1958-09-15 — Page 9

SCIENCE AND

THE CHINA MAIL, MONDAY, SEPTEMBER 15, 1958,

Weekly Survey Of American Economy

ENGINEERING It Was A V-Type

SEA-WATER EVAPORATING & DISTILLING PLANT FOR COMMERCIAL USE

THE Guernsey Water Board have ordered the

THE

first sea-water evaporating and distilling plant for commercial operation in a country with an adequate rainfall.

The counony of Guernsey

dependa uN nuficient fresh

water supplies for its frult and RING SAVES X-RAY

flower industries, and the

Wel plant will ensure

new their

supplies even if drought condi- THEATRE TIME

fios prevail kelly,

The installation will produce half a million gallons of fresh water daily from the sea, und In making e of the Weir Mul- tidash method authorities

A

RUBBER device design- ed to obviate the delay in X-ray ofton caused Guernsey have found that it thoutres by the spillogo of will be cheaper has building barium enemata during X. reservoirs and catelement

la clicct ran

the announced

areos ray

examination of This is because colon has been the design of plant allows high rates of fresh water production by a British firm of whole- per unit of heat input for much sale chemists.

lower expital cast than was Locking something like it previously possible. ELECTRICITY

smalt scale rubber liferaft, the device consists of

to

circular

same

κ

Page .9

Was A V-Type Recession

Only Argument Now

Is Over The Speed Of Recovery

New York, Sept. 14.

Recovery seems progressing so rapidly and proudly that many economists have already started talking of the downturn which began a year ago as a "V" type recession Instead of the "U" type that was feared.

Confidence

In

Economic Future

London, Sept. 14. Once upon a time there would have been pante on over the stock markets such events na have been taking place around

.

HONGKONG Average Nearly

Hits All-Time High

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange thla niorti- ing amounted to approximately $6,000.

Noun quefallons and the morning's tentionctions were:

shares „Buyers. Kellers Sales BANKE 1 Bank.. 740

INSURANCES

Union

SKIPPING

Other past-war declines-1949- | The growing rate of capital ex- 60 and 1853-54-were "y" re-penditures and improvement in cessions, a dip on the economic appliances and farm equipment bard

or wilt do much to charts followed by a period

take up the slack. "botioming out" before the re- bound becanje evident. A sud- don

alment drop followed immediately by sharp recovery, on the other hand, leaves a."V" on the charts.

And that is the form

most charts of the American economy for 1958 are taking.

"The recession, in retrospect, now shapes up as пtmust a text- book example of a temporary business decline." Backe & Co. reported in its September view.

More Rapid

TP

Auto Strike

20

7215

Waterboat..

20

Wheelock

1.20

5.00 1000 5 5.01

DOCKS, ETC Dock

%

Provident 11.20 1.70 LAND, ETC. HK Hotel

20.50 20.50 HK Land XD 30 3192 1100 al

1000 Humphreys

14.40

On the other hand, if there is no auto strike the steel indus- try expects n boom. The auto orders companies have booked for October, but buying has been slow because of the strike threat. | Healty Detroit is expected to rush in with heavy orders if auto manu- facturers are relleved of fears

may their production halted by walkouts..

1.33 1.40

RUBBER

Anair

1.60

A. Towali..

2.10

be

Sungaid

1.50

UTILITIES Trath XD

*

25 23.0

110

Any ahorages, however, will Star Ferry 2

Youmal! be temporary and regionál

C. Luh

"י

17.20 17.40 In Delivi! Walter P. Reutner "Eleéblak AU ̈3⁄449 and his United Auto workers Macao E

Tel hended for a showdown with the big three auto producers.

This new method of produe-sheet of radio translucent-nos. K-rays rubber ing fresh water is an important opaque fundamental development, even cemented at the periphery to an

ring of the For comtries with an ample inflatable rainfall, as in edition tox material. A mall hand inflator

is attached to the Ping. siderably reducing capital out-

The ring is placed under the lay, it can also be designed to elung the economic production

Just before the enema is and it splinge "of diétficity" and "sort"water administered

burlum the fer industry as well as dornestie occury all

ani retained in the ring supplies.

prevented from flowing over will bo

"Certainly, the upturn in the island and in Quemoy The Laurnsey plant

table

and

three months of recovery those supplied by the Glasgow the

high places in Peking, has been more rapid than

དj\g Lid, standing nearby. The ring con Engineers G. & J. Weir.

removed without Moscow and Washington.generally expected." who have already supplied plant easily he

the stock markets in produeing three-quarters of the further spilling by siiding a plece

seem fresh of plywood or cardboard under- London and Wall Street world's total output of

hardly to have noticed that the and it neath. water from sea-water,

hell from Chinese Communist coin-NO CONFUSION will be completed and

the week long been missioner early in 1960.

us have all falling only a few yards short of the United States fleet the China coast

of

מנ]

to

But

ol

Arst

New York, Sept. 14.

