1957-12-16 — Page 9

SCIENCE AND ENGINEERING

LESSON IN HOW TO

THE CHINA. MAIL, MONDAY, DECEMBER 16, 1957.

TRADE and

COMMERCE SECTION

Recession Psychology Spreads In America

END TRAFFIC JAMS Week's Review Of The US Economy

Brussels.

Belgium's Minister of Public Works, Omer Vanaudenhove, is smiling contentedly after

showing a group of British road experts U.S. COTTON

how his country has solved its traffic problem.

Mr Vanaudenhove

proudly incentive of the 1933 Brussels showed aft his imer cheie | International Exhibliloo. rond which: Whs only u

Ostend,

Coming fr from Nasser pt per plan when

Bacd lo hit the untionalized Sucz but whigh molorist

bottlenecks of any today #code metests famill

the major city. Two hours was the one fde et tausis te

average me to clear Brussels.

older in 20 minutes,

How did he do it? It fools £7,000,000, 145: 5,000 workers, Including Creeks, Hulim", and the exiled Hungarians, plus

Britain's Latest Airliner Shapes Up For Service

London.

the

"Right, we will ty over and dive under the bolilenceka,” said Mr Vandenhove.

months

fatur

Twenty-one four INTE Ind # nille- long fly-over were bullt. Two nonths aro Mrs Vanaudenhove cut the ceremonial ribbon zond baffle began to fly over her husband's Inner eirete at the rate of 60 600 vehicles a day,

'TOO MODEST'

No Hooner

was the fly-over open than Mr Vannaidèrhove i

"I too modest, Let

us po the whole hog.**

GOODS MARKET

New York, Dec. 15.

goods

New business in cotton grey

and finished ramained on sido_this post wook for the third time in a row. Retailer and whole-saler pre- cccupation with Chris(mas business, and The ensuing

BUSINESS WORRIES

ABOUT

MANY FACTORS

By JOHN MORKA

in

LONDON

STOCK MARKET

London, Dec. 15.

It was a week well plastered

with sensations,

Whe

First Begration

ปาp starting miccess of Brilh Petroleuma's pollte request that:

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

New York, Dec. 15. the quiet Recession psychology appeared to spread investors furnish them with $1 Business done on the Honz- kong Stack Exchange this the United States this past week despite sierling of new money.

to appro- Their specific terms were attrac-morning mounted evidence of some weakening of live, but they must have heun ximately $70,000. Noon quota- staggered when they found 616 tions and the morning's trans- inflationary tendencies.

nillion sterling urgently pressed etions were upon them.

The

January, helped 10 keep a emper on new commitments.

The subway strike. which crippled transportation in thej metropolitan Leea for mat of the week, was another handleap.

paper work involva:

Shares Buyers Sellers

Sales

230 840 - 10

270

ilk Bank EARL Arle

Lombard

And this was in a week in INSURANCES which people seemed to be sny. Ing: "Oh, this oil business is supPING

inventory taking period at end: Business worried about many things. There was

the prospect of some further easing in sales.n this is great that dealing BANKS Competition is expected to stiffen, barring the in their new convertible bonds way to any price boosts. This in turn could cannot start until next Tuesday. mean slimmer profits. Complicating the outlook also is the growing

consumer buying caution as the factory work week declines and incomes drop. Meanwhile there was the prospect of labour strife next year as major unions mapped plans for higher pay, more fringe benefits.

An extension of another nule undertone, is now being built,

FIRM

The market maintained a firm

with some nells salaing prices n the Bellwether EU-square feur ad print con- struction, The 13! #titude continued to reflect the rise at row cotton loan costs, plus a tim- belief that

The original By-over is still bring used, however. A Baller,

Wanting from the Britain's new big turbo-type bridge

up to prop airliner,

400 gud level

the dy-uver has been erected temporarily. purtant consumers still have to Management, on the other The auto industry has been m.p.h. Vickers Vanguard,

cover on large percentage of hand. hit by rising costs and particularly hesitant about add- When the extended fly-over fret and stropn quarterlating demand, is expected to ing to the stocks, especially in is finished next spring motorista | requirements.

resist any upward revision In steel. The lag in demind from will be able to sull through A few weavers predicted the waren,

this sector has been mainly re- Brussels, without changing gear market would be further big- With the accent currently on sponsible for the steady decline in about minutes.

