1957-12-23 — Page 9

SCIENCE AND

ENGINEERING

THE CHINA MAIL, MONDAY, DECEMBER 23, 1957.

TRADE and COMMERCE SECTION

Week's Survey Of The American

American Economy

Blazing The Trail US Business: A Gloomy Picture

Overseas

London.

By SIR RICHARD COSTAIN

British engineers and contractors are playing a great part in raising the standards of life in vast areas over- deus.

Civilisatiou tends to bo associated with a country's mannera, culture, diplomacy, judicial system. But, on reflection, it will be appreciated that, in part at least, it hus more material origins. The engineer la not less in- apiret than the artist becauso le menium is different, The contractor and his men hewing reck

In Toronto British com- pany has built three fourteen- storey block of fais the largest project of dis type by pouring conerete in private enterprise in Canada,

sane eamy jungle, or driving their earth-moving machinery

British Not all

In the heat of the desert, play) have made the same progress their part:

Kru

contractors

in Canada. Some have found the conditions extremely

Civil engineering projects are | difficult, while others have not always executed in tropient undertaken modest operations clinmates, There

cuses to rain experience. In light of where cold, no! heat, is Th

this, the figures for the past enemy and others where tide or year, and more particularly the flood pre the contending

errate of expansion, give grounds Civilization marches for antisfaction. inent. hand in hand will the pioneer- ing work of civil engineers, and

industrialisati and progress

uritit Incre pipe-dreams roads, rnilways, ports, harbours, all refineries stations,

of vartely 12

projects

"

Power

હાર્ડ የኔ

uther constructional have been created.

VALUE

The value of the contribution made to the national economy

by contractors lies in the pur-

chase of British plant, equip

ment und materials for develop- ment projects overseas and in the fact that their success im- of other proves the prospecta British exporting interests. They trail in underdeve- blaze the loped countries and estabilah British

af living and way

improves the thought which trading prospects of their com-

the end pelriols. Slrice

of ife Second World War, British in spite of a cen- contractors, siderable programme of works

In the United Kingdom, involv

wir damage repair, open- coal production, construc-

fug

Cust

1/on

Development in Africa has been a continuous expansiontst programin In West Africa there has been the completion of Takoradi Harbour and the Apap Wharf al Lages, Work on Tema Horbour in Ghana has been

progress for. come time,

In Sotub Africa and the Rhodesias subsidiary companies of some of the main contractors have carried out many million pounds' worth of building and civil engineering work during

Stock Prices LONDON STOCK

Take A Tumble

By JOHN MORKA

New York, Doc. 19.

The business picture in the United States continued cloudy and generally gloomy

tho this

year-end past wook approached.

the

rearer Dow-Jones

were

as

some further price cutting on the part of the new car dealers, Unise there is a brisk pickup In business.

Developments

It represents a decline of B points from the record high of 141 per cent in December 1956. Reduced output was reported at steel

mills, aircraft factories, textiles, opparel, petroleurs mining, television sets, furniture, soft così metal mining and crude oil pumping.

MARKET

London, Dec. 22. Markets have had a quiet

week

but the trend has

been obvious-peoplo

have.

been prudently turning some of their assets into caah, just in case, a real recession de- velops. Selling of first- class industrials has been persistent without ever - achieving sensational

volume.

on

The Financial Times Index of industrials has alld down this past wock from 108.8 Monday to 164.8 on Friday; a month ago it stood at 172.4 and earlier it was at its 1857 peak of

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange this morning amounted to Ep- proximately $107,000. Noon and the morning's quotations transactions were:

Share

Buyers Sellers

RANKS

Bank East Asia

INSURANCES

Unfort

207.6. Since the 7 per ceni Lombard bank rate onerged it has les! SHIPPING 27.4 points.

near-

Balen

70 300 £75

1+

245 270

74

32

0.43

0.50 1300 054

110

14.03

13

321

New York Stock Market Review

By ELMER WALZER

New York, Dec. 22.

Stocks declined during the past week and finished with industrials only 7.41 points above the 1957 low and rails within a few cents of their low since Jan, 12, 1954.

average

sold

with a weekly loss of nearly

Chrysler was heavily points.

Zenith lost more then

The decline, interrupted by trade magazine prodicted lower sharp recovery on Thursday and auto sales in 1958.

small one on Wednesday, was severe. It knocked the industrial to down 13.28 points 427.20 rails down 4.20 at 96.92 and utillies oft 0.44 at 87.95.