The stock market came within a fraction of its all time high in the industrial sector in the past week and then eased slightly on profit- tuking.

R

The advance which was sub-i ning up operations more than it stantial in three out of the five did monty rates. sessions carried forward at daily rate of 3,148,136 sharts, well above the previous week's average of 2,950,971 shares.

Id

Market men report barrels, of money eccking investment common stocka. Kommunity has

ure

stocks

२०६

The Financial been shunning bonds, particularly U.S. Govern, On Thursday at the close, the ment issues and preferred Dow-Jones industrial average stocka. Most of the 62 issue stood at 520.43, off only 0.02 that made haw tows during the point from the record high of i week were prefered

sold boing 14.00 521.05 set on April 6, 1950, and which

up 100.04 poluts from the low of reinvestment in comman plocks. 410.70 set last Oct. 23, the 1957 The rise brought out 1,423

Isales,

the

since 1,430 arues appeared last July 30. Of these 740 advanced, while 530

un* 140 held declined, and changed.' Thura were 262 night for the year established.

Carpet Issue

5000 1.824 low.

20

0044 23.90

INDUSTRIALS Cernent ... 21.10 21.3 STORES, ETC Dairy Watson L. Craw

Emporium

Allied

17.20 17.30 20.70

13.16

309 t Bl

3 825

3.75

0.80

....

+

4.30

Reuther singled out Ford for his attack, it was believed, be- Economists, who a few months cause he felt that his union with

Its strike fund could win ugo pondered how long the de-

pro- cline would be evident, ore now longed battle more easily against agreed that the worst is over.

the smaller

thon company

COTTONS Any disagreement they express against

General Textile giant Photograph plates

can be 1 wk the form

placed between the ring and the

mostly concerns the speed and Motors. Ford has currently em- degree of the recovery.

ployed about 100,000 workers INVESTMENTS fabricated mild steel structure, table, The air in the ring shows

about every

economic while GM has 350,000.-U.P.I. Just on the plates, but the Victoria 70 feet long, 10 feet wide and 10

Hoinford, England, There has been heslianey on barometer signalled feet high, internally divided into Hospital,

I sudden investors, bait the and simultaneous strengthening various flash" and prehcoter where the device was developed, the part of

lone of

the both the af

American business sellons. A de-nerator unit will has fonind, even after hundreds underlying reduce to a minimum the causes of X-rays, that no confusion is Brith and American stock mtiscles. Capital expenditures the obvious markets has been firm. And In were elimbing, sales expending: al corration by removing gassen Patised beeruse of dissolved in the incoming sea-shape of the ving and because #London, ns in New York, backlog orders growing; and in- treatmest is big enough 24 inches reason has been a growing con- ventories bad shrunk to such a water, and chemical of the ac-water will prevent | diamètet-to remaki well clear | Advence in the econoinle tuture. low point that manufacturers, scle formalla on the internal or the organs beling exutuined.

1 Landen there is growing wholesalers and retailers felt the Urfaces of the plant to allow

More thin 150 of the rings belief that the government In-¦ need for replenishing alocks, continuous operation

have been sold to X-ray

cut further restric The stock market reacted maximum output.

at

units i tends

and the Picker K.ray Corpora- tion of New York have acquired sole distribution rights in the

the

in Britain in the past six months tions on business, probably with sharply as reports poured in and I cut in the umount of deposita slock buying spree sent the required on hire purchases. The Dow-Jones Industrial overage to impression is growing in

10

New Range Of UK United States. (Macarthya Ltd., City that a further fall in bank

Research Cameras

Macron House, Seymer Homford, Essex,)

CIENTISTS and research OIL RESERVES

workers have long felt

the need for 16mm, cine FOUND IN UK recording cameras which can readily be adapted to moot their special needs. Bosed to

Rood,

re-

Glasgow. on valuable MALL but valuable

serves of oil had been

a large extent on valuable S

that

While the size is been kept very small, it is claimed they are completely reliable and can be operated under a variety of conditions which would prove unsuitable for most existing

میں

rate is not far oft mad this was encouraged by the tall yester- day in the Treasury bill rute.