scale buying of print cloth yarn licking deflation rather than in In steel making activity since fabrics after the turn of the nation. the most encouraging early in October. year particularly the 80-square development was a further cas– The operating rate of the in- and broad-numbers.

ing in the money market.

dustry this past week-estimated Spinners reported

Reflecting the drop in the re- at 68.4 per cent is a long way setivity in both cotton and discount rhie (now at 3 per from the peak in January when rayon

on cotton cent) on November 14 some in-the rate was 98.4 per cent. yarns. prices

in line counts continued Arm

lerust

this rates tended lower with the rising of raw collon.

past week. Just eight weeks ago In iraulating yarn, the section

the average yield on Treasury moved generally higher. Tinged, 01-day hills hit a new 24-year cotton yarrs. however, cos-high of 3.680 per cent. tinued depressed.-United Press.

is making good progress. In the works at the old racing Brooklands car track at Weybridge the first three Vanguards are taking shape in what is don't want to touch Brussels at believed to be Europe's but who want to carry on most advanced aircraft-right to Germany, France, or Luxemburg, the dynamle building "atocks."

While aircraft designers worked for two years producing 00

before possible aircraft

the Vanguard was decided upon, 300 draughtsmen worked on the design of the figs and tools with which to build the rirplanes.

Forty of the four-engined "double-bubble" 80-100-seater

airlines are to be built-20 for British European Airways, 20 for Trans-Canada Airlines

£40 MILLION ORDERS

10

These orders are worth more than 240 million, and the Van- guard is expected be as popular an afriner as the Vis- count has been.

Side by alde with new Vis- counts-250 of them worth £86,000,000, have already beer. have delivered nad about 120

still to be bulli-the Vanguards are growing dally.

Already, as the Atters piece it together. It is possible to get an idea of the size of the vast freight hold under the floor of the passenger cabin.

-(London Exprese Service)

A New Science

Emerges For Farmers

London.

Science, lighting Nature, has found a way to raise a farmer's profits by in- creasing the growth of

hxis animals, bringing them to maturity

ut an

Meanwhile for motorists who

Minister is now building a ring rond round the capital,

Another £7,000,000 worth of four in highways with crossroads - the motorist's cruum.

NO PUBS

subdued

next spring Iron Age Steel

English tourists will be able to travel from Ostend to the far side of Brus- cels in about one hour. Then they can join another autostrade now being built between Ant- werp and Germany and can be In Germany three hours after leaving Ortend.

Telephones have already been installed every three miles along the autostrade.

A breakdown will bring a mechanic in four minutes. An accident rees the police on the telephones. spot almost instantly using these

There are no advertisements allowed on the autortrade tun- nels or fly-overs. "They would distract the driver," says Mr Vannudenhove.

There is not one pub, coffee house or petrol-Alling station on the fast ronds of Belgium.

"Drivers Says the Minister: should always have a full tank when they get on our rouds. Breaking off for petrol is a mennce for the 60-mile an hour 1ow."

£500,000 Idea Saves Millions

early age and building up This year, weights.

Among experts there is still doubt about the inethod. There always in sinco sclentile seldom agree.

around £550,000 worth of radio-isptopes at home

and abroad.

Production Figures

115

Yield

This past week the average vield on a similar issue wns The last time 2,091 per cent. the rale fell below 3 per cent was in May when it was 2.900 per cent one week and 2.894 in another.

four per Issue

Steelmakera are finding tougher to sell not only to the auto Industry but to other im- portant buyers alzo, namely, freight car builders, appliance makers, machinery makers, ad even some construction com

panies.

17

ごまそう

..

0.60 6.50

KICKS. ETC K. Wharf

getting too risky--I am getting Whasicek out And get out they did. Royal Dutch shares fell shalings & pence. port, fell 4. British Petro- leum tiselt fell nearly 2/-.

Shell Trans-Provident

LAND, ETC. HK Hatei.. The second sonsation was that ik Land .. esused by the chronic excess of Humphraya her imports

Itealty over her exports, which fell from October's 70 RUBBER million sterling to 22 millon Aals sterling, the lowest scen since the Suez mix-up temporarily UTILITIES cut down imports,

72 273

11.30 11.70

14

14.60

1211 33

25.20

1.33

1.40

15000

7.30

Trist

Tras

22.60

Yaumati

00

"

20.70 130 23.20 2315 500

17

25.30

27.30

Craw INVESTMENTS

invest

10 10.40 11.00 14 14.30

0.00

The November export figures Electele were certainly high, but that is To

tengnised soberly as due to the INDUSTRIALS rise in British prices than to Cement an increase in actual volumte. Britain it seems generally Dary

STORES, ETC. agreed has not yet solved her Watjon Irade problem.