Dally average trading totalled 2,000,664 shares, against 2,207, 442 shares in the previous week and 2,252,915 shares a year ago.

Of the 1.420 issues traded,

in tavo most

weeks 1,018 and only 287 gulned 200 14.00 declined

1300 and 115 held unchanged. There 100331

wore 229 new lows and only 12 new highs sci.

1.35

500

32

1.328

130

1.35 2000

1.208 140

2300 1.90

star Ferry

125

$4 14

C. Light

17.10 17.30

Slock prices tumbled. Steel production moved to new lows. Lapel's itetail sales logged. and production cutbacks more frequent. The work-week shortened. And Americans rów

Wheelock And they have less money to

There seems to be

a rising DOCKS, ETC. uneasiness9 about the

K. Whart spend then in a long time.

LAND, ETC, There were two other major bearish ON

ol the lup

United States Hotel.. which future of the last week

York's famous "Dow economie news, there was can developmenta

added to the general uneasiness, New

HK Land.. siderable underlying sppreshrn-

produción Index of the Average" of industriat shares reception The sina nver the cool

Beard last closed last week at 427.20, only Reserve

RUBBER being given to American pederal

low of 419.70. Twice posals at the Paris conference or month dropped to 139 per cent some points above Its 1957 Realty

this

Amalg of the 1847-49 average, lowesl Treaty North the

Atlantic

month

Dow index has the In about 18 months.

tumbled 7 pointe in a single dayTrust, Organisation.

The blend of unfavourable

and presumably it can

do it A. Taweli". UTILITIES If it "breaks through" RM international and domestle new

again."

stock

YaUm combined to move stock prices

that earlier low level, lows.

The

markets both here and in Now year Industrial average

still York will anticipate Inst 15 points, spread about

heavier fall

Electric ... 2012 equally

Monday over

and

The business of turning goed assets into cash caused Unilever | Tel. 2815% 20.70 Tuesday, bringing the average to 425.25.

to fall 8/6, Rolls Royce 2/6 and *DUSTRIALS at Tuesday's elese

of the

dozens of high-grades between 1 Rope within hailing distance British contractors have also

With production Dn the and 2 shillings. low of 410 Fit on October 10..

rolls unemployment extended their activities in the

Wednesday's prices improved decline,

Hudson's Bay contributed last East. Middle

British

bave risen. As of mid-Novem-week startling figures to the watson com-

only fractionally. panies are

four executing

unemployment equalled 5.1 | history of this afflcult period. COTTONS" Almost every major industrial ber major bridge contracts in

declined in the selloff. per cent of the nation's labo This past week fell 0/6 but Textile 4.40 group

INVESTMENTS Com-force--the highest rate since its fall since September 18 tho Samawe. Motors hit Iraq at Baquba,

IK & TE new lows. Qurnal, while modities

And the plummeted, February, 1953.

end day before also

Invest the bank rate was Masiriyah, and British contructors

ilfled-has been 83/-, It closed in associa- experiencing their biggest losses does not appear to be in sight. with French contractors

in more than a year, with cocoa,

Some experts forecast that yesterday at 145/9, only 27- are constructing 122 kilometres, rubber, cotton and grains the

about 5,000,000 Americans will above its 1957 low. of the Jalaula-Derbendi Khan | hardest hit. Steels and

Japanese non-asseated 1924s next your.

rose £1 and

both the 1930s. ferrous metals were also under be Jobless early rad.

About 320,000,000 were un-

assented and non-assented lost nitessure.

employed as of last month.

essented Defence spending and perhaps sterling while its

rose 1/2-United Press. higher federal and municipal expenditures might holp alleviate unemployment, how

inst year.

tion

CONTRACT ·

in Persia

British contractors

Bad News

ronTM

of oil refineries, chemical plants, power stations, hydro-

schemes electric

and, mor!!

over.. were given a contract for the recently, atomic power statics, have expanded their retivities supervision oversens

2011 impressive of

munner.

und

management the country's road- modernisation programme to be carried out over eight years ut £30,000,000, Other a cost British

con- contractors are instructing as oil pipeline there

over three hundred miles.

another

Before the war few British contractors worked overseas. They started from rezutch 1940; but in the twelve months ended March, 1958, 55 contrac- tors working in €2 countries! In Kuwait a large contract for executed work to the value of the extension of the oll reinery £37,000,000 and obtained now has been awarded to contructs to the value of £108,- British company. Work hus also on the New Auckland 000,000. ItL many countries, started

Bridge in New Zealand, where a such as Conada, the Rhodesia, West Africa, Australia, and the joint tender by Iwo British com- panles was successful, while two Middle East, contractors have

companies are formed subsidiary or associate other British

are carrying among the four companies work- companies which

ing on New Zealand's Arst out a continuous programme ind

Geothermal Power Station at - ralid Lase for establishing

Wairakel. further development.

