1958-10-13 — Page 9

SCIENCE AND

CINEERING

THE CHINA MAIL, MONDAY, OCTOBER 18, 1958.

Weekly Survey Of American Economy

NEW RECORD EXPECTED

BRITAIN'S SPACE-AGE The Pace Of Business

ATOMIC CLOCK FOR EXHIBITION

BRITISH scientists are preparing to assemble the space-age atomic clock which will be the 8th exhibit of the "Pendulum to Atom” Exhibition in the City of London from October 14 to 25.

It is the second 'enestum atom

clock built at the National

Recovery Has Been Fast

New York, Oct. 12. «

Business in the U.S. this past week continued its steady march toward full recovery from the recession, and Secretary of Labour James Mitchell said the question is simply "how far and how fast the recovery will go."

Physical Laboratory at Tedding- NEW RADAR SPEEDt records for corporations.

fan, Middlesex. This model-

the first biom clock to, be shown

publicly in Britain has been CHECK EQUIPMENT

earily

specially built so na to: transportable. Even It wil

MARC

luave to be taken to places before MARCONI'S are now pro- it is taken by rudd

ducing the first radar Teckington to Goldsmiths' Hall

in the City of London. Scientists speed check equipment to will have to reassemblo it before be designed and manufac- the exhibition_opens

tured in Great Britain. Tho device is known as "PETA"

HR.H. the Duke of Edinburgh

15 patron of the 'Pendulum to (Portable Electronic Traffic Atom" Exhibition.

| Analyser).

THE SECOND

"PETA" removes one of the This second sirmie clock will|major objections to the use of have about the same degree of radar as a means of chècking accuracy as the first which was the speed of road vehicles even

of constructed at Teddington-one under conditions

dense second in 300 years.

traffe. It will provide sparate The original clock, the first | readings on vehicles which are In operation in the world, won only 8 ft apart and will all- the Tompion Gold Medal tomatically "lock on" to any --presented by the Worshipful individual reading it so desired. Company of Clockmakers-for the man who developed it, Dr Louis Essen. The team at Teddington is at work already

of

The speed range of The equipment is from 2 mph to BO. mph but this can be extended if on a third atomic clock-"bigger | required. The accuracy of speed and better" which they hope to assessment is within 1 mph. have in operation in six months, DOPPLER EFFECT

This ultimate in timekeepers does not look in the least like

"PETA" employs the Doppler a conventional clock. For dis effect frequency change reason, arrangements have been which occurs when electrome made to link It up through a netic waves are reflected from crystal oscillator to an ordinary moving objects. This principle, clock face at the exhibition. In conjunction

with the Scientists belleve that this 19

dremely narrow horizontal the best way to demonstrate to

of the beam-width

radiated the man-in-the-street that their

signale (between 3 and 4), Invention really

provides simplicity of design, portability and high

extraordinary in clock.

The only thing llable to affect the accuracy of this newest clock is the earth's magnetle field. For this reason, the mechanism is specially protected from the fold.

The new clocit makes use of the natural vibrations of the nti-in thỏa ense of the caesium atom. The traditional system of timekeeping, on the other hand, is based upon the rotation of the earth which is now komen fluctuate during the year.

BUILT IN UNITS

to

accuracy

of measurement, giving the user a device which calls for no

techalen skill in its operation.

An extensive use han been made of transistors and print- ed circuits in order to achieve compactness and Bght weight. The complete equipment, which weighs only 21 lbs, consists of a transmitter/reçelver unit with its associated aerial and meter unit.

The potential uses of "PETA" ricans confined to are by no the operation of speed checks. By the use of a 35 mm comera attachment and an analyser which is in the course of deve- lopement, a record can be pro- vided of the speed and fre- N all-steal offico dosk quency of traffic at any parti.

FOR OFFICES

A built in units which

can be added or taken away

as required is boing manu-

cular rend point.

factured by a firm in Now: FLUORESCENT

castle-upon-Tync.

The basic unit is welded and

rivetted in good quality AterL Nesis of drawers can be added

at either or both sides, with a

| HOME LIGHTING

A

FLUORESCENT unit,

cupboard at the rear of each Introduced in the U.K.

set of drawer to open at the for the homo, is said to last

Alde.

