1958-10-27 — Page 9

SCIENCE A ENGINEERING

EN

THE CHINA, MAIL, MONDAY, OCTOBER 27, 1958.

Weekly Survey Of American Business

Page

ECONOMICS IN POLITICS

MACHINE MAY NEVER Record Prosperity Near

A

FORGET

A HUMAN FACE

Says Eisenhower

COMPUTER which may be able to recognise DEMOCRATS POINT TO UNEMPLOYMENT

human faces is being built with the help of a £34,000 grant from the Nuffield Foundation, says the Foundation's thirteenth annual report,

The machine resembles the nervous system of an animal,

and is being built at Univery IMPROVEMENT IN

College, London, to follow

line of research developed

Professor J. Z. Young.

by

Hie study of the learning mechanism of the octopus

led

Was

NYLON STOCKINGS

N advance in the wear-

Aing properties of nylon

New York, Oct. 26.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business dono on the long-

this kong Stock Exchange morning amounted to approx!- mately $311,000. Noon quota- tions and the moming's trons actions were:

The American economy became the centre of the 1958 the Eisenhower ad- political campaign this week as ministration argued that record prosperity is almost here, while the Democrats pointed to almost 5 million unemployed and to the 12 billion national deficit.

of Agriculture MrINSURANCES Secretary

Bales

26 750

71 7234

423 20

Shares

Duyers Sellers

DANKS {IES ELİK .. 7479% million unemployed President Eisenhower, in his with Ave

Benson believes total farm in- Union to the building of a small com-

as not a solid economy. political speeches, forecast gross national product (GNP) The stock market, after reach- come for 1958 will be some two Lombard puter of 30 units which able to utter a sound of recogni-stockings is claimed to have

of 500 billion in the next year, ing record highs, silpped this bill en higher than last year's SHIPPING

ex-President o shape which been made by a British firm while

Truman, weck due to a number of fac-10.8 billion. However, prices for whestock tion when

Including profit-taking | farm products seemn sure to drop DOCKS. ETC. resembled one it had previously of lingerie and stocking campaigning for the Democrats, tors,

K. Wharf.. simply because, of ad-low closely was it Σα

Bald learned

Eisenhower's.

third-quarter carnings re- steadily, manufacturers. before its electronie eye.

ministration has been good only ported from some corporations. high production. Total crops are Dock

Providant 11.20 1137 to be nine per cxpected rich for big business and "the

over 1937* A MEMORY

record-equalling LAND, ETC. people" and that an economy

Corn

production aP HR Land..

HK Hotel

21 21.40 30 30 14.40

The new emputer is designed 1o follow up this achievement, and la to consist of about 4,000 units, Intended to identical give the machine a memory.

1

Based on the application of a new "knil and locks" stitching principle, the stockings are sald to be run-resistant and proofed Ruinst songs. The hard wear- in properties of the new pro duct have demonstrated to the press and trade in London tiny model subjected the stockings to a series of tests calculated it too rula conventional nylons,

The original computer, though it was, could solve net- work problems that were complex to programme

on a

digital computer. "The posthorns, rubbed a rough Abilities of the new

are

considerable,"

Report,

presented, a

machine

She brushed them with rose shop- and against them ping bag says the applied lighted sparklers 10

As each different shape S

different

them.

and

sound The new type stockings come

through these will be made in the machine's unsullied model car.

If the training is other justs for resistance to effective, the computer will be bending and stretching but a appropriate pair of conventional nylons able to omit the sound when a shape is brought subject to the same tests were into its Aeld of vision.

ruined. "IL should be within

INTENSIVE

the

runge of the new computer to simulate the learning of the alphabet and the numerals and nmited number of more com- plex shapes, which might even include human faces,

tion

of

in

The stockdugs are being made Northern Ireland. Founded

1947 the firm claims 10 have been the first to introduce 54, 66 and finally 78 gauge Their latest nylons to Britain.

"The output stage will con- trol the movement of Jovers that

product is the result of inter- could simulate the movements

and field testing the

of research animals,

production writing by man, or the genera during the past two years,

they are Made in 15 denier recognisable speech sounds. The computer will be designed for every day and all The prototype of a machine day wear in town and country.

dealing capable of

with a Because of the knot and lock

in their siitch used variety of everyday problems."

facture they have a thicker feel than the conventional 15 center and the makers do not suggest sheer 12 denler varlatles appearance.

mano-

that

Hesitant Mood In London

London, Oct. 26. Although activity has con-

tinued on the stock ex-

change this week at relatively high level,

deteriorated

tolle

markets have

markedly hesitant.

