*..
SCIENCE
THE CHINA MAIL, MONDAY, NOVEMBER 17, 1958.
Weekly Survey Of
Of American Economy
ENGINEERING INFLATION FEARS AGAIN
are
Unique among clock radios is this new cordless all transistor Golden Triangle. Both Swiss clock and AM radio completely battery-operated. The cabinet, with its satin and bright gold-colour sur- faces, rotates to the touch to reveal its three faces- the clock, radio dial, and radio speaker grille. Receiver also provides an easy-to-use wake to music alarm.
ΑΝ
All Transistor Triangular Clock Radio
N. American radio corporation announced
what company officials describe as
world's most elegant clock radio."
The
VII-
is
"the
19
Al
to do the user hus switch the new-tpye radio con- "olarm** trol Jover to the position, and then rotate the radio alarma button around the clock face until it is opposite the wake-up time. The radio turns
Sharp And Continued Post-Election Rises On Stock Market
New York, Nov. 16.
Sharp and continuing post-elections rises in the stock market have again brought inflation to the forefront as a chief worry for the American economy.
Dow-Jones Industrials' reached
a record 362.30 yesterday, and market experts agreed there was no end in sight for the rise. For n long list of stocks, Investors are paying 40 or
more times what the stock earns. There is Hill Interest, on the part of stockbuyers concerning yield. The general feeling seems to be that a prosperity of inflation is
at hand, and that stock purchase la perhaps the best way to ride the crest, since the stock values will risc as the Infation pro ceeds.
⚫ different
Three
business this week warned spokesmen oguinst inflation. Dr Raymond Rogers of the New York Univer- sity banking department sald that "the fear of inflation bas hurt only the equity market so fm but he added that the large Liquid assets in the hands of the public is a 'serious potential threat, since it could be a source of spending which would vastly increase inflationary prezure,
of
Chairman J. L. Mauthe Youngstown Steel und Tube
Co.,
"We think you should adopt a less' miseriu attitude to the share- holders!"
London Express Jeṛpics
Arst-of-its and new k.nd Golden Triangle, with both clock
and radio tirely battery-powered. destined for "move about" use throughout the home, for service sa magulfernt miante plee, and for portable-table ccdel and
on automatically at the pre-set vne of America's largest steel redlo wake-up alarm use in theme, continues to play for ap mills, warned against what ho united ations-in- proximately 30
and called "the minutes, then automatically "remembers flation, taxation and negotiation." has He said inflation already eroded the dollar and that' "we cannot forever suffer the attri tion which goes on daily,"
bedroom.
de
The thre.-sided
crofind cabinet is muticulously and achieves a newly "coined" look with its xotin rul bright gold-colour surfaces and raised letters and numerals Mounted on a swivel base, the instrument | revolves At a touch three different faces the clock, the radio alul, and in the incl apeaker grille.
SEVEN JEWELS
to revet
The imported seven Jewel
to turn off
Tha
Weight of the Golden Triangle, complete with batteries, is four winds and seven ounces,
strument Is 8 high; with each side measuring 5% wide. Suggested retall price of the Golden Triangle is HK$900 in- cluding batteries.
LANTERNS FOR
clock in the Golden Triangle is TOWER BRIDGE
irteision-bulit and superbly uc-
curate. The clock
needs No
winding, and uses bultery power A
COMPANY which has
י
are the five million unemployed, and been deterred. A leader in and the ample Industrial capathe captiol spending will be the city, No goods shortages scenation's railroads, likely in any line.
Unemployed
HONGKONG New Surge Of Investment On Wall Street
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange this morning bmounted to approxim
and the morning's transactions
New York, Nov. 16.
afely $186,000. Noon quotations A new surge of investment and speculative buying carried stocks to now record
were:
'Bhares.
DANKS
Bayers følers Halca
I Dank INSURANCES
Underwrera
which How in an expenditure of 1 billari SHIPPING
In 1959, compared to 700 million Wheelocks this year and 1.4 billion in 1957.
Steel, outo, railroad and
750 AD 745
high during the past week.
