1958-01-06 — Page 9

SCIENCE AND ENGINEERING-

EASY-TO-DRIVE TRACTOR CUTS THE COST TOO

By BASIL CARDEW

CUR PATRICK HENNESSY, Ford's chief, launches on the

Sword a new copy-to-drive £3,000,000 tractor

The newcomer la the Fordson Dexta £9,000,000 is only part of the cash invested.

(above) and the

A "pup" of the Ford Major tractor, it is a completely new vehicle with a three-cylinder diesel engine developing 32 brake horse power.

The Dexta has six forward speeds and two reverse so that it can travel from under one mile an hour up to 17 miles an hour for the big range of tasks it is designed for.

An outstanding point for formers is the single quadrant control (motor-cycle fashion) for the hydraulics working the host of implements 1 pulls.

Grouping of controls and Instruments clearly reflects car design. And the throttle pedal has been moved from its normal law position to beneath the steering wheel where it gives finger-lig control.

The Dexta is light, manoeuvrable, sturdy, low-priced, and cheap to run. Its basic cost: £535.

US HUSHES UP OUR

.GOOD

NEWS.

London.

The

A sceret political deal is preventing Harwell scientists from claiming full credit for their brilliant advances in taming the H-bomb for power production. The British scientists are tracted in unlimited quantities furlous at this politier cloak from co water.

FOR Ing of their achievement.

THE RECORD: The deal was made after Mrmen mally responsible for Lewis Strauss, America's chief taming the H-bomb are 47- of the Atomic Energy Com-year-ol Dr Donald Fry and mission, asked the British alom Dr Peter Thonemon, a young chiefs to play down their And-Australian, inge to svold difliculties for him in Congress,

making

CONGRESS CRITICISES

The atom chiefs, led by Sir Edwin Plowden, took Govern- ment advice and agreed to do

so. As a result, the scertacular The announced 131 adva: ees Daily Express two months azo ey are as important as the first splitting of the atom-are si te kept quiet.

Mr

Strauss

Was strongly

criticised in Congress for letting

Britnin Beat America

race for commercial

in the atom

-(London Express Service).

Instrument Beats Ice In Planes

London.

power. He was ordered to build An instrument which will

n Calder

Kall type of power plant after he had advised that ita crude ad obsolete,

When

Britain uskod U.S. permission to announce, under the standing security agree- mcat, the new H-power dis- coveries, Mr Strauss pofited out that he might be in trouble Egain for Setting Britain get ahead in another vital field,

KEY FIGURE

that

enable designers to over- come the problem of ice in the fuel of long-range jet acroplanes has been developed in laboratories at Tolworth, Surrey, The instrument measures the amount of water in fuel before it is loaded into the aircraft.

Janko for

moisture

In

The Government atomle It can be adapted to monitor

realised

Mr the Strouss is a key figure in the night. It can also be connected Bight to ret Congress to cheng, to warn the

ón "de-icing"

equip-

THE CHINA MAIL

MONDAY, JANUARY 6,- 1958.

TRADE and

COMMERCE SECTION

Business Leaders Are Cautiously Hopeful

US Economy: Outlook For 1958

PROSPECT OF A FURTHER

EASING IN

THE MONEY MARKET

By JOHN MORKA

New York, Jan. 5.

The US economy approached 1958 on a generally low note with business leaders cautiously hopeful about the outlook for the next 12 months.

Businessmen and industrial leaders are split in their views.

Some think

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Block Exchange this. morning amounted ta DD- proximately $224,000, Моод quotations And the morning's Iransacations were:

the economy will lumber along at its presently reduced gait. Others see a pickup as developing not earlier than 1959. But most foresce a slower-than-1957 pace over the first half with a pick- BANKS

up over the second half of the year,

Abares Buyers Sellers Bales

20 256

Jean banke INSURANCES Lombara SHIPPING

As the New Year got under- Another big question mork in in export business, Business-WreatOCKE way the most comforting news autos is the new wage pact which men see a big demand for U.S. DOCKS, ETC. was the prospect of a furiner comes up for renegotiation this.uzatilat equipment stemming K. Whart

Dock' leaders arc ex-rem casing in the money market, year. Union

more prosperous com- Until a few weeks ago, the cm- pected to increase their demands mon market blog. The deraand phosis was on licking inflation. fur a bigger sharc of tho for tools plso la expected to be

Interest rates soared to new industry's income. Industry, on tremendous. 24-year highs. As money be- the other hand, claiming on lo- come tight, business cut backcreasing profi pinch, is expected

expansion programmes

ous in their buying.