趄

L

The Average

cant

However,

the stock market's high. Industrial average still remain-parently will be at an all-time fumphrays ed above 524.00, far above the high, so will pork production. | RUBBER

best figure for any other year, and all other economie baro- indicated that business meters

is good.

Really

Farm Income

A. Tawah Bongais Desplie this long-range fore- UTILITIES cast for diminished farm Iri-n

Yaumati values are form land come pushing Inta record territory. The Department of Agriculture

..

0.13

10

500 60 5.83

4000 6304

Amalg XD.

1.525

Tront

1.375

· 10,000 ₫ 1,60

2.25

1.03

34.09

24.00 $25.10

13

C. Light of

17.20 11.00

14.00 24.80

(R) 55

Ford Motor Company report- ed a not loss of 10.1 million for the first nine months of 1860, but Was optimistic that its 1050 models would sell well in reported that American farms

worth 118.7 billion as the last three months. Ford was July 1, 6.3 billion more than Tel.

are

well able stand the loss, zinco

had a ret

profit of 229.5 year ago. milion in the first nine months of 1937.

"

In some dreas, notably Call- INDUSTRIALS formin, the political campaign, in STONES, ETC. Elsenhower's Council of which all of the U.S. congress | Dalry Economic Advisers reported that men and most of the U.S. Watson the GNP blt an annual rate of senators are up for election, has COTTONS

some

anti-

$8989

459 4 €325S

13.30

300 F 7.29

23 23.70

15.0 15.00

12.00 L. Craw..

500 16.80Į

4.10

17.00

IK & TE

Invert

...

0.10

the 440 billion in the July-August-boiled down to a simple battle ELLANEOUS

15 between labour and and September period,

Ch. Eal (usually

business-INVESTMENTS been billon better than in the reces labour

forces. sion low of the first quarter of management)

In Call-Int. Inv. 1958, but still 5 bliton under

fornia, for example, the Re-illed

of publicans are basing much their campaign on the charge that the Democratic party

by entirely dominated

tha

is

This has been largely the re-the all-time high set during the sult of the pressure of profi- same period of 1057.

in connection with the taking

However,

quickening was one of tempo of business caused some selllemont which the largest for a long time. The experts to predict an annual man, Walter Reuther of the casler Trend on Wall Street has rate of 450 billion would bej United Auto Workers Union. Inevitably affected sentiment in reached during the anal quar- London.

ter of this year, and the Pre- The market has risen a long sident went on to predict the way without a break and one 500 billion figure for explanation of the present un-future. certainty appears to be that in- little out of vestors are now breath. There are many people in the City who welcome

this

NEW OXYGEN PLANT that they can compete with the break, since any further rises in

MEANS MORE STEEL

PROJECT which will A help to increase steel

production in Lincolnshire

They claim they will have, however, a much longer life than ordinary nylons when used for everyday wear.

was inaugurated with the Sonic Equipment For

opening of a new

tonnago

oxygen plant, costing in the

region of £1 million. Approach Warning

will be capable of supplying

the

palaed.

in the quantities now required been developed." The equip-value. by sieelworks. It is the firstment is the first of its kind with a dally capacity of two to go into service in a Bri- hundred tons.

tish factory end the first to Coupled with the demand be installed in a European for increased production is the stoolworks, say the manu- need for British steelmaking facturers.

The system is based funda-

cheapening infol production. say the company.

the

The

де

and

Thus the political contests comes down in the end of the simplest of economic terma- the more money, The Democratic

the

to

The Indication

at

In

UNCERTAINTY EVIDENT IN WALL STREET

New York, Oet, 26. Stocks moved irregularly on reduced volume during the past week go the financial district felt its way in a maze of uncertainty.

some

Flailroad Irales managed to left the market in a state of

The rise 0.47 point to 147.75, a new uncertainty.

tightening this high since August 7, 1957,

money rates, accentuated week by a rise to 25 per cent Industriais lost 6.84 points to margin rise from 70 por cent to 539.52 In their average, the Brst B0 per cent have caused weekly decline for that average traders to tread couilously. since August 15 when it dipped 4.30 points. In the 42 weeks so far in 1958 the industrials in the Dow-Jones Calculation have risen in 30 weeks and declined in 12, the widest dip being 8.11 points in the week ending April

3.

Utilities

Time To Time

Business news, however, held high and that sustained the market. Individual shares wero easily able to rise against the trend from time to the "on special developments.