The

|

businesschen

would laugh at any economist

Thus the anticipated pace of To many experts, there is no ) strength, Department store sales hesliancy in giving the answer now are running three per cent capital spending in 1939 may be that it will go to new all-time head of a year ago. Total re- | far higher than originally plan- tail sales have almost regained ned, as the corporations see the last year's peak, despite the fag cheerful profts Bgures for 1953's

last quarter and in automobiles.

the prospects ❘ for 1959, But It apparently will be solidly-founded prosperity, not one based upon wild and responsible spending, Merchnaits everywhere report the consumer is buying carefully and is price- conscious. But he is buying. The 1850 model nutos are just coming upon the market, and weeks, is Buick, first by two

In July, most

who said that October would bring such optimism. In July the recension Bremed Armly rooted for a lengthy stay, with slow recovery expected to begin in the spring of 1959. But August brought heartening signs and by September-the statistics confirmed that the bottom the recession was reached lost April and that a sharp and solidly-based recovery Was underway!

Now Boom

01

11-

past

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Block Exchange this morn- ing amounted to approximately $255,000. Noon quotations arki the morning's transactions were:

Rayers Bellorm

SMATER

BANKS

Hi Bank.. 74755

INSURANC#S Union

7136

AHIMPING Wheelcuk..

735

Raise

73 230, 7316

5.85 8.00

200 40

་

STOCKS HITS

NEW HIGHS IN NEW YORK

*

By ELMER C. WALZER

New York, Oct. 12. Industrial stocks zoomed into uncharted territory in the stratosphere during the past week on active volume that taxed the high-speed, electric stock exchange tickers. --

Uilities reached their best last. November. Car loading rase lovel for more than 28 years but to a new high for the year for rolla closed the week a small the fourth week in a tow. fraction under

for their high more than a year inade on Tues- day.

released this Figures week show that Americans have a huge pool of potential spend- ing power, and some banks re- DOCK, ETC. perted that the trend to saving,

1129 1140 Provident which started as the recession set in last year, now has begun LAND. ETC.

HK Hotel. 21.10 21.40 1000 # 21.20 to ease as the people's fear of a

HK Land..

305 30.76 500

The Dow-Jones fullsenle depression cases. In

BO la 30.75 Average eloond the first eight months

1958, Really

1.33 1375 Americans added 3.6 billion to RUBBER their funds in savings banks, for|| Amaiz a total of 33.2 billion. And they added 6.3 billion to their time deposits in commercial banks, for a total of 62.7 billion.

Minimised

Now businessmen are thinking in terms of boom, rather than even to the point recovery. where-steel consumera now ore ordering much farther ahead to Readege against a tightening ut the marked There is no question of a steel Mortage, since milis are not operatiine at capacity, but there could be a delay in de livery and it is this which the consumers are hedging against.

Overall, the pace of the busi- ness, recovery has been so fast that industrial production months, recouping mare come back nine per cent in four half of the decline in the pre- days, Buick sold 37,429 cars lu all spending in nit, since ofle

vious eight months,

haa

than

A survey by the economic unit of US. News and World Report shows that the level of profits in the last three months of this year should approach the re- cord peaks of the first quarter of 1957, and that profits at cor- porntions and dividends in 1989 are likely to records,

break all

It is estimated that the 1959 corporate profits will be 48 billion before taxes, 24.3 after taxes. Of this gure, estimated 13.8 billion will be paid in dividends to holders and 10.7 billion retained

cent.

the only one with any accurate

sales ilgures. In the first

the U.S., more than twice

1.05 1873

Trunt A. Tawah.. Bungala

2.20

1.00

UTILITLES

24.00 23.20

Tram

Youmeti "XD "MA

125.20 C. Light .. 17.00 11.30 742 x 37.40

1000 17,50 Electde

223.20 1000

́enis) 13.70 13.00

1400

Nearly everything else moved higher with predictions that the gross national product weltld be Industrial running at a record annual rate fourth the week

before the end of the at 543.36. up 9.03 points from the quarter. The Friday session got previous week end the best gain it when Washington reported in since the week ending July 25.a better than sonsonal rise The figure was up more than 100 factory employment and a better points from the 1057 close. Ithan Deral declac in unem- was the eighth successive week-ployment. ly gain dating back to August 15, Railroads

The overall gain for the market amounted to about five blition. All groups joined in with Jatis the poorest performers. The railroad average closed at Autos rose except Ford which 24.20 147.36.

up 1.85 points; utility last a fraction. American Motons 7.30 83.18 up 1.40 and

a new high gained two and Chrysler since Sept. 23, 1930; and the 65 General Motors more than 20023 stocks In the three averages, point each.