OU

Consumers became more cauit le resist labour's demands with i will step up their investments (RUBDIR“

Unemployment rose steadily. But with most economic indica- tors tending lower, the emphasis appears to be on licking defla tion, rather than inflation. An caster money market, bringing with it ensier Interest rates, could

give the conceivably economy the long-sought lift over the next few months

Last week witnessed what was regarded as the first genuine easing of money since the Federal Reserve Board lowered its rediscount rate from 3% per rent to 3 per cent in November

The rediscount rate is the rate charged by the Board on lonts to its member banks. It is con- sidered a major government toel in the control of the notion's

credit structure.

Barometer

cunsiderably more vigour. Not a few sec the possibility of a strike. The wage pattern which will be worked out in the auto Industry will affect not only intra-industry patterns, but will have a strong effect on other segments of the economy siso.

Percentage

Industry leaders claim that proẞts are being squeezed, and blame increasing labour costs for the narrowing profit margins, A recent study by Fortune Magazine said that during the five-year perlod

worth

and

1950-51

сол

to

**

B30

*

100 42

N.Y. Stock Market

Annual Review

By ELMER WALZER

New York, Jan. 5. The stock market lost 31 billion in valuation of all listed shares during 1957 with volume slightly above the 1956 total

Measured by the Dow-Jones averages: Industrials closed the year at 435,00 off $3.78 or about 13 per cent on the vtar; 06.90 of 10.27 or 37 per cent; utiliilcs 08.58. up 0.04; ad fib stocks used in the three averages 16 145.71 of 28.38 pplats or per cent,

r

0.43 1.55 2,000 @ 1.59

The market during the year 120

had three wide swings and two 200 51.60 of lesser magnitude, ending on a S14.00 small rally that swamped the Ickers on the last day of the year with volume of 5,070,000 shares.

14.00

100 100

15.00 15.00 2,000

135

32.75 13.20

Pvident (0) 11.00 1190 LAND. EIC. HK Hotel HK Lond Many Ameriena businessmen Humphreys

abroad to take advantage of the preferential tariff which will Trust Tram cover Intra-market operations.

Licensing and direct invest-Yal ments in the common

market expected to rise. Direct c. Light are U.S. investments In the six countries aro now about 1,4 billion.

CALITIES

Bedric

which That spurt of activity caused tlckors to run 23 minutes

in

1.30 113310,000 133 after the close to catch up left sales of all of 1957 at 850,040,890 shares slightly higher than the 403556,284,172 shares traded 17; 1950. It was the nineth largest 17 year in exchange history which 100 @ 17.10 dates back 108 years,

23

24%

00

.. 20.00 17.10

2:00

500

... 2070 21.30 2200

INDUSTRIALS

Textile Nanyang

Su

Invest

26 20.40

20

TC.

23.10 11.50

€00

17

17.10

Swings

LONDON STOCK MARKET

rea-

London, Jan. 6, The stocks made

sonably good start for 1958.

However, dally furnover was down 30 per ceni to an average of 0,300 bargains, which is much too small to be mated to a guide to City opinion.

British Governments enjoyed

moderate business every day which Anely led Did Consolt and "Daltons" by 11/3 and others by 10/- os 1/4,

But it is worth reiterating conventional British that, on sardarde, they are still cheap.

Among the indus.rials, the chain stores and department stores enjoyed a conventional Eso on the prevailing Impression that the of the

"January sales" were boosting their profits

A few of the swinga year were reminiscent of 1929, 50914.10 but otherwise the market 1,000 contrast with that of 28 years

860

9,10 9.76

9.30 10 500 to 3.40

World-Wide Recession

Will Hit S-E Asia

a30.