The

butstanding dividend of the week welch Utilities lost 0,30 paint on the actions week to close at 82.23 and the helped the market were a 30- 05 stocks of the three averages cent Pennsylvania Railroad were down 1.45 at 188.91.

dividend which maintained, that railroada 111-year record at Volume dipped to 19,403,614 continuous dividends, a 20 per for the week, a dallý cent stock dividend by Northern

of 3,002,722 shares, Pacific. average

Railway. and four against last week. Hugo total quarterly ave per cent stock

sbares, of 24,402.4TO

dally dividends ordered by Schenley average of 4,800,514 and a new Industries. weekly high since July 22, 1033.

2

Sales so far in 1958 amount to Of the 1,422 Lesucs traded 353 570.038,150

best since gained, 705 'lost and 102 held shares,

of 230 1933. Even If the trading rate unchanged. A group alls to 2,500,000 shares daily issues managed to set now highs the total soon will pass the IP33 while only 18 touched new lows. igure to the best level since Ford and Chrysler reported 1030,

Phorp losses for the first nine months of 1958. Ou companies It was a week of many cross were making a fairly good. currents for the market, The showing to the third quarter. tapld recovery of last week| Alito ́"denters reported big "örders after two days of sharp decline for the new models.-U.P.1.

Cotton Futures

Tack On

Moderate Gains

New York, Oct. 26.

Cotton futures tacked on moderate gains this last week in one of the quietest trading periods in years,

Cross-currents in the factor?|| usually acting to shape marke! sentiment created more or less asialement, traders sold,

Sellers practleod cauilos

of the rapid rate which new crop ginnings have been going into the loan pro-

gromma

BULLION MARKET STEADY

Conversely, buyers were wary in face of the improving crop chances that the picture and next government crop estimate will show an inercase over the 11,678,000 boles estimated Oct. 1.

on

Sintisticians recollected the crop reporting board has under- in estimated the crop in October within seven

out of the past ten rears.

Bombay, Oct, 25. The bullion market ruled steady in the work ended October 24,

party says that a vote for it is a vote for more money in the The Keynote pockets of workingmen And for big profits the keynote of less of huge This уда Eisenhower's political speeches business. The Republican party vole for more of Vice-President argues that a equities might look like hedging (and those

Re- money Nixon): The

for all, and that more sgainst Inflation

nobody Richard

for the corporations really wants a boom of this kind publicans have brought pros-profits

and the Democrats, if mean prosperity for all. the short-perity here, remembering

elected, would wreck it "Re- Both parties claimed credit publicans practise economy and for all-time record per- lived one of a year ago.

UNCERTAIN

sonal income figures, now British funds this week have thrift," said Eisenhower, but ot

the same time his own economic an annual rate of 391.6 billion bad an uncertain appearance

A Friday's of

clore the list that Federal for the Arst nine months and slightly easier prices de-counell reported

spending at all 1958, or 4.1 billion above 1957. riled up 5 to 21 points, or 25 veloped on mos! days in Government

was cents to 1.05 a bale higher than other than

shorter-dated levels rose from an annual rate The Democrats said th's

of the preceding week. the second due

the protection stocks.

Times of 90.9 billion in Financial

unions, Witosa index for government securities quarter to 93 billion in the third workers by

WDS fostered by growth dropped 17 on the week, Thero quarter.

The Council said that this Democratic-sponsored legisla no eliminate the danger are just enough people who fear three steel works there with factories and steel-inflation and see nothing to

besizable increase in government tion. The Republicans argued spending was of importance in that the high personal Income up to two hundred tons of

works of overhead travelling

They

from helping the business recovery. was due to the encouragement switching oxygen per day.

It was Elsenhower's thesis given by the Administration to face ដ shares of real value, such

the Democrats would private enterprise. This new plant is the largest cranes operating on

equilles are thought to be, into that

spent even

more, dince to be fully commissioned in same track colliding, a new

more expressions of monetary į have equipment has Britain for the supply of oxygen electronic

Thus the setback in "Demoratie radicals" in Com gifts.

gress had made such proposals.