The week closed on adleted that domestic demand for buoyant note with "optimism petroleur next year should in- running high
| crease by four per cent or better. Industrials made new highs in Foreign demand is increasing at all but one session. That was Thursday when many traders decided to take some of their 300 1150 Juley profits. This group made their best gain on Friday alter absorbing fartier profit-taking."
3.30 6.40 1000 @AS 1300 4.20
de-
DOCKS, ETC. K. Whart.. pack Provident
93
13
11.40
LAND, ETC.
..
JIK Hotel 21.30 25-30 30 2014 Humphreya 14.40 Realty t RUBBER Amalg
The problem of the unemploy-partment stores ofcin all are e remains a thorny che. It was at record as predicting big gains effectively exploited by tac for 1959, although they agreed Democratic Party in the recent political campaign and in many they still would tell short of re- Land
cord good times. arena contributed directly to the resounding defeat suffered by T. F. Patton, President of He- President Eisenhower's Repub-public Steel, forecast production to 110 Ucan Party, In October theo from 102 million seasonably adjusted rate of million tons in 1938, compared Trust
In 1958; George A. Tawat... unemployment (as compared to to 85 million
stood at 7.1 per Romney of American Motors UTILITIES
from 5.2 Tram employment) sent compared to a high of 7.0 toresees a sale of per cent in August. This rate is million to 6.4 million new cars! Star Ferry higher than in any of the pre- H. W. Von Willer, President of vious postwar recessions (in Brio Railroad-expects' carload- more 1049 and 1954) and has receded ings in 1959 will regain
of
Sungaja
Yournsti C Light
Telephone
IN
so quickly when recovery began.than half of the 1968 loss, and Electric ....
Ralph Lazarus, President Two reasons are given for this: Federate Department Stores, be- average weekly hours worked eves department store soles in manufacturing have lengthened the first six months of 1960 will by 11⁄2 hours for those already be four per cent better than in employed lastead of hiring new the comparable 1038 period. men), and the factory output, with this four per cent increate In working hours, has expanded. by nine per cent. Thus there 'bas been no need for re-employment or pew employment.
300 43 124 11.50
Ralia rose on Monday, and Tuesday, fell off moderately on Wednesday and Thursday and Armod again on Friday. Utilities es made five straight gains. 1,027
1,40
1.0 1.25
1.80
2.00
£7000 10000
2.09
23
100
17 17.30
10
17.10
24.30 21.90
23.90
(t) 13.20 13.86
(te) 7.10
STORES, ETC. Dairy
13.30 1318 Watson
1... 11.00 Most opumistic of ell
was. Craw
Kwang 9. H. Ford Motor Company's market- MISCELLANEOUS
Robert Entert ng research manager, Eggert, who sold disposable in- INVESTMENTS come would reach an all-time | 113. & F.E high in 1959.
Most of the unemployanent is
Despite these fairly mild fore- among unskilled or semi-skilled
no infin- workers, and expert oplaten casts, which envision
unemtion, inflation still was of con- agrees that henceforth
cern to all, and in Washington, ployment will be high In this
that wide group, More and more advanced was reported
be given
to training and skill-acquirement support will on the port of the labour force Republican Sen. Bush'a bill for will be needed if the people standby consumer credit con
are to find trols, to be applied at the first looking for work
aign of inflation.-U. P. I employment.
Also a weak spot is the con- sumer demand for durable goods, such as autos,washing
refrigerators, typ machines, ances, etc., as well as housing. Total retail sales in September was two per cent under a year income ago, although personal was two per cent higher than in 1057. Prices of corumer goods also were two per cent higher. Christmas Impetus
Int. Inv.
Eurest
2415 100 24
2008 14 100 @ 13.30
•
13.20
100
17.90
5 5.20
035
Exchange Rates
Speculative
and
investment|
a much faster rate. The anti- cipated betterment at home help- edustain' the ofla and at thes bring them a better market.
Best News
The best news of the week in business came after the market closed on Friday, It was an- other the in industrial produc- tion which was lifted a point to
of the 130 per cent
1947-49 average. The October index of 138 contrasted with 120 at the recession low in April but was
well below the record of 147 set in the summer of 1957, The rise
would have been more but for the strike which crippled the automobile industry,
Speculative fever ran high. New favourities were whirled ahead each day.
