1957-10-28 — Page 9

Page

SCIENCE AND ENGINEERING

The World's Largest Walking Dragline Put Into Operation

The giant machine at work.

The world's largest walking dragline, weighing 1,675 tons and equipped with a 282-foot long tubular steel jib, has just begun work at an opencast ironstone quarry near Stamford operated by the Ore Mining Branch of The United Steel Companies, Limited.

The £800,000 machine is employed to strip the overburden from the ironstone, which is subsequently loaded by excavators and transported 75 miles by rail to the ironworks of Appleby-Frodingham Steel Company in Scunthorpe..

THE CHINA MAIL, MONDAY, OCTOBER 28, 1957.

TRADE and COMMERCE SECTION

Pagë

US Misgivings About Future

DESPITE SPECTACULAR

RECOVERY IN STOCK MARKET PRICES

New York, Oct. 28.

Despite a spectacular rise in stock market prices on Wednesday the widest one-day dollar gain in generations—American business had some misgivings about the immediate future. Most experts think 1957 will turn out to be a good year statistically- thanks largely to a good early start. But they are less certain than they were a few months ago and are now steeling themselves for some more pessimistic reading a head.

The

market

regained

NEW YORK STOCK MARKET

HONGKONG A Demonstration Of

STOCK EXCHANGE

Our Own Correspondant

Business done on the Hong-

kong Stock Exchange this morning amounted to approxi- mately $175,00, Noon quotations and the morning's transactions were!

Shares Dayara Bellery

BANKS IDC Bank..

Eisen- public's acceptances of

confidence

the in strength of the

INSURANCES falm

For many, the boom appears to have lost momentum. Busi-measure of strength the follow-hower's ness confidence has waned over ing day, although closing lower. economic

flood of country, the past three months, due large-There was, however,'

The weelt's developments ly to the slump in stock market sching from Europe and from all

United States. prompted new reports that the prices and to rcurringly gloomy parts of the business reports and prospects of Much of this took place in the Federal Reserve Board has now current to case its fast our a continuation of decided smaller earnings and dividends,

policy of credit restraint. the Monday collapse.

Speculation

Steel Output

Slee output Is Ingging

of the October normally one best for the industry, may I one of The worst. Bailroads

lower.

Deleno camlogs are cutbacks are tightening opera- tions In a host of vital dustries. Factory backlor for threatening orders are easing.

further production cutbacks and

lower prices.

The up-and-down

movement of security prices last week is

to inany businessmen causing take a second look at the slock

market as a reliable barometer

W*

Lumbard

SHIPPING PCKS, ETC. Dock LAND, ETC.

K Hotel EUX Lond..

Although there was no official | UTILITIES

Tram to

from this

effect

Youneli

port-int

on

#1

SMOS

do 871 22 qr 835

Weakness & Strength

Of 1929 Markets

New York, Oct. 27.

Stocks during the past week gave a demonstration of the weakness and strength of 1929 markets and finished the week just about unchanged:

The big news was made on! Wednesday when the industrial avèrnge spared 17.34 points in its widest gain since Monday, November 14, 1920. That spurt came after the list had plunged to new lows on Tuesday since December 2, 1954 on moderate Josses

On Munday, the industrials phinged 10.77 points in their zed 33.70 widest break since the Eisen-

hower heart attack market of

5000 or 1.525 October 10, 1955.

At the close on Tuesday, the list showed a drop in paper values of all listed issues of 200 10% $47.7 blliton from July 12 when 500 e 15.40 the market made its 1987 hight, 1000 of 18.50

53

14 14.75 39%

Faamplareys

10.10

RUBBER Anal

Trust ... 1.17!

*2.70 21

At 18.40 18

1001 1.20

C00 # 22.30

27.10 27.80 20.00 21

14.00

15.90

12.00-19.20

600

10

280

13

35.30

4.25

6.40

4.12

A strengthening factor some heavy buying by big pension funds, institutions and

parently to replenish

lower price levels. Washington, Wall Street buzzed C. Light folios at Another good omen was the

with speculation that while the number of buyers who Board does not contemplate ony Electrie large were willing to absorb the flood basic change in its policy, it Tel. of sell orders.

would probably lessen the INDUSTRIALS rally A spectaculor

Rope Wednesday, did much to bolster pressure on the nation's banking Cement

STORES, ETC. confidence. The Dow Jones in-stera, dustrial average closed higher to ease pressure on credit and

Tho net effect of this could be Dairy

Watson b. Craw even possibly to lower interest COTTON by 17.34 points at 437.13, after

peaks. Textile re days of decline. It regained rates, now at a 24-year 2,225,000 in valuations.