*C

CONFUSION Partly owing to the confusion KFT prevalling among the experts who advise investors, there was "safety-first" movement t

Industrials

British into Governments, which lifted War Loan 32/0 to £62 1%, compared with its 1957 low of £80 1⁄2 and its early high of £75. Old Consols gained nearly every steel day

and

Blue chip industrials were generally up by a shilling, An exception was the well-battered Rolls Royce, which fell 1/0.

Germans were erratic with the Dawes Loan-both assented and non-assented-down £1,

recent

India

N.Y. Cotton Market

Review

By WILLIAM T. PLUNKETT

Now York, Doo. 15. Cotton futuras climaxod a week of gradually rising prices with a sharp rally in the final session of the period.

At Friday's close the list ruled 42 to 50 points $1.10 to $2.95 bale-higher than the preceding week.

All deliveries from July tor- ward surged to new sengonal highs, with new

стор months developing independent strength as sellers became cautious and buyers more aggressive.

FACTORS

Price-lifting factors Ar found in 1, A low government crop estimate; 2. The rising pority trend; 3. Expectations for a higher government loan rate next seasoil, 4. A growing belief that any farm legfaluitor enacted now could not be operative before 1980; 6. The overwhelming approval of eco- tinued marketing controls, ex- pressed in the recant producer referendum.

divided

Foreweek interest between the government's final crop estimate of the season and evening-up

tho operations in December delivery.

The government crop estiuvate of 11,010,000 baies came 788,000 bales, or 6.6 per cent under the previous estimate. The reduction i had

and the been expected market

been dia-

efect had Will counted, traders said.

Continue 5-Year Plan

The low ginnings mado a deeper market impression. Through Nov. 30 ginnings totalled only 0,039,400 running bales against 12.380,005 bales to the same time last year.- United Press.

The

USSR STEEL PRODUCTION

London, Dec. 15. Soviet Union has pro-

This past week's strel operate ing rate was oven gloouler than the overall industry rate would Indicate. In such major D3 Pittsburgh centres

the weekly rate Youngstown, essed 10 points to 88.2 per cent in more and 6 points to

86.2 per cont, For the first time than a year, prime utility bonds respectively. New York, Dec. 15.

were priced below

Rourkela, Dec. 15. Steel production this year cent. 30 million

Mr Nehru, the Indian Prime of Deterioration

while the non-assented of the Minister, said here today that in will "barely top" 113 mil- Chesapeake and Potomac Tele- lion tons, against

Young Loon and of the 64 per spite of the foreign exchange phone Co. being sold at 3.97 per

Nat especially encouraging

position India would continue cent. Commercial paper rates

cents Potash both rose

:building the three steel works million last year and the were also slashed point on all has been the general deteriora-

their Japanese, after all-time record of 117maturities.

tion in commodity prices. Scrap

have prices

been declining boomist, were heavily sold with which are part of her second

ave-year plan. million in 1955, Iron Age While businessmen hoped that steadily all year and now are

The nan-assenteds of the 1910s 1ower Interest rates would spark at their lowest levels in years said today.

and the 1024s, both down

Mr Nehru was visiting the new surge of activity, they the daily spot index of raw sterling and several others down nonetheless continued

to make materials has dropped about 8

1 sterling or sterling. more sober appraisals of the per cent this year--the raw in- An exception

to this trend the three at present under ec-

struction-which is un Consumer buying. cau- dustrial group alene future.

declining was Tokyo 5 per cents, whose German venture. He tion--possibly more so than any about 15 per cent since the be

was ac- assenteds and non-assenteds

companied of

by the visiting 000 tons of aleel) other factor is giving many

Russia's Burmese Prime Minister, U No.

goal in steel pro- them the jitters. With produc- ginning of the year, with metals both rose sterling.