CREDITABLE

1

This 15 creditable per- formance, more particularly when a thought is given to the unsettled political situation in so many underdeveloped coun tries 1. the post-war period and how extremely susceptible con- tractors are to changes in the

un

was no

Secretary of Labour, James F. Mitchell, sald last week that 1958 would be a "good

but he for the working man cautioned, unemployment and

WILLING TO

10000 1,0715 1000 (22.00

Decline

When stock were la a decline Wall Street talked of sharp cuts in output ahead, poor reception 2009 Hof

models, the 1958 puto 800 17.0 174 50 13 possible dop in holiday trade, 500 4 17.20 further cule shead in steel out- 42 OF 2040 BOO 20.08. put, a drop in overall production

The reflected in 2002.00 ne

Federal

26.00 CRES, ETC. Dalty..... 16.30 13

5:00

600

11.50

4.

9.03

3 points in the television group. Allied Chemical and Du Ponte foll four points or more, Alcon was down nearly 5 in the

and Kennecolt aluminium down more than 3 in the coppers. Olle had declinos ranging to more than 4 points.

Stects were depressed 1 to more than 2 polits. Shipbuild- ing stocks declined as much as 62

in points

American. Minneapolis Honeywell Lost nearly 7 points in the building

Douglas supply group. down 8% in its section. General | Electric fall negrly 4 points.

was

On the tops of ali shareS listed total market valuation an the week was down ́ nearly 6 billion.

Standard Oil (NJ), Bethlehem Steel, Chrysler, General Motors, Reserve index, ond an over and U. S. Steel, considered supply of copper,

bluest of the blue chips, lod the 15:00 The Thursday rally brought market Ja turnover and all

news 415.70 out several favourable

showed declines-United Press, 19.70 Items,

including stopessful fring of the Thor miselle, a big Air Force order for Lockheed, ord 1 statement

the by of

tnt Labour business will tura

Exchange Rates

Secretary

second half.

The

up in the

resumption of aclling

US Cotton Goods Market

on Friday reflected disappoint.Activity in the cotton goods ment in failure of the Federal Reserve Bank to case

money further through o cut in the this discount rale and a lowering of

6.00 Reserve requirements which 15,40 had been rumoured on Thurs- 1100day:

Also Chrysler announced 13,00

Buiten was done in the local unofficial

exchange marlock morning at the following rates:- V.S dollar per $11 Sterling notes (per £11, Australian holes (per 21) Indonesian rupiah (per 100) Slam teal (per 100) Singapore (Streita)

INVEST ycar"

MALAYA

strikes probably would increase. IN

The-market's bearish pattern, 11 has when the coming as

indicators tended economic lower and businessmen steeled next a altung themselves for

new doubts as to year, raised whether there would be the traditional year-end rally over

He looks for an upturn in the the next 10 days.

middle of 1958 and sald he does The fallure of the market to generate any support in the not think the situation at this 420-440

to point warrants any large-scale range suggested

works programmes, many observers that a further public testing of the 1857 lows may be, despite his expectations that unemployment will rise morr in the offing.

end of bad than seasonally in the first helf There nows this past week. Thousands of 1958,

workers in of

the steel, television, railroad and ather Industries were furloughed. Steel production this past week was scheduled at 670 per cent of capacity, lowest in two years. down 10 Steel operations are per cent from the levels of alx weeks ago and even in the big Pitsburgh, district of where heavy demand for con- struction steel has kept the operating rate higher than the general average, the drop has been sharp.

It is impossible in this article to do justice to the many pro-steel jects which are deserving of better treatment or to make even brief reference to the majority of the contracts or countries where British contractors are interested.