Nothing radical as a reduction INVESTMENTA

Yangist.c in the current 3% per cent

Allled rediscount rate is contemplated.

According to reports

Sweeping Gain

experts Including White House November

spokesmen were minimise scare, inany

few companies

Encouragement

President Eisenhower

on

ה!

100

per

that the

the

in-

J

200 of 27201 The Wednesday rally brought 500 20.70 back more than 17 per cent of this loss with a doline gain of | $8,225,000,000.

500 24

Argentine

Gold Sale

LONDON

STOCK

MARKET

London, Oct. 27.

Thanks Weekly marketi

mainly to Wall Street's violent fluctuations this post work markets have had a difficult time. Allowances always have to Why the sutiden turnabout? be inade for New Yoric's bullish. No one could put his anger on poss or bearishness, but ali single reuson, but several lowances can't be managed

the signs facts combined and they soèmed junicas

point to to At. In the first place the dependable trend: New Yoric's performance last market had been driven down contric more than 100 polate in the weak thus had a paralysing industrial average to a level effect. below 420 which some held to

disturbing Was the be a buying level.

spectacle of Courtaulds reduc- Also President Eisenhowering its interim dividend, the had warned against too much first time in ten years this con-

Force pessimism, and the Air

servative frm has had to re- that soared duce its conservaüve dividend. shot off a rocket 4,000 miles, 60 per cent farther

The Financial Tineo in- than Hussia's.

dustrial average rose from last which week's 187.0 to 109.4 would have boen really rise in the good worthwhile old days and then slid down to close at 167.1...

MIDDLE EAST

foreseen, Modest

Also

DECLINES

Courtaulds lost

Buenos Aires, Oct. 27.

Also there was some easing The Central Bank announced

of $0,700,000. of Mid-East tension, and stale new gold sales This increases to more than ments by economists that 1050 gold would be more of a levelling. $34,000,000 the sales of dollars since mid-September. of process for business than a No recession WOJ The sale was made during the reccesion week ending October 23.

prost taking later until mid- From Moy

2/- as did September the Bank had sus which brought minor declines on

also Bowaters Paper but most pended cola sales thanks to the Thursday and Friday plus the of the declines were of the pr

on Monday soft little Monetary Fund break International

spot was a rather belated buy- Loan of $75,000,000 which was change in the averages at the der of a shilling or less, Odd the granted to help Argentina tide weekend.

Here is how they closed the ing of chain store shares payments Its foreign

infation means week:

large profita dimculties this year.

1.32; theory mostly up a chilling, Industrial, 435.15 up

Oll shares cocillated -- a good quite strong 03.98 of 0.57. and 65 stocks deal but closed railroad, 112.41 off 1.52; utility, 147.88 off 0.38. The Standard Royal Dutch covered a range of

The gain in the average war of business activity.

Whereas in the past many the most sweeping since | Board would loosen the credit 14, 1920, following reins by its operations In the

In the one open inclined to the market crash,

market via buying and the stock

the this session alone,

market selling securities. on experts now feel erased half the ground lost in

this way, member-banks that the downward plunge of the previous week, but it was reserves and available money prices enn seriously still off nearly $40 billion from for credit can be controlled market

Reserve is de- affect business netivity.

the July 12 levels, this year's The Federal

of the There is no doubt that the high.

scribed as being aware loss of nearly $40 billion

Mutual funds and other major change in business confidence- in security prices over the past buyers

more active in the away from confidence to were shaken market, which was helped also possimism. months has obout 30 years to work three bites at the take Taking 30-ton

business

The It thus feels confidence as well as by other developments, overburden, the W.1400, as it is out.

successful launching or the dailonary pressures which it has called,

strip Is expected to

Designed and built by Ran-investor confidence. 20,000 ton of ironstone cach somes and Rapier, Limited, the The market trend, It is felt. Jupiler missile announced over-been combating with its tight demand money polley now appear to be weck initially,

W1400 Is electrically

la causing some companies to night attracted heavy driven,

The recent thinking about for many stocks which stand to less over-riding. their revise taking power from the mains

as the Many experts feel gain from an expanded govern- market slump is cited The actual rate

0,600 of stripping supply a

volts A.C.expansion.