On Monday, American Tule- phang gained four points and next day It set a new high since 1930 at $202. That Istuc which is the most widely held stock in the 'nation moved narrowly the rest of the week. Rumours of a average closed the dividend rise or a stock split 564.68 up 10.42 points on played, a part in the rise which week; rallroad 154.70 up 2.00, was brought about mainly by utility, 0.88 op 2.83; stocks 105.00 up 4.11.
the high yield which the stock still produces,
Goodyear and Firestone moved Into new High ground when their heads predicted big things ahead: Steels came to life late in the week on a statement by Thomas F. Patton, President of Republic Business was done in the local Steel that the only question mark unofficial exchange market this for the steel Industry next year morning at the following rates;
in is the possibility of a strlice US dollar (per $1)*..**.*** Stering notas ipap 1) .....
18:05 July when the present labour Australian notes (per 211 12.64 contract expires. Indonesian rupiah (per 100; Stom ticals· jper): 100) Singapore (Straila)
Leaders of the oll Industry at 100 their meeting in Chicago pre-
NY Cotton Futures In
Defensive Position
New York, Nov. 16.
Cotton futures this week ruled alternately steady and unsettled- but operated from a defensive position most of the time.
Business leaders are hopeful will that the Christmas seaSON
the And Prof. Milton Friedman of provide the impetus to consumTY → the University of Chicago school er demand to maintain
Fumer-demand is needed, f of economies said "there is wide economie recovery. Such a con- four of substantial indaplops in, since other factors" which coming decades... Ir'sö, {t
At Friday's close the list ruled spurred recovery now may have of probably will be the result
spent the force. Military orders off 14 to 22 points, or 70 cents ever-reaction by governmental have crested out after a surde to $1,10 a bale below the preced-
tượ
is la
the
But not all businessmen lieve that initiation
ing week.
December Liquidation in the delivery, anticipating first notice day on November" absorbed at the weekend ap- proximated 132,000 balcs.
21, was
Other spot interests became
new
ssparingly, yet felently, no provided street lighting, immediate future. If so, there 1858's Christmas snieg whil berment sellers of the
Crop December delivery around
sald, that it runs up to a year 'for Kuwait, Accra ond before 18 power source-n
flashlight "D" Colombo has now supplied alectric lanterns for Lon-
single, separate
battery-needs replacement.
The AM radio has an engineered long distance transis- Lorised Chassis Using four mercury finshlight batteries, the receiver operates up to 400 houra
on one set of cells, he said.
cabinet og room
む
today's prices to beat the in- fiation prices.
don's fumour Tower Bridge. Instead, inventory, liquidation Bradstreet reported
authorities to the economic
in the first half of the year; cessions which occur from time
there is a tightening of mortgage to time." Friedman belloves the free enterprise system is flexible money which will affect Housing starts, and in many states the enough to adapt to open in-
great numbers of unemployed nough.
have exhausted their unemploy ment Insurance payments.
Many retailers belleve that would be a rush to stock up at the best in history, noting that is a heartening already there strength in the figures. Dun and that total dollar volume for retali salds in the remained at about a TIC
November latest wall-mounted type to be postwar pace. For the third the week ended
wero some four per cent beller seen throughout the City of quarter, liquidation was at an
than the same weeks a year ago, London and alro in Melbourne, annual rate of four billion, coin- Australia.
pared to 96 billion in the first and the Federal Reserve Board quarter and 8 billion in the said that dollar volume for the
week ended November:1 second quarter.
a year ago. Ave per cent over Other factors working against Even with these rising figures, "runaway" inflation; however, and assuming a record volume for the Christmas sea- zon, yearly volume probably will be the same for 1958 ns for 1957.