Matching the effort made by contractors the post-war period has seen a striking advance in the range and capacity of earth- moving and construction machi-

neutical climate of the COME- pery manufactured in the United tries in which they are work-Kingdom. To an ever-increasing Ing The guies mentiorad re-

are able to exicnt contractors present a considerable advance ectisfy their requirements from on those for the previous year nmong the range of machines and there is no doubt that, manufactured In Britain and, given more stable political con by their use of contracts over- dillons abroad and the support i scan, have helped British menu- their eHorts merit 04 thefacturers to establish themselves spearhead of other trading in- [in many new markets. terests, British contractors have

a sull greater potential.

Other Brush interests in such Industries as electrical manu-

The most striking advance in facturing, engineering, iron and the volume of work in the past steel, and building materiala, year has taken place in Canada, also derive benefl: from where the programme is vast, efforts of British contractors, the conditions arduous, ani the competition revero. Over the

Short

Kuala Lumpur, Dec. 22. The London Tin Corporation would invest more capital

in the Malayan tin in- dustry if the Government

a sharp reduction in its pro- Est duction schedula and a leading

NEW YORK COTTON

MARKET REVIEW

By WILLIAM T. PLUNKETT

New York, Dec. 22.

Now York, Dec. 22.

market-both grey and finished fabrics was almost approaching to a halting point. Buyers and sellers became more holiday-minded,

The enguing inventor-taking period in January pased arather obstacle to purchases for other fabrics for quick delivery.

Despite the lull, prices showed a firm undertone all along the period while buyers hesitated, sellers were equally wary about commitments into the Orst quarter of 1958 becouse of 1. The rise cost of raw cotton; 2. Expected production cutbacks,

Most of the mills last week close were getting ready to onYear's holidays-United Press.

would give more land, the Cotton futures moved irregularly last week with down to the Cheletmas and New

Corporation's Chairman,

Mr Ivan Spens, said here yesterday.

Mr Spens, who is touring ;

Lord

old and new crop months sailing

independent courses.

NAMESAKES

The second boom-puncturing report lart week indicated that

Nearby deliveries, after, ported net sales of 1,074,068 a director, Malaya with Americans may be running

Colyton, a former Minister of sagging $3 a bale, retraced about bales since the sales programma

Answers

Stomping, 2 New started Aug. 1, 1057. The 1950 shart of spending money.

Boundaries, 4 Fur income Personal

managed to finish loan lock include a substantial Stroke, 3 during State for the Colonies, said that half of the lost ground.

crop months November the latest available the Corporation had every coa- with a small net gain.

#mount of good quality cotton ward. Ground, Wicket, 7 which La in short supply in Yel, 8 Crease, 9 Oval, 10, Catch, -fell to seasonally adjusted idence In the future of Inde-

Friday's close, the 1st ruled current 1937 crop. ginnings.—11 Kent, 12 Runs, armaal rate of 343,000,000,000 perdent Malays

40 3 painta United Fress..

Godfrey EyeOS, Ho said: "We are very im-30 points lower dollars, u drop of 500 million from October, It hit a record pressed by the way the Govern-higher, or off $150 to up 10 high of 340,800,000,000 in ment is running this country, cents a bala compared with the August and has been declining and wo think there is a bright preceding week.

future.

Operations there will alump since. to 81.3 per cent compared with 10.2 per cent last week, and 80.9

per sent a month ago.

Total Production

Fif

We have the capital, and The drop in personal income did not give the whole pleture, are prepared to lovest it here. either. The Commerce Depurt "We would like to open more inent said the drop would have tin mines in Malaya been greater except for a boost Government is prepared to give in the number of unemploy- 11 more new land"-Reuter. ments. Jobless pay claims rope It now looks that total year- end production will be around 13,000 to 300,000 during the first

Bank Of France tons, below the week of December, mainly due 113,000,000

11 10 155,000,000 tons turned out

seasonal curtailments and

machinery

Statement under furloughs int

and 1850, and considerably 117,000,000 tons industry leaders metals industries, hoped for earlier this year.

Meanwhile,

crop

Faltering

old

Faltering tendencies in the

months reflected: 1. Technical realising following the recent vise to seasonal highs; 2. Hodge selling in anticipa

jon of further largo sales out hot the government plus stock. alowdown in textile merkt activity

More favourable weather for the com plotioa of harvesting and statening.