I business spending continues ment missile programine

best evidence of this change. ironstone is, however, dependent through a trailing cable to feed

There was a lot of bad news to decline, stock prices may be on the thickness of the over-two 1,500 h.p. motor generator

in for another downward assult.

last week. Most disconcerting burden, which at the Exton sela,

Already producers of steel,

has been the curves by the Wall sets in turn supply Pork quarry will increase gra- These

Street Journal hinting at machine tool and heavy equip- to the 14 main dually to between 80 and 90 direct current

| driving motors, each of 225 h.p. zcent point to a decline in this Tuesday night cautioned against serious production let-down for over It., meat of which la llinestone,

"tany in addition,

morbid pessimism" as to

American manufacturers, All the electrical equipment is type of spending.

the country's ability protect care to finance

In the first nine, months of manufacturers canvassed. these conditions, about housed In

in a spacious

mofor

to operate at high capital development programme itself and П 10,000 tons of Ironstone will be room, which is serviced by

levels

Wall the nonelat daily reported that this year Argentine's trade de of prosperity,

65 cent reported order fielt was $107,000,000, Gold The iron 25-ton overhead crane.

in a period of market decline. (Ran- stripped every week.

were encouraged by

roduced to The whole question of the Streeters content of the fronstone at the sames and Rapier are repre-

order down from three months $151,000,000 United Press. sented

in Hongkong by the economic future of the US the President's announcement backlogs ami rate of incoming serves are 3,000-acre quarry is 30 per cent.

ago and a year ago; about 20 was put under sharp focus this also

speeches and it is estimated that it will GEC.).

stock prices rerlas of past week as

their status uti- per cent find and gyrated widely. On Monday, economald

changed and only 15 per cent low cbb, problems.

reported galas. with confidence at

This was taken to mean that investors indulged in waves of

Order backlogs nationally at Drobably selling, eending prices to two-hr President. would

give further reassurancen as to the end of August are off 10 per cent from year-ago levels. year lows.

the nation's economic status and

August, of the During the month of thus dissipate much current

showed a de- pessimism. Wall incoming orders

cline of 8 per cent. Carloadings The Dow-Jones industrial Streeters also speculated that average slumped 10.77 polnis to meeting between President Elson- In September were off nine per

Thehower with financler Bernard cent from a year ago. 423.05 in beavy trading.

and Authur Burns, No Evidence on the Beructs volume of transactions New York stoelt

exchange former head of the President's Advisors

None of this, the Wall Street since September 27, 1833 when in the market was under pressure House concern over the market. taken as "evidence

Elsen- Bernard Baruch, long on nation President

heading 13 following

adviser, depression." hower's heart attack. The main official presidential

He said for the sell-off were was optimistic.

"Even if orders continue to and market's comeback on Wednes-

come in only at the current "evidence" day was

of concern about business,

somewhat reduced rate, they are sufficient to maintain production at a level that would be con- sidered high by the standards of any year before 1950.”

Dogs & Cats May Be

TB Germ 'Reservoirs'

New York, Oct. 26.

Scientific investigation has disclosed that dogs and cats may be "reservoirs" of tuberculosis germs. This is important because if tuber- culosis among human begins is ever wiped out, all "reservoirs" of the germs will have to be wiped out first.

The investigation was not weaknesses in their study-and able because it was made in weaknesses in existing know. Glasgow, which has one of the ledge of how TB germs behave most effective public health in mammals other thou human services in the world but also beings nad cattle. has as yet undetected reservoirs of TB germs that keep "new coacs" rate among people

more or less steady.

the

For instance, their number of human cases usspelated with

| tubercular pets was small, and

It may have been that

TB

Dow-Jones

that

would make

on mator political

totalled 4,070,000 shares, largest Council of Economic

New York, reflected White Journal cautions, should

TOO BODS

the Syrian-Turkish crisis

The New

the

York

Cotton Market

New York, Oct. 27.