The new lanterns
The Arm, a London frm estab- Ilshed on the river a hundred
"AB Et cordless receiver" epokeamon stated, "the Golden years ago, has been supplying Triangle can be used anywhere Tower Bridge with electrical immediate throughout the home on a table equipment for nearly sixty or deste top,
electric signalilak years. An divider, or an open shelf or in system has been in use since a mantel incation. 1 com-
1900 and was brought up to pactness, swivel-at-a-touch use-nto in 1030 by the provision of fulness, and wake to murde alar mechanism to indicate the state also make the instrument ideat of trame and the position of the for night and use."
BATTERY DRAIN
normal
STRATEGIC
bascule locks to the cont MATERIALS
point.
Capital Spending
Was
|
the 31.00-cent level, with New Orleans brokers on the buying
ride.
Heavy Rate
JAPAN TRIES TO CIRCUMVENT
CHINA SHUTOUT
Tokyo, Nov. 16.
The
Dow-Jones
Industrial week at
the
and 65
Sales averaged 4,189,000 shares daily unst a daily average of 3,104,000 shares last week.
American Motors featured the trading and lost 1 points on the week. Sperry Rand W03 second with a gain of three points.
Eastman Kodak gained 10 "points'en the 'week; Johnson & Johnson 18. Zenith 114. Polnrold 6%, Pilzet 74, Ameri- ean Borsch 4, Lockheed 4%, American Telephone 31⁄2 Rohr Aircraft (1 for 2 split) 8% Lorillard 4%, Crane 41⁄4, Ameri- can Machine & Foundry 075. Goodyear 34, Magnavoz 5%, and Smith Kline & French 5% U.P. I.
-15
J
LONDON
STOCK MARKET
London, Nov. 14.- The stock market closed Irregularly higher today in light trading. The over- night fall on Wall Stroot put a roin on investor anthusiasm,
However, bullish news from Industrial leaders such as Unl- lover, Tube Investments and the Distillers helped to keep
zeneral undertono fren
The Japanese steel industry, alarmed by a dip in steel exports, is attempting to get back into the Communist China market by trans-support and a smail fall in the
shipment through Indonesia, it was learned today..
moneuvre,
Gilt-edged securities wero but government buying
Treasury Bill rate lifted prices
somewhat ' 'above the lows at the close.
Street.
The exceedingly heavy rate of
under
the producer entrie rovernment loan programme are expected to have a market effect }
through
Other Industries were believerly The toport was officially
continued Selective buying inter in the season
be attempting the same denied by the Japanese Govern- to give a Brm tone to the in- tightening in the free supply to but for the resent the outside.
ment and the indications are dustrial section. Shipping stocks that the talks are being carried improved, and breweries and trading Inlerent paid more atten- lon Lio. the stock market and the
However, steel men are not on by Japanese businessmph winding stores were firm. faster-moving commodities ke
optimistic of their chances a private basis.
Olis drilled lower 1x |cocoa, copper and coffee,
circumventing the Chinese shut-
with Wall Other tradore adopting cut of Japan's goods and no
Japan's atcel Industry has been sympathy Another optimistic portent is neutral position in the new crop chatice of matching the order for suffering from an up-and-down! Ultramar was an exception and in capital spending, where a aut-months thought new steps would 350,000 tons of steel products do- ductuation in business. With Anished strong.
COPPERS vey of 12 business Dons by the be initiated as the opening of tained by West Germany from domestic demand down since Wall Street Journal showed that the now Congress looking toward Peking.
last year, steelmakers. had been Washington, Nov. 16.
· concentrating on exports. Recently a bus driver caused
Gold slycka wore
Arm, but 2-1950 capital spending probably changes in the farm programme. President Elsenhower
will exceed the Expected
coppers caked. sensation by jumping the gap
As a result of this drive, ak being proved today a new and cx-
report The government crop
auris in the drit six months of Tins while the bridge
good Improved on was fited pandent list of strategic minerals billion for 1958, although it will thised; a device
the be below the all-time record of published at outset of the weeks, to ensure that the bridge could and chemicals which
37 billion in 1957, .