Was

This was an investment market shake out: The 1929 debacle was a crash of speculative market built on shoe-string credit.

tho

Slightly less than 12 per cent of the stares listed turned over In 1957, smallest for this con- tury except for 1942 when turnover of listed shares only nine per cent. In 1920 over was 110 per cent.

Actuni 1987 'dealings were about unchanged from 1988 at 25 billion. Actual market losses in deliers to investors amounted to around 9 billion.

But, on balance. the City seems convinced that 1958 wi 100 the 1957 profis scaled down by the cconciales forced upon consumers by the tiscs la

rents and by the high prices still maintained for tobaccos and

sundry goods. Tobhoco shares, incidentally, were strong with rizes of 2/- or thereabouts,

Blue chip Industriels showed numerous xlges of 2/--- Was Unllover,

Imperial Chemicals turn" and Electric and Musicai Industries-and many others showed a shilling or more.

Olls hid મ completely irregular, week with rules and falls spread quite haphazardly. Royal Dutch lost 67- and Shell But in the process of swinging Transport and Burmah lost 77- down and up three times, the but the fourth glant, British changes in valuation of all listed Petroleum grined 4 Anglo-

"Backy

closed issues registered fantastic figures. Egyptian

Japanese made some fairly

U.S. industry now derives Teubne about 13 per cent of ila income camant fom overseus operations, and STORES, with the prospect of a European Won

market. zane being Lane, G.... free ultimately tied to the common market, the prospect is that COTTONS American businessmen will be fecing scene new re-orientation INVESTMENTS 1955-56 the 100 Jargest problems in its commercial rela-Allied Industrial corporations in the tions, with Western Europe & E U.S, had declines of 16.3 per United Press. cant in earnings (before taxes) per dollar of sales, 14.8 per cent in carnings per dollar of act 17 per cent in net dollar of earnings per operating investment.

The First National City Bank This past wee's offering of of New York noted that as a 1.B. Treasury 91-day bills-vercentage of national income, key baromater of the money curporate proats have declined market-dropped to 2.75 per one-third since 1948. By tent, the lowest since Septem-trust, it finds that labour income ber, 1950. The rate last week has moved upward-standing of

Tokyo, Jan. 5. · · was 3.174 per cent.

8 per cent in 1857 as against The Japanese Government predicted today the

From Jan. 2 to Feb. 12, values down 1/3. Ordinarily in the past, the 2 per cent in 1948.

world-wide recession anticipated this year will

Then a dropped by 20 billion. Union leader Walter Reuther, Federal Reserve Bourd hos lend-

hit Southeast Asia most severely of all areas. rite lasting to July 12, when the colonsal gals. The 1801s, both year's highs were set, carried essented and non-assented, Foreign ex- valuation up 32 billion. A pre jumped £44, while the 1830s shortage will prevent elpitate decline of 100 points in non-assenfnd roso £4, Others of change

scale expansion of the industrial average to Oct. 22, showed game ranging fipm 3 Juganese textile

exporta to when the year'a lows were set, to 1⁄2 sterling. Ministry's Southeast Asia, but Australia knocked values down 43 billion. Foreign

and Africa offer promising Then came a raily of 12 billion have not yet to Nov. 29, a decline of 11 billion economie expertis cald:

The US and other West-markets which

been developed.

to Dec. 18, and a year-end rally ern countries offccted by a re-

• Japonose shipyards cannot of a mere 3 billion.-Valtel cession would cut back inanclol

orders, but Press. took for too large rssistance 10 countries of

ship expor's will remain at a Southeast Asia.

This would in turn reduce high level becture of a two and Asian exports to these countries half year backlog of foreign

orders

other countries supported by such

• Uniars impose import restrictions There would be a general Japan can increase exports of

of rrw reduction

material Imports in 1958 by the industrisi low cost sundries.