GILT-EDGED

This has helped the glit-edged market, turnover lu which had been lending to recede. Prices which had been tending to sag became quite strong under the kad of Qar Lam 24 per cent, which rose 5/16 on the week to 69%

in

Ud geophysical techniques the dollar section, with Trans- almost continuously for 20 years. Canada pipelines and Chrysler

Something like 200 explora-in the bad.

It

a year's high at midweek. reached 318.20, just 4.85 points below the all-linic high of April, 1950.

There were even guarded pre- dictions that a strike hi the car industry, if it develops, may not have the drastic braking effect on recovery that was feared a few weeks ago.

Steel Industry

n

automotive

In

Ignored

no

batאת

Leadership Improved although topped the 1st of Traders were getting

Its upturn the market ignored the adverse news and capitalised on the favourable. It guessed there would be automobile strike but that won't be decided until next Wedogs Artloom day. It ignored

lightening of uctives. money until Felday when it was but of this cerpot issue which it hit with higher discount rates in being scanned with a jaundiced four more Federal Reserve banks, eye by the stock exchange and Exchange the Securities rize in the prime rate of in-

Commission, terest in commrcial banks und u rise in the rate for brokers

And

Artloom touched 10 and closed

loans. Even when the list slip at 1034 of 10 points on the ped a point in the industrials un week. Its sales totalled 376,200 Friday, the experts held that the dip reflected the week-end eve-

Important Long-Term Plans Expected

From Montreal Meeting

By MOSHIN ALI

Montreal, Sept. 14.

The 12-day Commonwealth Trade and Economic conference opening here tomorrow is expected to produce vitally important long-term plans without any quick sensational results.

in-

The

1051 und

which will be adopted at the first private meeting tomorrow. These are expected to be;

The significance for Com- monwealth territories of changes taking place in world trade. Measures to expand trade In Commonwealth areas. Progress towards the com- mon objective of freer trade and payments.

Unofficial estimates also show that in postwar years 10 per cent of long term capital needs of the sterling area have come from Britain, 15 per cent from the US, and 10 per cent from the World Bank.

shares.

The favourable side of the relive group was that, it con tained two of the leading steelk anch The leading automobilk stuck.

Studebaker-Packard was it second place at a loss of polnt. General Motors-In nih plate kained a point. Chrysler did better that the others and finished with a rise of 2% points. Ford against which the union, is aiming its strike threat gained

point.

. S. Steel drew up in third place in the ectives and gained 2% points. Bethlehem down few notches in the top len was up 1% pointa, Inicand Steel featured the steel group by ris- ing B1⁄2 points on the week.

High-priced issues were wide |movera. International Busthers Machines ran up 27 points on the week.

Fair Buying

Drugs come in for fair buying and several of them closed with gains of four points or more in- cluding Merck, Parke Davis, and Pfizer. The

upturn in industrials came without bendat of tails. Tie railroad average last 0.09 point to close the week at 132.34.

Utilities enjoyed another of their good weeks by rising 1.09 points to close at 80.38.

The average of the BS stocks in the threa Dow-Jones averages may decide closed on Thursday 177.77, a Commonwealth new high since July 26, 1937. in London it finished the week at 177.72 trude and up 1.82 points from the previous

may week. and

The Conterence to set up a standing commitler for consultations on economic questions

Steel Magazine said that the In the foreign bonds market, steel industry's recovery has re-

good investment the found in Britain and thorea

demand sulted primarily thus für from a and development of

that from the continent kept Ger- boom in construction and 16mm. cinc combat camera could be little doubt

man than, with the municipal | creased orders from producers would be

durable

conference opens on an for the Royal Air Force, a further reserves

non stocks being specially favoured. of firm in the UK, have pro-discovered, Dr D.T. Gormain- There was also speculative re- reads. Detroit buying has been optimistic note with encourag- figures: Bri- ing background bondi Chinese

hesitant because of strike fears. ducad 动 complately now Jones, chief geo-physicist to vival

Japanese hands were steadily With auto production tagging, taln's gold and dollars reserves, sorios of comorce which it is the British Petroleum Com-amined, facular bonds also construction booking for steel standing $3,089 million hopod will meat most of the pony, said here.