had little market effect. The In
These manoeuvres were be- the bag fitcal vent April-dividend statements, and rubber
fabuda were firm. nat be raised while the tento Agriculture Department may
A Low months ago the pre-dicated yield of 11,764,000 bries
reporta from September-increated to almost Alnico 3 speaker greatly reduce lights remained green, At the attempt to obtain from abroad dicted 1000 capital spending was showed an increase
of $8,000 loved "poine" or distortion within the same time a toud haller was through barier transactions.
negotiating Ampliner at the same time that supplied incorporating a high
140 million, The strategic materials' would well under the 1000 figure, but bales over the previous estimate Djakarta recently that Japanese one million tons, or a value of
deal with private triangular-trade It extends the tonal response frequency signed as an automatic be bartered for surplus sgricul the strong recovery of business and was about 200,000 bales be- tilicials were
Indonesia and China, produced by the apestor, he
Indication to ships of the stato tural commodities under the generally has prompted many low average of fout adid tion extra bull of the bridge. This replaced the agriculture, isque development coroprations which previously estimates.-U. F. L.
ideation, an extra quailty fen-
older semaphobe imgthyd. (Sle- | and aaristanco Det fhown ture, he explained, samures less
100 battery drairi, more available mons Elson Swan Ltd, 155 popularly as public law
Charing Cross Road, London," Tho, strategia matrials would volume, and providey great w.c.3.) -
be added to the national jock- I pilla or the office of civilian and
defence mobilisation.-U.P.I.
In the Golden Triangle radio,
a highly sensive and selective
instrument, use of a special "feed
back" circuitry coupled with the
Lind Latorted power output.
An automalle volumb control
eliminates sudden biaste of sound
whe
by leveling. variations in dit- DRAUGHT EXCLUDER
fdront incoming-signal strengths,
he stated,
The
Golden Triangl
A
NEW draught excluder
Postponed
W
Paris, Nov, 20. is geslangd for metal windows amazingly simple to operate. To has been designed for metal Britain her "postponed in pro-get the railo far in morning windows of British standard definitely the free trade are wake-up alarm reunires just two dealen. It is a clip-on phosphor negotiation which were stop, in Alated, and the use of branza draught excluder, and haju. Dren remuined' in Paris on two comitola conveniently located can be Olied without fople, (IE: | Wolpenday, atomeist Delush on the front of the clock lace Hollat & Co. Ltd., 6. Chothani | spokukávmi #alq
Reuter Place, London, 8.W.1.). Deart.
Negotiating
behind
WEEKLY U.S. COTTON GOODS MARKET
Target Volumé
'At the end of the account oll shares staged a minor recovery after starting the week Quil According to the Financial Tanda weekly share Indices, oll shares havi rison considerably loss than any other category Bindu this comes to 70. part of shuron in the post Tour cent of the target võlarié for, months, "There have beon of activity, but note the fiscal year and 02 per cant flasher
sustained pr long. seemed at the yatum, stoot thills are cons production, Naw York, Nov. 16. particularly on print cloth num curtailed
shlo to, “roach Gold shares this week have bren decidedly flemer, with GRADUAL Improvement bar, as a result of the mill or surprised to find the goods they ident of being
tallment production programme wanted for November-Decen their expert goal.
In
Copper delivery was, not available
domand' preity” good. for adopted sometiano ago In the demand
The stock market rise, points] many instances.
But they are alarmed by a have been a dull market on the cofton'groy gapds," "apparent
fall in the price of the metal. ilar more than a month, ed 'up by better business ow
higher raw downward trend that started in Tins and load-zines have been Prospects for
September's stock frregular. gather momentum this week, generally along with inflationary
paychology and a acasonal In-cotton costs in the arst quarter September. with some print cloth users prose in demand all have been of Text rear and chances for exporta latalled 182,000 tons
I changing market new wore Increase domands, by
mlilworkers, sulfoned the deter worth 10 million, down 12 per hesitancy at the end of the stretching their interest into factors
sentiment. the fampart af 1939.95
Buyers became
In value from Außul~N.P.I. the gommodity.--UP). Increasingly Mill brocutlys said bure mining of millele hold for rent in volume and 10 por cent account, were sumen, halped. by award of a shrinking“ supply, i despite previous warning about higher pricós-UPI,
. ༣**
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