• The extent to which Japan: give the labour It will also

Latin America,can export iron and steel pro- will leaders more ammunition

producers of pri- duels and expltal goods spotlight will be

could depard en whether Jepan en Thr

on their coming battle for more

commodities, mary:

compete with Western cou-tries (Washington, and the Congress mancy, if true..

cushion the effects by roptíru.

in price and credit terins.→→→ which convenes this Tuesday.

sulca of coffee, beans, What Congress will do in the Most of the earlier prognosti-ing

anticipated lower cocon and copper, it would United Press next session can have a big Im-callon

With the dividends because of a pinch inhe chiefly Southeast Asia which The main predictions made by the survey were:

ed to follow the market upward on the other hand, blames the ur downward in its discount U.S. recession in part on big disproportionate Jate, With little prospect that business taking

The forecast was, mede in apetitively strong. of the the downward trend in business share of the fruits will

be arrested in the next economy. He wants more take-world-wide economie trends In large three months, financial experts home pay for workers and lower 1958.

now

Foreign

. The see possibility of some take-honie profits for corpora- turther easing in the rediscovutitions. tate.

that

Meanwhile, latest statistics in dicate that, dividends

puld by think the American corporations broke a observers Some

Standard & move might take place sometime records in history.

ba this month. At any rate, the r'nors predicts they will

This Towing feeling

the tle changed in 1958. Board-even If does not lower prediction is viewed as the best itx direcunt rate--will most nows the bulls have had in

bly make its easier money inany a moon. policy more apparent via other methods, notably vin free murket operations which tend to add to the ability of member banks to make loans.

business.

4

Treatment

•

which was

uld.

countries.

1

which

Since are

analysis Office

possibility of 42 million unem profits that bas been develop-would be affected

blose a reversal, many ng for some time. look for the Congress to gear Re de to ald economy Defence spending wil undoubtedly be re-rated. Production will be

Auto Industry

070

Standard believes, however, that with less pressure on cash poskione from the requirements of aventory accumulation and pitot when too stepped up.

plant expenditures, corporations the US. Atomic Energy Act, much water is present and

may well stretch a point in their which forbids the exchange of swf ch

treatment at stockholders. дол secrets

Britain.ment, with

-Even corporate prots Without his support, shr The device, which, Is port-

In the auto industry, experti consists of a "probe," Manllen-E sent ower plan for fable,

are hopeful that up April-June expected to make a good showing weapons which can be dinned into a fucl in.cg ating atom

on its 425 inoustrial stocks used recurch mi-hi be stified. tonk, attached to an electronic pickup in sales will get the Standard estimates the earnings in its Index will be $3.55 a share, against $3.67 in 1957 (estimated) and $3.53 in 1956. Earnings on these stocks amounted to a mera $1,30 in 1929.

to

So Sir Edwin was urdered measuring circult. It is so re-

bycurate that it can detect accommodate h/m

THROUGH VALVES

or.c

industry on DA even keel. Accoring to estimates, sales at of 5.5 million units, not count ing imported' <prs.

playing down the British H- part of water in 1,000,000 of year-end were on an annual rate power advar cos, At the same rel ime.

the details of full Pritish work were handed over to Mr Strauss.

In contrast

sittements, that they are

nol

Mr K. A. Fielcher, of the Laboratories, #ain' official Tolworth to

"Water is found in fat fuel, dissolved or suspended as a fine mlat. In the past it has not been

is dissolved. This instrument

쉽다 ATA

possible to moneuro how much 1987%

Business in the trend of world trade will suffer a minor in the Arzt hall of recession 1958 though a general resu:ger industrial activity would follow it the U.S. es produe le a

perational long range miralles inlo stride this year.

There will be a decline in U.S. capital goods' impèrte from strong possibility that Wes ora Western Europe tnd there is: European nations wii seek to compensate by enlarging trade among thematives.

the

Bank Of England Statement

London, Jan. 5. The Bank of England state- mint for the week endi, Jan. 1

rd; a follows:

Notes in electiation... Prblic depou Brute Brpolis. Government aucilles

Others recurities Trampin

xatio

Sterling 2,072,120,075 14,041,241 271,903.0

48.003459 80,503,234 20.1 Unilo Press.