germs in the two dogs and two Longer shadows cast over the crop plature speeded the

eats merely were in transit" through the animals,

.. POSSIBILITY Other possible reservolen had been checked and so a Univers sity of Glasgow team headed by

Before medical science, got Dr V.M. Hawthorne looked into Bogs and cats. First; they check- TB in human beings under fair ed the human contacts" of control and the disease still was 14 dogs which were, must lche White Plague," there were finitely tubercular.

no facilities for finding out if

and their 60 people

households These contacts numbered but only 34 consents to medical pets passed TB germs back and investigation. Of those 34, the forth. x-ruya of 13 showed evidences of TB. That's a whopping 35.2

per cent. Three of the 34 hod

active TB,

rate of 8.82 per

INTIMACY

now

Bank Of England

Statement

London, Oct. 28.

Goverment

part:

10

00

or

De Beers suffered heavy soll- the the news that

company General to go into

& Poors 500-stock index closed 30/- between its high and Ita the week at 40.59 up 0.28 point low last week, finally cloeing with a net gain of nearly 10/-. week. on the

British Petroleum IKE'S ATTACK

followed Trading was the biggest for much the same pattern closing

While higher

Shell Trans any week since the one ending 5/- September 30, 1955, when the port gained 2/- and Burman Elsenhower hehrt attack deal and Canadian Eagle 1/-,

British Governments followed ings sent sales 21,093,400

closely the

downs of ups and abores.

Net changes at the week's sterling with Old Consola final- The Bank of England state-close were small for the mostly closing of the long with a American Telephone, gan of £18 which was £3 ment for the week ended Oct. 23, reads as follows:

burdened by a forthcoming de- which was down £1%. It starts next week fairly close to its 1957 Notes In circulation: £1,900,000.355; benture issue, fell 34 points, Public deposits: 41,800,073; Private Bethlehem Steel and U.S. Steel low of £60.

tractions. Chrysler deposits: 2.626,455; Recurites: 249.641; Other securi-gained beties: 30218.33): Receipin: 16,747,993; gained 14, Du Pont 33. Easting that the Ratio: 11.7-United Press.

man Kodak 24, General Electric American Into A

244, Gulf Oil 9. Lukens Steel Electric was ready 54, and Royal Dutch 2. production of Industrial dia- In the recent decline from the monds or rather into the pro- year's highs, American Tele- duction of "Boart" the smallest phone lost 18% points, U.S. type of industrial diamonds,

Japanese suffered some heavy Steel 21%, Du Pont 424, Texas

losses with

ranging & Pacific Railway 67, and Luktens selling

Many more trom £2 to £1, Germans Steel 88 points.

Potash were also down with Parls, Oct. 28.

lost 20 to AŬ points, Elsewhere, machine tool

Tac Bank of France state- The market was the broadest non-asserted down £2 and the down £ in the makere report incoming orders ment for the week ended Oct. since July 20 with 1,485 issues asenteds Inst month off by 83 per cent 17, reads as follows:

appearing on the tape, of these case of the 7 percents and £6 from year-ago lévels, and at Tolai Their

United PresS. lowest level in seven 201 206.309.423: Total offer curses. 702 declined, 183 gained and in that of the 8% percento, years. Steel production

last sies: 11,512,103,674, 81 balance 160 held unchanged, week is scheduled to drop to broad in FP: 11,771.000.000, Ad-

vance to Stabilization, Fund: lowest level since August.

Total

discounted: Bankroten in eir- Mills will operate al 70.9 per 1,943,906,473,700;

Rulation: 3,221,545.170.190: Current cessive week of decline. Mean-Ualled Fren 'while, there were new gulbocics

Bank Of France}

Statement

guki holdings. Frane:

Bilim

upward movement in cotton futures for the third wook | cent of capacity, the third succounts and deposits: 370,295,140,215.

in a row.

estimated the In government aircraft buying Rising to the highest level this past week

In line

with its retrenchment since early July, the list at yield at 12.1 million previous

The navy concelled estimate nd

500,000 polley, about

cati- orders for 115 planes costing 21 Friday's close ruled up 45 to

bales under the survey's

Elawhere, reduced 4 points, or $2.25 to $2.70 a

manth ago, Only million.

for demand

fron bale higher than the preceding mate of a

ore forced about 43 per cent of the crop

as some production cuts in mining, week.