187.00 up 3.06 points.

24 24.20 000

to 7.40 7:5

These figures have a business upswing. and, then 100 If Telephone economic expansion is financed largely through savings, the in- | INDUSTRIALS flationary threas can be mini-Cement mised. Those who put their moncy in savings and loon associations, or in savings banks and life Insurance companies, have postponed their own spend- ing. The associations or savings banks lend the savera' money to

others who usually use it to buy

10 homes. The net effect on over-

as

in spending and

spending.

al-

the other has

its

lasi

STORES, ETC. Dairy XD *. 18.80 Wetens

11.20 COTTONS Textile Nayang INVESTMENTS

Allied

WDE

319

10 1400 10.00 600 (6.90

300 4.15

7.40

4.03

4000 4.10

to 4,010,000 Trading zoomed shares in the Friday sessins, the best since 5,070,000 shares were turned over on December 31. 1957,

Wide Gains

and

3

High-priced issues had wide gains, Rahm & Hong notled 381⁄2 points, International Business Machines rose 20 ressograph 04.

and Add-

Throughout the market the im-

and petus for the rise was a press af Du Pont seven points

There are gains of 0 points cash were Investment demand.

of motter eet by Magma Copper, and seeking employment In stock | Litton Industries. Bonds have been

saki to be barrels

Burners

in temporeTY done in the local market unpificial exchange morning, at the following ratest- U.S. dollar (per $1} Sterling notes per Ch Australian notes (per £!)....

tha disrepute since the Federal Re- Aluminium Issues bad gains 3.30 sorve has been tightening money rapging to dive in Kaiser and 0 14 rales and since à long list of in- ! In Alcoa, 12.54 dustrial statisties made joyful highs,

5.17

group simply han postponed is Exchange Rates many as they sold last year borrowed to accelerate the Arst 10 days.

Ford, which has not shown its car to the public yet, though its 1958 models huve been seen by its dealers and the dealers press, reports advance orders for cars and trucks al ready total réore "than a billon dollars at retail, and have forced overtime work in the factories.

Auto Industry

It is estimated that one job of every six in the U.S. 1 do lock-pendent, directly or indirectly, upon the health of the auto in-

in business. This would be dustry, so the warm reception Jarger amount than usually paid of the 59 models is a good sign to stockholders, since corpora- for the general economy, The tions usually retain about 50 per uptum will be a big help to the all Industry, says Petroleum Week magazine, which estimates that from 5.5 million io 8 million 1959 cars will be sold, divi- compared to 4.8 million for the

1958 models.

These

Prosperity

unusually-high

dend returns would in thom- Felves be o force for ever.

One soft spot in the economy

rising prosperity, since it will is the continued high level of

The basic U.S. economy week was strong, and was grow- ing at a pace which would have been unbelievable a few months

@go.—-VPI‚...

Indonsalan rupiah

Singapore (Štralia)

Sisin tients (per 100

100)

20.75 reading for the

hulis,

AH of them set new Magma led the copper

steel gains which ranged to dve points

1.00 operations set a new high since or more in Anaconda, Anconida

COTTON FUTURES

HAVE SLOW WEEK

By WILLIAM T. PLUNKETT

New York, Oct. 12,

make available that much more unemployment, with 7.6 per cent Cotton futures experienced one of the slowest trading periods

purchasing power.

Already the consumer kets have displayed increasing

mar

five times longer than an all-metal pigeon-hole ordinary tungsten lamp; it atment can be turned to several gives the equivalent light of politionis, the units moking B

four

filament 60-watt which quickly adaptable deak cannot

attacked lamps, but consumes 1 unit warp or bo

The manufacturers of olectricity every 20 hours by insects. claim it is easily kept clean.

about the same as a 40- watt ordinary lamp.

SPECIALISE

The unit-deak la one of the This new Atting is just over latest products of the firm, 4 in length and is 1 ft from which also make a wide variety celling to base. The unit has a of equipment for hospital mich slender horizontal

will that

of the home.

bar and

any

Au streicher, ward and in-single auspension rod, Finished strument trolleys, lockers, diet in hammer grey, the Biting is ting and trays, linen cupboards, lightweight albe complete and other equipment to any with tube and is of a design specification.

blend with The manufacturers speciallee furnishing scheme in any room in metal-spinning. Their dontes- tle products include many kinds of pans, dishes, bowls and that householders haye hitherto Kettles used by hospitals, the found unnitractive in so many housewife, and catering eslab-duurescent Ottings. Colour Ishments,

varitation can be obtained from They spln metal to make the choice of fluorescent tubes mally Atments for the electrical now available. industry, and some of their

