for the private Beclor," he said.

The industrialist

October trading will end in the noon hour on October 15. emplinsised Open contracts remaining at the India's weekend were estimated around cortificated by quoting 27,000 bales. The statistics showing the country's stock totalled 2,921 bales.

the Geriousness

economic situation

of

| high popuintion, lower employ-Deferred dcilveries lagged on ment, per capita income, life the recovery, reflecting a private apan and food

consumption in crop estimate indicating an in- the face of potentiti resources eredam of about 300,000 to 350,- thu 000 bales over, the government's which are ans-Aith thosa

Jast estimate. United States.

Greater production, under India's accond five-year plan is to those problema,

"Exploitation of the potential:

Aterling 1,070,930,800

1300386 the answer 301,203,507 said Diria, 243 1965,536 01-20003

10:1

of

AVERAGE GUESS

The Govern=

Que survey pointed to a yield

bales 18,100,000

while 51611156 resources through modern mains another put the figure around

12,600,000 bales. creating more employment, United "Freas. greater wealth and a better life ment's September estimated at is the remedy, he said. "Thera 13,715,000 bales. Last year's amounted to 13,310,000 are the hands and there are crop

of New tho The strength shown by sterling the possibilty of from trade. US RAW COTTON the recourses. What India need kalas. Average sucks

last week, rising cent to 2.79 China Mall Special the

ed is the equipment to exploit York Cotton Exchange mem- it-United Press.

bors was 12,804,000 bales current high plateau for soma 13/16-getting very close to its months and that "even during Par value of 2.60-must be seen the second or third quarter of against the week's big shock of 1968, nothing more serious than the fall in Britain's gold and

The new sheets aro recom- which the light boam will pan, mended for the enoding of The Interior of the walls will be economy will continue on smaller structures, such as bun- | lined with insulating. material galows, and garages, and are and careful arrangements are Miso suitable for side cladding, being made to establish constant They may be supplied with the temperature conditions inside surface coloured 'or in natural the tower a vital characteristic stray Anish.

of optical testing.

The design and construction of this new touling tövbe is a pro-

Their size and weight is suc that they can be traheported, to any area dipicult of accols and handled by local labour. The Ject of Bir Howard Grubb· Par benefits of low weight are also sons and Co. Ltd, who have

and org history of telescope manit ahown in the initial cost transport charges.

facture behind them.

EXPORTS

New York, QoL. 8. Raw Cotton exports by dasting-

as, irroguiar trend will develop" dollar referves, as aide of 3202 Exchange Rates a

Not Ended

יני.

reported in bales by the

NAMESAKES Answers:-1, „P&#35[C, 2 Al-

In face of the estimates, crop Lows became mare, unfavour=" able late in the period. Reports

Gold

temperatures In

F

New York Cotton Exchange for Lantie's Salors, 4 America, emphasised extralve moisture

and the 1957-58 season through Oct. Canada, Warfare, 7 Naviga- ths] 3 were as follows: .

million to $1,850 million, lowest-

QUELÄGEN WEAs done. since December, 1952.

in the loppl FRANKRI eschental market The two taken together, morning at the golimering" salee:-)

ne but the Stacking notte per £1) William Methenor Mariin, "don't mako Chairman of the Federal Re-City has to adjlist Itacit, dully Australian noted (por £1) serva, Board, and his monetary if not hourly, to similar highly. Indonesia rupiahs (per 100)

in contradictory phenomena. planners who have forced

| Miami tiesa (per 100)

132,197

tion, 8 Indies, Hawkins, 10 cartern beit sections, while

13 sharp fali in temperatures over $9.00 Allost, 11 Drake, 12 Gold, SO007 Boat, 14 thBeth, 15 Spant the plains states atitred now. 16icate of an early frost in the cotton producing sections.-- [United ·PreKU.

13.30 Canada'

40.816 arda, 16 Ships, 17. Docks,

720 300

#700 | Barna period-iast pozre

Armada.

file Martia, Frobisher