The Baltimore and Ohio Factors generating the main had been harvested against

ported wall CurlinIDDI price-lifting power includert: 1.1 per cent at this time last year Persistent unfavourable weather the survey noted,

workers by the end of month because of a drop harvesting cold and wet con-

freight traffic. ditions with the overhanging threat of frost; 2. Possibilities those for a sharp cutback in the next

But now there is the all im- cent. In mass x-ray examina-portant question of the "re-

REVERSAL

whero

FOCAL POINT

LOAN ENTRIES

Einco

Exchange Rates

Buxhem was done in the beal wooficial

this exchange market morning at the following materia

1.80 U.B. dollar (per $1) you ru-

15.63 3,500 Sterling noter (per £1

Australia notes (par 21) .. the indonesian rupiah (per 100).. 135

In | Biam deal (per 100)

Gigapore (Strata) ....

Tommy Lawton,

SHIP

12.23

***1.50 1,81

A good feature of the week carno

Lions

NAMESAKES of Glasgowans at large, servoirs" and

Loan entries for the week from the auto industry. Only a the rate was 0.72 per cent. "reservoirs" are.

government crop report - do

Answers: 1 Nottingham, They found that the tubercu- November 8; 3. An extraordin-ended Oct. 18 rose to 101,908 few weeks ago, the industry hád

4 Team, 6 lar owners of tubercular animaleury Ing in ginning activities; 4, boles, the greatest volume for a total of 800,000, uneold cars in

the Benson showrooms. However, this total Touch, a Game, The scientists then revered lived togather rather intimately. Heavier entries under the loon any work themselves by ecamining the The dogs in most cases were programme; 6. A growing con- started on August 1. However was whittled by 200,000 during Penally, Chelecs, 7. Head, 8

of 1980 paceton, 11 Kettering. household dogs and cats

of bathed in the same tubs inviction that price and controls total impounding to date of September. Auto sales are now Forwards, D Brentford, 10 Ever- human beings at whom TB had which the people bathed; some will continue through the 1958 406,808 bales are less than a slightly shead.

third of the 1,329,441 bales Im- United Press. been detected. There were 37|dogs and cats were permitted to crop. much persons and they owned lick the dinner plates; half the

powding at the same time Inst year. animals slept In the 20 dogs and 18 cats.

STTUR their masters

became Two dogs and two cats were rooms in which

crop situation

While loan entries continued found to be containers of TB slept, and some were permitted the focal point of attention, to lag in face of the slow do

the master's

outweighing Intercot in the mind for cotton, both from germs. This, the scientists said, to get on or into

swinging and active stock mar- dostrestic mills "must ratee the question of the bed.

and exporters Dullness In their report to the British | ket

in the advisability of slowing dogs

textile some mumled traders pointed and cats to live in tuberculosis Medical Association, the scien- market and uncertainties in the out the internet, rate under the households."

tists remarked that this podcia | general""""business pietura - miso | Yonka-1g only 31⁄2 per cent sanitat Hawthorne and his acistes to the ease with which mutual rated secondary attention, | fym pret aged or chew theclath ré- wine charys to conclusion infection night oogur"--Unitted Anticipating the government mark skinking :: channels, ma Jumping They pointed out Press...

stop report, and priváta'qulving GELIGA #Am.

The

BENDLINE

PHOTOGRAPHS

by our Staff Photographers

D.B.5. Fate at School

Visit of Afifi Shriners Indian Diwali Celebrations. Southern Pacific Coċktaji

Cocktail Party Aboard M.S Ball Special Constabulary Parade at Aberdeen Window Dressing Competition (Judging) Kowloon Rotary Club Ball, Peninsula Hotel Presentation of Swimming Certificates at EYİM.CA. Kowloon Women's Welfare Club Ball, Peninsula Hotel, Vietnám. National Day, Reception et Repulse Bay Hotel Lady Grantham Opens Painting Exhibition at Cecil Arts Chinese Section TV Talent. Time Mission to Seanah K.G.V. Parents-Teachers Tea Party at KGV.. Final of European Section TV Talent Time Halloween Party, Kowloon Junior School Interport Regatta Prize Distribution S.P.C. Fashion Show at Jockey Club All Local Sports Local Presentations

Local Weddings

Etc. Etc Available at

SOUTH CHINA MORNING POST. LTD.