It avoids the bare harshness

work is used in Britain's nuclear Power consumption of the energy projegis, They claim; tube is 40 watts and the choice that metal-spinning can often coll consumes 8 walls. Average

article an

Bank Of England Statement

London, Oct. 12. The Bank of England state- reads as follows: ment for the week ended Oct. 8,

of the total work force without jobs in the last oMeial figures. ment rose slightly. However, total civilian employ-

Most economists believe that The unemployment 1a) will de- cline steadily starting with the Christmas rush. All-round 1m- provement in business will keep many of these "extra" employees on the payrolls of retall busi- nesses oven after the holidays. Į and the Industrial payrolls new should grow larger as the orders come in, and as capitai outlay Increases,

of

arca for capital

The experts themselves show disagreement in the Sterling Notes in circulation .... 2,018,454,417 || businerts spending Public deposits

13,876,056 Iroprovement. |Private deposita

biber seeuilles. Receipta Ratto

Government securities ..

207,244,804 247.014,100

32.923,903

10.9 UP. I

Bank Of France

Statement

slate-

Paris, Oct. 12. The Bank of France

Oct, ment for the week ended 2. resda as follows:

Obsolescense

Another factor in capital spending may be the rapid ob- solescence of machines and pro- cessca. Technological change WR strike industry harder and more frequently

in years this week.

GOLD PRICES

REACH HIGH

IN ZURICH

Zurich, Oct. II.

With equally indecisive price changes, the market at Friday's eloso ruled 14 lower to 15 points higher er 70 conts lower lo 75 cents a bale higher

thun, the precoding week.

The New York Cotton change will remain closed Monday for obs Tvance Columbus Day, but the Oricans Cotton Exchange remain open.

The Government estimated the crop as of Ock. I at 11,075,- 000, bales. The figure carne slightly below general expecta- tions and compared with 12,105,- 000 bales in the previous month. Failure of the lower Ex-gure to attract a sustained do- on mand brought sporadile furrias

of realising later in the week,

Some sources felt the quantity of loan Impoundings will have strong influence on price evalun- tion then the size of the crop. Estimates in the trade suggest Dint between 5,000,000 and

of

New Will

SLACKING VOLUME,

The gold bar market Was Wilb a gradually stacking 7,000,000 bales of the current firm in moderate dealings volume of trade after publica-crop may wind up under the IC- loan shelter this year.-U. P. 1. with the gold price reach-tion of Government crop ing its highest point for tort in mid-week, transactions for Thursday on the New York several years during the Cotton Exchange contracted to week ended. October 10.

This

was mainly due to the the next do-recent shortage of offerings.

Á morg

18,400 bales.

BETTER

Wire & Cable, end International Nickel, American Home Pro- ducts up 8% led a strong see-. tion higher.

Gains in the steels ranged to more than oix in Youngstown Sheet & Tube.

Leaders in volume in the order of rank wore American Motors, Studebaker - Peckard, Alumin- kim Limited, Sperry Brock American Metal Climax, Bethle→ hem Steel, Electric & Musical

General Industrica,

Molota, Royal Dutch and Olin Mathie- SOO.

Of the 1420 issues traded, 838 gained, 440 declined and 142 held unchanged. A total of 357 issues set now highs for, the year and only 17 made now lowS--- U.P.I.

ROUTINE BUSINESS

IN PARIS

J

Paris, Oct. 11. The gold market was fea

tureless during the period to October 10, with only. routine business recorded.

Dealer demand emerged in mid-week, reflecting foreign press reports about negotiationa between M. Pingy and Dr Astentauer. But these reports

›

Ove-hour TREND IN offer rot again, thanks

record exchange

Thai proves the third mal- lest volumo for a bercion In the 21-year cade as the result of the steeply

The Bank of England also the commodity rising budgets for Industrial re-

which administration,

dates search-up from 3.5 billion in cold on a very limited scale. 1953 to ore than d billion in

active demand was} bhck to 1987. The record. Iow a reported from the Middle East, was 13,000 bales reported for 1958. This research brings flood of new und better while business with the Far East December 21, 1954, machines, processes, controls and South America was rather

tho and materials. In

Market elec- quiet.