Dollar stocks were marked

duction -Reuter.

for 1960 is 68,300,000 tive facilites outpacing demand, in the forefront. Meanwhile an

unfavourable supply-demand-down rather heavily, in step any further cuttack in buying situation in non-ferrous metals with Wall Street's decline the

tons. The Soviet hopes to raise the output of steel to 100-120 would be that much more cala-such as lead, zinc, copper and Dow average was down in the

million tons a year in the next 15 years, the Radio sald. United Press.

This year's igure represents a "bitter disappointment" to the mills, the magazino states. They had expected a fourth quarter upturn to carry output to 1 luvel equal to last year's figure Instead orders dropped sharply and the mills were forced to eut back operations,

authoritative trade Sul, the magazine sald, the steel picture is not su bluck us the short-term outlook appears.

This year would be the third best In steels history. the magazine noted. And the con- tinuing reduction in steel users inventerles

Laying the groundworks

for a healthier imarket condition In 1958.

strophic.

aluminium. continued

Consumer spending has been rist. a bulwark In the U.S. economy of World ever since the end War II.

Bad News

The bad nows in this connec Iron Age said mills now are tion was the government report resigned to a "sluggish" market showing that unemployment as risen to at least through the first quarter of mid-November had

Bank Of England

Statement

to 440-hui

weeks from 447 to per

Rourkela sleel

works--one of

duced 30 million tons of acc thus ter this year, Moscow Radio reported today.

This is two million tong more iban the steel production Agure

for 1050. Indo-announced

(The United States produced 104,620,-

there was silll same demand for Exchange Rates

In the petroleurs industry, de-dollar stocks and the premium mand has been disappointing merely eased from 9 per cent to with both domestic use and ex-4 per cent.--United Press. porta lower. There have been

seme scattered price roarkdowns

In

both crude and product

prices as stocks generally hold With at extremely high levels. domestic demand in 1956 fore- casi at 0.2 million barrela dally.

www.

GOLD BAR MARKET

Trading with the Middle and

Dealings with South America 'The were on the usual sente, turnover on the gold coin mat- prices limited and tended to case, China Mail Special,

ket was

of next year. "At that Uimo the highest level in seven years. The prospective growth rate of well below There

pickup

Zurich, Dec. 15. In Joblessness increased by 700,000 3.3 per cent wil may be

ent of recent years. over the previous month, bigger the 5.3 per demand from the auto com-

The gold bar market showed The overall drop in business

the panies. The mills figure Detrit than seasonal. The overall un-

umer tendency during stands buoyancy-instead of arresting week to December 12 on soné build up

an employment Agure now will want to London.

-appears to be sccelerating, Inventory of new

In at 3,325,000. cars

revival of demand, while offer- the factory work As a result, many economists Meanwhile, British scien- | advance a1

labour สมเด

week eased by 0.3 hours to 392 are calling for more dramatics remained limited. tists at Harwell have sold negotiations."United Press.

lowest for the month since 1949. action on the part of the govern- Far East was fairly active. Compared to year-ago levels, mert on defence spending, road- factory employment is now of building and housing, and by some 625,000.

the Federal Reserve Board on in the all-vital auto industry, easter credit if the recusionary layoffs at a trend is to be halted by mid- time when production should 1956. normally be rising. Leading: The Bank of England state- manufacturers reported curtalled DUT a new science known as It is estimated they are saving ment for the week ended, Dec.schedules, and layoffs running

Opotherapy

having world industry between 200 13, reads as follows: results.

Hormones million and £100 million a year. specially prepared to retain By giving out tiny signals,

Notes circulation... vitamins, enzymes and amino-isotopes toll engineers about mixed with animal everything from wear on tools acida ara feeding stuffs on a controlled to leaks in water mains. basis. Results: in three-year trials in New Zealand on sheep the weight of fireces increased

amazing

AMAZING

from 81b, to 01⁄2lb.

In England, whern fleeces are went up Ighter, the yield. from 3Vlb, to nearly Bib. ---- some cases up to nearly lb.

All of which meant an extra 41⁄2d alb, for the sheep owners' because it was proved that the

fleeces texture of the

· grently increased.

WIL

Now the treatment is being applied to cattle and chickens in Britain.

· Radio-isotopes

pre one of

Britain's new exporis. Total

sales are sing at

an average rate of 10 p.c. a year.

NEW USES

to measure to sort out

They also help paint theloessts, cool and shale at a pithead, and to check the density of tobacco- in cigaretica

Every year, hundreds of new tines tre found for radio isotopes.