Scite of this income, plus Alding in the improved GNP The foreign bond market has

some savings money, spparent- remained firm, with new bigha picture was the sharp drop in

the Japanese inventory reduction in

is being spent in recent the ly seen amongst

the second weeks as consumers beda to issues on Investment support: third quarter. In The Chinese have. been Arm, quarter the drop was at an an- show confidence in the business despite the renewed shelling of nual rate of 8 billion, but recovery. There has been brisk Quemoy.

dropped to 4 billion in the third demand for the 1939 model autos, costs to remaln competitive,

The market for dollar stocks | quarter us businessmen began and the improved demand and the new oxygen plant high- mentally on the principle of the

appliances and other durable lower, although to replenish their stocks. was mainly lights the emphasis which is

some of the Canadian slocks The liquidation is expected to goods has been resected in the now being given to methods of cho sounder. An oscillator cir- generates short electrical cult

were higher, like Canadian bank be even slower in the 1ost higher GNP for the third quar pulses at regular Intervala

of commercial and international quarter, with many plants back ter. At the same time, consumer which are emitted in the form holdings. Nickles also were up to pre-recession buying policies, credit has risen only 110 million A similar type of plant Isot very high frequency sound

The industrial market has and this added demand was ex for the year, a very small in- Беста

raixed. very

Lending pected to already in use at Barn,just above the frequency of the

further stimulate crease. home enr-by a loudspeaker

industriala South Wales, and others will human

have been production and employment. “ One solld Indication soon be commissioned in South sited on the crane. The sound marking time, but there have

busincas recovery is the steadily features The Other Side and the North East. pulses are reflected by a special been many excellent Wales

rate, production filted on reflector

less well- The Democratic Party, in its rising steel among the slightly Together, these various plants frihedral

known concerns.

campaign,

equally The production last week top will make available hundreds the neighbouring creno and the

PAUSING

concerned with the economic ped two million tons for the of tons of oxygen per day for lecho is picked up by a micro- steel processes (British Oxygen chone mounted alongside the

But generally

speaking, picture, but sees it differently.trs me this year as it hit equities have boel pausing for Led by Truman, the campaigner 2,003,000 tons, and was alated to Gases Ltd. Spencer House, St sound solice,

the unemploy be better this week by, another James's Place, London, S.W. 1.)

breath after a very sharp rise has hit hard at which has been concentrated in meni igures, pointing out that 70,000 tons or at 74.8 per cent The microphone signal is then the brief period of eight months. 4.1 million still are unemployed, of capacity. Last week it was PLASTIC PIPING amplified and fed to relays On February 25 the Financial that this is some 7 per cent of 74.2 per cent of capacity.

The Orm base of the better which may operate sudible Times Industrial ordinary Index the total work force, and that alarm of visual indicating cir- stood at 164.4;

week

It cannot be said that round, steel business is in a re-stocking reached the highest level of the solld RESISTS CORROSION to the driver's cab, or may

and full prosperity is by users who allowed their in- ventories to get very low, Sald be used to Initiate automatic year at 208.7, a rise of 35 per here when so large a percentage Chairman C. M. While of. Res braking of the crane.

of workers cannot find joba. mony Automatic warning of ap The feature of the week has Secretary of Labour Mitchell, public Steel:

**TE will not, bo a sudden the upturn than proach can be given to one or probably been

in replying for the administration, gold shares, which have been said that another half-million boom, but rather a steady, pro ordinary plastic piping is more cranes operating on the

Atable riso in operations which stme trubk, or to crunes operat» | helped by reported considerable worker will go onto payrolls by

the announced by a British firm, ina at different levels, say the purchases from the continent the end of October. However, will be experienced by

Manufactured in a range of inanufacturers.

To the was added a good de- is all would leave the total whole economy and not just a An Important feature of the mand from Johannesbury and in unemployed list

few industries." lameters from 4 inches to 12

equipment is that the protection London self, Copper shared million higher than it was and Lone Star, to name two- Some steel companice-Inland inches--this now piping

were qulet, but several tip and your ago. described as non-corrodible and can be made to operate at any

lead-zings improved. able to withstand heavy blows. dealred position on the crane

Another Important economic are already producing near 109 The level of the oll share factor involved in the political per cent of capacity-UPI. It is only one-fifth the weight track by placing a frihedral re- of steel and being self-coloured fiecler in the path of the sonic market this week was supported campaign that of farm In

of occasions by Wall Street In-name. Early this year the farm neods no painting.