analysts concluded A

inertla Утало

probably Dullness was a feature of the the trading tronics, aircraft and chemical Total gold holdings, 247568.200,408

industries

fucts these technical gold coin market, mainly owing indicated that known 10,020,063,373 Total other currencies

about the crop, the textilo Sight balance abroad

changes are constant. Many, of to trends in Paris. 14,123,500,000 || These Improvement may be dp-

i umani qun of Following en intervention by market and VINAR

have stabiilation Fund ...

the Bank of England, sovereigne price-making influences Said one executive- you firmed, while United States gold been discounted and that some cireu- Episoto

new hentivus will be needed INCHORS SERA 3,641,130,130,610 stand still for two minutes, coins were also in demand!

the cur- ahead Current accoimts and

somebody is racing

of

Napoleons cared somewhat to lift trading out deposite

41200X3

→2rent rut, China Mall Special. you."

טים h

produco cheaper and stronger than be 5,000 hours, or a yeare tull fabrication, [Metal Spinners Uma rise from dusk to

28 Dunn night.

quicker, life of the lamp is claimed 10. for bill discounted 2,000,200,541,000 plied to other basic industries.

mid-

(Newcastle) Ltd.,

Street, Newcastle-upon-Tyne, 4, England].

----,

SUPER COMPUTER

OIL RESISTANT

NEW British high-epéod

A electronic computer

JADZ

NEW type of conveyor belt- being built will be capable of

WEEKLY U.S. COTTON GOODS MARKET

New York, Oct. 12.

{ producties,

particularly

נט

and deliveries fair. First quarenewed Inquiries in India from ter bookings were reported 10 Argentina and Australla. Hamp

BULLION

werd inter denleź by the French Fitance Ministry."

Towards the end of the perfod

tó continueN repatriation of

Brougha foreign holdings

the gold market and some sellir : by investors.

Bombay, Oct, 11. The International Monetary distinctly, better trond Fund conference also had a

depressing effect sa in ovidence, prokat, China Mall Special. :

Was

· sumably in anticipation of the emergence of sazsonal 'demand, during the period

to October 10,

themar-

RE-ORGANISATION.

OF PYE LIMITED

Gold, registered a notablo ad- vafice under spot dealers, buy. ing, coupled with short cover- Ing, wit Pakistan developmenta also stimulating gentiment.

London, Oct. 11. The directers of Pye Limited Stocks at the end of the today issued details of the ro perled were 40,000 Lolas, organisation and simplification Arrival'ari oftake balanced |of a capital plari. at 3,000 tolas.

The market for silver cent bolders of £100 of de- Under the scheme, the pre-

#

Aing which resista grease, alls scanning the entire informa- CENTIMENT in the cotprint cloth fabrics.

Same print cloth sellers underwear kmitters In the und sisal held, steady although hibited and lubricant as well as haattich contained in the Encyclo toh grey goods market mised prices 14 10 3 cent northern markets, but hostery buyer interest was at a mini- Backed by higher upcountry tested ordinary lock, will ro

la announced by a British firm. paedia Britannica In less than The belting, which is noor four minutes. In

stendler undertado,

their knitters continued to hold off mum.

of ordinary stoelt Indvances, values more showed a continuing im-yard producers raised

hardened Celve 110 hyoh grey goods reported under short schedule cent when buyerson, 1969 orders,

covering, induced and holders, of £100"A" de- toxic, is built up of cotton duck practical application it will be provement this past wook.

purchases

mus ferred oruijnsey.stocin will re- Hard fibres featured firmtats further buying for inventory by the strengths of gold, kandin tho eterical

increased their laminated together; and faced able to

calva. £100......, of entinary stock. - Ini burlap when the market foleplenishment, Main Interest oil with.

resistant synthetic work of the largest

Buyer Interest broadened in a through the fourth quarter. organica-

milja

abatreesilowed tho - higher

Stocks were

bars. Thus non-voting deformed "A" 1,000 Cotion toysin

Calentta centred on filainent yarn, fabrics rubber. (British Geon Limited, tions in the U.K. (H.M.I. mumber of tabcion

voting mundsrld business continued spotty trend. Now of a furtlier cut in for dress, Lingerie and Hiring Otake totalled 10 to 16 bars shares will become. Devonshire flouse, Picadilly, ectronics Ltd, Hayes, Mid- boosted prices and

dally,China. Mail Special | shdres--Ching': Mail : Special. London, W.1.)

(1)max.)

plane to cut back sharply do with quantities generally small (milstocks of Hosalans and reusot-U. P. I.