New

ruled crop deliverles Franc and responsive to email orders 201,204,30,420 either way.

Trader cautious- 10.203.317814ness reflected uncertainties over now Layn legislation what 11,771.000.000 Congress meets

in January, zero Also, expectation of an early 1947,300,781503 | administration announcement on 8,116,047,730,835 | the support rate for the now.

It now appears that housing

Paris, Dec. 22, The Bank of France. the steel work-state, 10 per cent below week shrinks and industry

scar-ago levels, will fall for ment for the week ended Dec, short of the 1,000,000 predicled 12, reads as follows: leaders are becoming increasing- ly divided as to when the long- by industry leaders earlier this

Total gold holdings. Many are hopeful, how-

Total other Cur heralded pickup will come. The year.

that the

rencies government's vital aulo Industry, biggest user ever. the of steel, continues to trim is earlier money policy, bringing Sight balance abroad

in EPU with it lower Interest rates. orders and other steel users

Advance to Stabiliz

tion rund will give the industry a spurt. are keeping inventories at or

Tolai bhis discounted Economists and businessmen In this way that British close to only working leveis.

Banknotes in circula- Meanwhile the auto industry, meanwhile attempted 036456- past two or three years an in-contractors act as the spearhead

While most Current accounts and creasing number of British con- and advance the interesis of while stepping up production meals of 1958.

deposits economy the week, in beset emphasized that the tractors have opened up la British exporters-Manchester almost by

downturn Canada, Last year's Ogures re- | Guardian Survey of Industry, with the problem of selling was heading for a

some 510,000 unsold care still in colcrs' handa. As November 1. unsold stocks over the second half of the totalled 449,000. While most year.

doct this and the extent to Trade and Finance, 1957. which British contractors are

beginning to get the feel of that

market. While the contribution

is still modest in relation to the

total valuo of works being

over the next six months, many

400,009,852.807 United P

of felt there would be a pickup Bank Of England

executed there are a number of SOVIET DISCOVERY sun, many have doubts about as strong demand for goods and

features which exelta comment.

Statement

crop.

СПОАБИТОВ

However, market experts ressened the ultimate loan on the new crop may hinge on how rapidly, and what Congress

in agrees upon formulating a new support pro- industry leaders are confident Many stressed basle pourços

gramme. In any event, the they can sell most of this stock of strength in the economy, such

Landon, Dec. 22. legislative situation is expected The Bank of England sinio- | to becure RA Increasingly ability to move the 1958 services, expectations of in-

shaping the modela.

erenced government spending en ment for the week ended Doc. critical factor in

18, reade as follows:

price trand early in the now There has boen some defence and missiles and

StarBox At Annacia Island, near Van-

London, enthusiasm for the new cars, but relatively good rate of personal Notes in circulation... 2119316007: 3 Gur Brilish

Credit Couver

The Commodity Bovict scientists have dis-sales have not been as good as earnings. working in association with covered a method of obtaining many had hoped for. With Producer prices have dropped Private deporte

223.2 Corporation announced the sale cotton Brfish" capital are engaged on rhenium from copper ores, Moe-used car prices reportedly off over the past year or 10-gvin other woarillen erreg B1007241 of 670,978 bales of Its the largest industrial estate cow radio sald recently.

up to over 10 per cent from the 100-year high of 40 cents a

· 33,13,1)) { stock for unrestricted use on *LYA | biar", opened Dec. 16. Next In development scheme

“United Press. world, hely to involve + Rhenium is a very rate and year-ago levels, frade-in allow-pound to, about the current 27 Balo

conta a pound. Total · vrDM,

-opening of bide is scheduled for apces are getting anallor, capital investment on building valuable metallle element which

This in turn tanda to cut down | duction culbacks Hagit, plane, to construction of something like products extremely hard alloys, the market and appeal for new reduse production early next Agreed Merchant Rates Monday, Jan. 0.

With Swiss Francs: Maximum ncil-

the previous males of it in mostly found in molybeary. Many expect that weanye your. De 3,800 tone monikly, or

Blog: 70%.

509,098 bales," the agency donum bros-United Press. will mount from here on for li per cent.United Pre

contractors

the

280,000,000 in the next 20 to 10 years.

Public depanite

Government pecuritius

L

SHIP

BENDLINE

PHOTOGRAPHS

by our Staff Photographers

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Local Presentations Local Weddings

Etc Et,

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