He told the British Associa- went ahead all week on buying ran at the highest rate for any (about £1,0137 million) are at varied requirements.

previous three-month period their highest since in a market short of Buck. tion for the Advancement

are nearly 70 per cent higher selence thot in the search the The strength of Wall Street during May, June and July, hit-

highlights 1:1 ting monthly rate of 330,090 than the same time last year.

Detailed and arduous work tons compared to an average of British Petroleum Company had produced some

the downturn pread over months has gone starting in June, 1957. During into preparations for the con- 214,000 since

terence which operis In the Lions and geological information Industrial equities have been July orders for fabricated steel bore holes had been drilled to leady to firm and the demand exceeded shipments for the first Queen Elizabeth Hotel here and Econonle and trade prob. Development

Is being attended by 80 govern- time this year, and manufoc- depths ranging from a few

boon selective, but of n

ministers from 11 hundred feet to nearly 8,000 feet. well spread type, Most of the turers were expected to abandonment

risus or sharp

falls in this hand-to-mouth buying policies Commonwealth countries, EXPLOITATION

have been due to and build ventories tu com- market

S-Point Agenda the increasing demand. special items of company news.

Iron Age another stool dustry barotnoter, reported that Britain's strong delegatio 1 order for sheet steci are on the led by Mr Derick Heathenat books in the midwest for du- Amory, the Chancellor of the livery as for hand as early Exchequer, edsted by livej November and that delivery other miristers and about a

Eent bentus from promises are stretching from the dozen of the

the Board current two-to-four to five-to- the Treasury. 3.00 six wecits, Iron Age anid that a Trade, other ministries and the 10.00 major auto strike would slow) Bank of England.

10mun. cameras. RECORDING

I

::

The new series consist of a simple recording carera, a high speed camera and a more refined

In those areas were camera known as the Scientille mercial oil had been proved, a Mk. II. Many of the anemary further 400 bore holes had been-U.P.J. equipment designed are inter- sunk for exploitation purposes. changeable and con

તા.

be in-and in total well over 1,000,000 Exchange Rates corporated for use in all these feet had been drilled. cameras, 'The taking speeds The areag considered Fango from single shot, 8, 16 or present to have the most attroc- 24 frames per second

on the ve prospects comprised the Scientifle cameras to 100 frames East Midlands which provided per second on the high speed almost the whole of the uli pro- Camera,

duced in Britain.

The Scientifle Mk. II has turret of lenses and u shulter. On the high

a

reflex

speed

more

camera a taming device con ahire, North-East Yorkshire, the

There were also the speculative areas of Stafford- Shire, Chestice and West Lanca- area round the Firth of Forth (where abundant oil and gas in- dications were preson), and that

aisting of a small neon tube will mark

him to the edge of the give an accurate time scale. The cameras can be oporated by

prea of Southern England cover- batteries or maing rectifier unit in the lampshire basin, and the Mountingt and sighting unlis Would part of Kent, China puitable or use with hos Mall Spocini. COMERS Arg nvallable. (W. Vinten Lid, North Road, London, N.W.2)

Chouilar

NON-WEAR CARPET

A WOVEN, all-nylon carpet-

FANS FOR A-WORK

A CONTRACT a total of

twelve steel industrial fins,

Business Wes Harn in the local sunofficial exchango thackat Hua

murning at the following rsten: US dollar (per $1) ..................... Sterling notes (per £11 Australian notes (per £}}_\\\ Indonesian rupiali (her 100; Blum teal per 100 Singapore (traits)

5.40

meet

in-

of

12.50 the growing trend toword al Well-informed sources sald 2005 1ghter steel market, but would the conference Is expected to

1.80 not hall the economic upturn. harve

eight-point agenda

NY COTTON FUTURES

MOVE IRREGULARLY

New York, Sept. 14.

Cotton futures market moved irregularly higher this past week.

blems in regard to agricul- Sural and other primary products,

pany.

Is

also take steps to strengthen The market received a very the existing Commonwealth bullish item after the close for Finance Com the week. It was the Federal Reserve production index for debale An exhaustive

August. The figure stood at 197 likely on the General Afree per cent of the 1947-49 average.

and Trade

That was up 11 points or nine Cum- Chinese

in per cent from the low of 120 expansion

cession.