Loudon, Dec. 15.

Public deposili Private deposits Government securities Other securities Receipt

natio

there were now

into the thousands. Auto sales Sterling 2,065,070,les are running into buyer resistance In some instances and there are

of 273.147.020 Inercasing reports

aome 242,445,372 price-shading.

10,021,502

€903.937 21.000,009

United Press.

Bank Of France Statement

Paris, Dec. 15. The Bank of France statement for the week ended Dec. 5. reads as follows:

How much do they cost? Any- thing between £3 and £2,000. Į gota) gold holdings .. Dangervant "They only need a

Total other currencies low senalble precautions, clai

Sight_balance abroad

In EPU Harwell men.

In return, they save time, Result: cattle roached ma- money-and tempor. They have turity five months earlier than a big fulane in the world's normally, Chickens lay. 277 eggs Industries. * your instead of 207.

---(London Express Service)

Tax Rise

Wall Streeters meanwhile studied

a peech made last week by Senator Harry F. Byrd who warned that a tax rise of even one billion dollars in any bracket would bring grave con

The lag in consumer spending habits has been particularly ap- parent in buying on credit During October, there was

Byrd did not favour a lax, re- rise of only 17 million in out-

of a standing consumer credit, smati-duction at the expense

ת

sequences.

eat monthly hike during the balanced budget. He estimated the National in a apooch to Association of Manufacturers that it would cost the gover- mont a billion in revenue to

year.

Caution

US Raw Cotton Exports

Raw

New York, Dec. 15. cotton exports by destination as reported in baies by the New York Colton change for the 1057-58 season through Dec.

follows:

Britain

Continent Orient

Canada Total for sensori"

Semin perind inst

10 were

Ex-

013

301,232 040,64

509,330

15.100

1,783,350

#300.196

The caulious approach to the give a moderate general over- more emphasis on military ald, future has not been confined el- all tax reduction which is 40 while reducing, economic aid. Frant together to the consumer, on badly needed in this country Many Wall Streeters view the 201204203,420 whom economists are counting He would explore the whole Byrd suggestions sound and 10,130,019,881|| heavily to keep things humming | feld of spending to bring to that extent not the type of 11.71,000,000 in 1050. It has spread to bust-savings in outgo, reduce des operation that would result in Advance to the Cur-

ness also. Business loans by fence expenditures by: a 10- a sprightly advance in the stock "rency gtabliíration. Total bile discounted 1,157,410,730,001

banks in major cities uluce Bep evaluation ot this relativo market, Buch D PIOKTANTERO, Bank notes to alt-

tember have eased by some 500 priority of present and develop many fold, would put another pulation man, 3,187,310,770,400, million, in sharp contrast to sing methods of warfare, climk- | pinel on inflation, which many Current recounts and

rise of about 1 billion in the fato obsolete weapons and existe regard as a real market incm- deposits

432.000.000,-23T

corresponding period of 1980, vagances in foreign aid and put | Iva-Onited Press.

United Pr

kero

-Butinem was done

the Incal noticial exchnage market thia morning at the following catentin

U.S. dollar per 31) Sterling notes (per £1) Australian rules (per £1 Indonesian rupiah (per 100) Siam teai (per 100) Singapore (Stralis)

$.03 15.51

NAMESAKES

Answers:-1 Poetical,.? Hilda, 12.5 3 Monastery, 4 Devotion, 5 Admonition, d Song, 7 Creation. Caedmon (First English poet).

28.25

1.81

SHIP

BENOLINE

PHOTOGRAPHS

by our Staff Photographers

H.E. Visits Hay Ling Chow Ying Wa Girls School Play Presentation Foundation Stona Laying at Kai Ol School Quarry Bay School Play at Queen's College Farewell Party at Y.W.CA. for Lady Grantham A.S.F. & O.C. & N.T.W.A., Presentation at Covt, House H.E. Takes Salute of Police Review at Coverment Stadium X'mass Party for Blind Children at Southom Playground Guides Christmas Party in St. John's Cathedral Hall

Endeavourers Play at Kowloon Wah Yan Colleg

Sports A LI Local

Local Presentations

Local

Weddings,

Etc Etc.

Avaliable, at

SOUTH CHINA MORNING POST. LTD.

Wyndham Street.