Bank Of France Statement

Paris, Jan. 15. The Bank of Trance stulemoni Daci 20. the week ended

Tesne 201,204,231,625 10,207,130319

11.771,000,000

кого

. In generul there will be a fall off in imports be Western European countries 1.0 Estimates for 1058 range from Standard places the dividend strong anti-inflationary measuTOS" 5.3 to 6 million units, Herlow paid out on these 425 companies they Inaugurated last sumuner II. Curlico, President of General

for To achieve this com-began to make themselves felt. a1 $1.05. Motors, estimated that this yet sure of their results, the

year's sales would probably be pales will have to pay out 55 The devilne in exports

per cent of net income as will be most heavily felt by reds as follows: Harwell men

certain

below the 5.8 million cold in

dividends.

primary Total gold holdings countries supplying

Toth other currencies of their Andings that work an H-power is aiready being reveals water in any form, even

With the New Year, American products. To plr question mark is

were icrutialslog

However, the growing de sight place abroad businesmen farmed out to industry.

when moisture'creeps in through

whalher buyers will resist the six-nation European command for petroleum from the Advance jo Nieblis- They are certain

par and Middle East will code they have achieved the fantastic impera- the pressure valves of the tanks higher prices, in the face of mon market which became al

dwindling Inecing and counting official entity on January 1. The ipus, and the demand for colla Toja pula dicunted 8.005,568,654,2m et 12,000,000 degrees as the airplane climbs."

tion 07059pm 75, 2,174,810.913.870 cratigrade with a small-scale small metal box, with few con- pickup falled to materialles in March includes. France, Italy, demand

The device is housed in uricmployment. The April-June treaty signed in Rome last Seans, cocok, and copper, in a cloud-

by the U.S., électék | Current, posoudia and t controlled H-bomb reaction in trols and only one or two valves.

Industry, will 1967 and In 1980 and many now West Germany and the Benelux machinery.

--United FreA, Gr. ppparatus called Zota Two.

Its principle is secret. Field feel that buying pattern has countries. These countries wil continue.

been changed so that the nominal

lower trials have already "begun."

progressively.

This means that Southeast Said Mr Fletcher: We have spring pickup will not appear eliminate tariffs and other trade Asis will be the most ruiner been racing against time because this year.

among themtolvas (able victim of the recesión. restrictions have no means of measuring the problem of water freezing This should tend to further and set up a uniform teruit on with regard to Jepan's export

Car buyers imports from non-member states, prospects during in the filters at high altitude in tighten "activity, Tueso experiments are likely the most serious threat to civil | spent about *40,000,000,000 for | "UK||

For U.S. businessmen, the seller gimtelleno power Bebischemark Maxi-

ture

FROM BRA

They think they may have achieved db,000,000 degrees, but such a temperature.

to load to the generation of and military long-range a new and used cars in 1957, Melectric power from a' form di

planca" pedrogen which can

•10 X=

-{London Express Berotès)

and

Agreed Merchant Rates

Canadian 3: Maximum Sellin 1314 Minimum Buying 17%

the coming T/T, 17:7/10 0/D.

divided equally between now and common market involtes' hii mbill und cam.

Bella Maxkaun

of linasted $5,000,000,000" 4" your

• Japanese textile are, com- Imum Selling 72-3/16"

Dollar, stocks were irregular, but showed some good rains; their premium was unchanged at 8 per cent.

Sterling's strength at the end of the old year and the begin- ning at the now was talkca bout Incessantly, and unques- tionably influenced everybody.

Exchange Rates United Press.

NAMESAKES

Auswei Hall, 2 Comet, 3 1943 Engineer, 4 Revolution, & Clyde, 1263 8 Steamboal, གོ་

Boller,

5.55

Busies was done in the local this Unofficial exchange market morning at the following raten: U.S. dollar (per $1) Sterling notes (per 1) *** Australian notes (per 1)... Indonesian rupiah (per 100).. D'amical (per 1003) Singapore (Straits)

13.50

23.40 Scotland, 9 Poddies

1.01 Henry Bell.

SHIP

BENOLINE

PHOTOGRAPHS

by our Staff Photographers

Fire at 3rd Street St. John's Sunday School Party Agricultural Show at Yuen Long

K. C. C New Year Eve Dance Departure of Sir Alexander & Lady Grantham Clinic Opening of Salvation Army, Healthy Village .K. C. C. Children's Sports. O. A. G. Attending Annual Harrier Race in Kowloon AI! Local Sports Local Presentations

Local Weddings

Etc. Etc.

Available at

SOUTH CHINA MORNING POST. LTD. Wyndham Street.