Sterling area prospects.

ment on Tariffs (GATT) and

trade Progress and direction of munist boonomie expansion. In the Southeast Asia may be louched set in April-the low of the re- less developed countries of the Comitionwealth and the

of sources

capital technical assistance inay alđ in their future de- velopment.

and that

Arrangements for Common- wealth consultationLS

07

economic matters, and Prospects and implications, for especially

Common. wealth countries, of the

economie European

Com munity and the projected European Free Trade Area.

The meeting which is the fifth postwar Commonwealth Finance and Economic Conferenca is the biggest ever of its kind and 1 ta- expeeled at messige is INITOW's opening from the Queen,

on. Reiter.

+

Australian Wool Depressing

Sydney, Sept. 14. The President of the South Australian Wheat and. Wool Growers Associa- tion, T. Shanahan, claims that an international ring

|

Those 11 points represented s recovery of 50 per cent of the 10 point decline from 145, the high of 1957-U.P.I.

Bank Of France

Statement

Parls, Sept. 14. The Bank of Frased statement

reads as follows:

or the week ended Sept. 4,

Total ther currencies

Porno

Total gold boklings. 247,554.200.433 Sight balance broad

In EPU................ Advance to Busbilen

11,077,384,425

34,125,200.000

of wool buyers in doll. tioncm& BOID.SOTA10,069

The position and strength of the sterling area, to which all the Commonwealth counteles except Canatia belong, is esti- tion of mated to be greater than ever.

General Need

It is underlooil

Total bile Spanotes in sircula-

then. Chiment accounts woul

de posin

2.205.551.b.no

423,277,270,181

Bank Of England Statement

berately depressing the price of Australian wool, the Sydney Truth reported today. At Friday's close the list ruled | estimated the crop at 12,105,000 lessened in face of the excep-

Shunahan blamed the opern- **future" speculation the two largest weighing 2 nine to 30 points-48 cents to boles, a 622,000 bales rise from ilobally heavy rate of loan im-

markets for what he termed tons each and standing nearly $1.50 a bite higher than the the August figure and fully | poundings.

burlesque Australian Ing go to it showed no

ft. high, has been placed for preceding week.

| 300,000 Valca ahead of trade ex- Some quarters believed half

recent signs of wear after 40,000 rubs te Atomic Energy

If Authority The atock market ride joined pectations. Last year's produc- of the

sales, the newspaper chick crop approximately from an abrasion machine, is and Spaicadam. Rocket Rẻ- with an underlying trolle de- tion amounted to 13,900,000 | 000,000 bales-will go under the

claimed there is no justification being marketed throughout the

search Establishment, with The mund for the March and Máy bales.

that many for the present low price while losit shelter unless there is a world by Is British manu-Airscrew Company & Jewood | deliverida; and Inflationary

dorided change in the textile delegatis foel there is a gt-there is no wool surplus or facturers. The result of these Ltd., of Wayliday, Surrey, payuhulogy Indecting an extra

market during the next few cral need for economie expan- drought."

sion but that this mint be The Truth såld some ruby was a slight surface Im-

The prospDELIVE The Company has already note of caution among sellers.

production mofthis from present extremely ] „opled with sound currenty growers fear the buyers cartel 10, fehdinde followi pression. The carpet la woven on supplied laminated wooden im Developments is Formoda Biraits added to a carry-over to 0,709,000 quiet conditions. a collon backing mounted on a peltors for live In cooling towers also acted to hindar selling bales, indicated a total of more

"Allstralian ruin Naw cotton exports through and ecoticnde stability.

could foam rubber base and is desat Colder Hall and is the only

301,403 baleet Failure of offerings to increase thars dimple to niet domestic Sopi, 9 totalled

In recent years, Brat's net economy unless the Government ched as moih, damp and stain Arm In tho world which after the glant-sized government consumption and export require-skinst 404,083 Balba reported | long-term Investment overdeks token steps. Many are in favour resistant. Milk, coffee and ink specialises in this type of fan estimato appoured caused some ments for about two years. for the same season jest year, has been about £196,070,000 of of scrapping the present auction enn be alioken off or washed which la exported lo-many recent sellers to cover. As of | The bearish aspect of the according to the

York which about £142,800,000 has without reserve system, Sept. off with warm water and soup. I countries overseas.

the Government'stotiation? picture, however, Cotton Exchange.—U.P.I. .

gone to the Commonwealth

newspaper suid-U.P.I.

..

Production

Now

the

Wool

London, Sept. 14. The Bank of England Biate- mant, for the week, onded Sept.

Total nőter in circulation 2025

by deporte Government WARUM"

piser securities

the

Receipts