Overrunning at end slips cùn forest- Chief feature was the moons was low, and the treat Exchange Rates

Juhip manufacturers say their be avoided and

in Burman three only-republicno. Lazy-belt Niping is lival for us under cetion can be given to malo antling in front of the end voters seemed sure to vote||||

where tenance men working o due at the end of the month. Damocratic. But the prices Corrosive conditions there is also ylik of mechanical disattied crane or on the crane Speculators wero again after damage us in chemical works track for the rengeters are light their favourite Ultramar which began to rise, and with the mering at the following sis

at pos point, reached 07/ Repastian hopes of retaining Us, foll and of refineries and piping for and can be fitted edir si mate

new hill for 1902,25 AM 130 the farm vote. However, a dem Sterling nots, (per £1) frater," gun and poluent (Ex-able positions in the path of Sas truder Lida Fresymall parks, working cranes (Delilah Thom Rubber share Wam in decond Clint in me inid-year, Australian nales (pre-21).

inating three months, before, stam Seals (per 100) Co. Lt, Rugby, all week on the improving com- there was a slight resurgenen. British Gogh Ltd., Devonihire son-loustan

Mingapore (akeyifa), Bour, Picadilly, London, W.1.) England.)

modity price-UP),

PLASTIC piping

• tougher

MICROPHONE

beam..

complete des.

cent

hups been

водо сто

Blainava" Was Copy in the lpes) unofficial wkidarite, market

01

However, other sources feit that even if the crop gure is boosted cubstantially, the market effect would be lessened by chances that most of the cotton will wind up in the loan,

The

| CITY LIGHTS

"Shall we please, please take the last meeting. minuter as redă?'

Bank Of England Statement

Londen, Oct. 28, The Bank of England startow ment for the week ended Oct. 22, reads as follows: Notes in circulation ... Pubila deposits Private deposits Government acesarities cribers securites Receipts

་

Sterling 2,008,004,850

13,906,614 307,560 A10 205,004,350

30,044,703

42,501,318

U.P.I

Bank Of France Statement

Commodity Credit Corporation reported loon im- poundings for the week ended Oct. 17 totalled 242,457 bales, the highest for any week this stason. The net stock of 1038 shop eptton under loan amount- d to 1,230,815 bales, or about three times the 413,940 bales ment for the week ended pet. impounded to the same last | 10, reads as follows.

year.

Paris, Oct. 20. The Bank of France state-

Total gold holdings. Total other currencies Sight balance

Frano 247,558,300 499. 10,200,000,340 19.125.200,000

zero

394,436.301,647

U.P.L.

THE SMALLEST Gold continued to forge ahead with the buying movement ac

The total domestic supply oi | Adivaces to glabillan

1058-80 Boa Fund celerated by broadening spol demand in the face of depleting raw cotton for the

season is estimated at 20,500,000 Total bile discounted 1.879,833.343

Enotes in circula- bules, the smallest since 1952-

tion ***** 3,353,564,173,009 supplies.

The revoking of the Chinese 13.. Disappearance is currently Current accounts and

Appetita ceascars had

additional estimated at about 12,500,000 bales, which includes between hollering influence.

4,000,000 and 4,500,000 bales for Stocks totalled 30,000 tolas ut export and 8,000,000 bales for the end of the period under demedile contumption. review, with arrivals at 3.000. and offlake 4,000 to 5,000 tolak. Ijaw cotton experta for the Silver also turned belier with scaron through Oct. 21 as sentiment influenced by slower reported by the New York Tibetan arrivals owing to the Cotton Exchange totalled 602,- approaching wintry conditions 136 bales compared with 1,044'- and the strength of gold. China 487 bales reported to the semo

Hrie lust acoson.-U.P.I. Mall Special..

Paris Idle

Paris, Oct. 25. The cold market continued the period to Oct. 26, idle in and little interest was shown.

The Bank of France main- tained its purchasing" price of the ingot at 513,000 franca/- China Mail Special.

GERMAN CAMERAS MAINTAIN LEAD

Datagne, Oct. 20. | The United Staton, ihs mest į it: added that in the Ajak hull

The West German Asscolatiga Important market - for both of the Precision and Opilja! Countries, imported 1,084,000 -Industry Muktij today that Japanesà cameras worth 2

Germany was maintainy Chillian German, mærka.

leading- poeltional formak, namara exporta to the

markete camera, axport

United States. In: 1057; were despite: Japanese, competition 228,000 Commeras worth A statement "wald" that läst your million markasi

r

40

of 1958 Ualtid skates väiteta Impaste from Garmany; WIN worth more than those from Japán, 19

Important maricet, Carman" samera TANES

In Sweden, Anether.

la porta in 1947 ware; abega:fo⋅ par bent of the OMBRYT

counted: was not the number || 7.2. per dent," the:' kebodin

Gerthany expOPRAD "108"MINTON (STNA "Ka561AU511 marks worth of demeres-and ‚'Japan ·5 million, marks, worth. but the value.