SCIENCE ANI
THE CHINA MAIL, MONDAY, DECEMBER 1, 1958.
Weekly Survey Of The American Economy
Page D
ENGINEERING U.S. RECOVERY IN SPASMS
Latest Radar Training
-System-
The world's latest radar simulator system was demon- strated at the works of
Electronic Belartron
Group, Lid. In Manta. Fully comilatio training and exercise can be performed without atations, or interfering with routes.
alvli
air
An important thing le that the
to built aystom
on the brick principle, and can thus be adapted shd changed as the knowledge and scope for radar The system will never grows.
out-dated.-Central Preas
Photu.
bo
Strange Claims Made
For New Motor Car Oil
By WILLIAM SMYLY
TWENTY-FIVE kilometres around Kowloon
with no oil in the sump.
and at the end
of the journey the engine sounded as good as new.
That was the ordeal which Andro EffT subjected his MGA sports car in an observed
•un on Prkbay evening. Vic
was recompanied on the run by
Mr P. P. WIllams, chairman
However for new cars, or for uld ears in good repair, this oil may prove to be another motor- ing money-saver.
of the Hongkong Motor Clubs SWEDISH PIPELINE
when the club oficially tested
stange clubns made for a new
Jubrication additive which hasMADE OF PLASTIC
reached Hongkong
In fact the motor sports club hnd tested the lubricant pretty thoroughly before
test, and most of the cars and
Macao Grand this additive.
PIPELINE in plastics for
the Friday the discharge of acid- almost all the winners in the containing waste water and Prix ran used believed to be the biggest of its kind in Europe has just been put into operation ot the now cellulose plant of Monsteras, South Sweden, owned by tho Swedish Forest Owners' Association.
POLAR ATTRACTION
The pipes for this installa- tion. which is about one mile long, were manufactured in con- tinuous production and delivered in lengths of 33 11.
Their dinenoter is 3 ft. and
thickness of the walls
The additive is explained as a polar attraction an oil with for metal due to some chango in one of the atoms of the hydro- carbon molecule. This attraction in said to cause the oil to cling to metal when other oll with at the polar attraction would be wiped or drip away. it in used as an additive because the tho polar altrusted mulccules sald to find their
The pipes were manufactured metal parts and coat them, leavby the Swedish Hoganas-Billes- ing surplus all to circulate In holm Company by means of the usual was,
hence the machinery having a capacity of ability of Andre Pfaff's MGA about 40 m per day,specially to run 25 kilometres on a hot designed and built by the com- afternoon with an empty sumap.pany's own engineers.
The material is glass-fibre re- wonder products inforced polyester,"
ares 175 in.
all way to
The product is one of a num-
ber of new
manufactured Ju the United
States by a secret formuin. It
Sudden Drop On Exchange Didn't Worry Businessmen
New York, Nov. 30. ・・
HONGKONG Hectic Week
STOCK EXCHANGE
Our Own Correspondant Business done an the Hong-
morning amounted ta
BANKS
appro-
790 900 10 7421
20 1.29 3 790
The sudden and sharp drop in the stock market this week does not worry the great body of conservative U.S. business- men, who had expected just such an adjustment and discounted any pessimism on the overall business picture. kong Block Exchange this Re-oppraisal by experts, who. Business aliisation of plant plateau of business in the past ximately $362,000. Noon quota noted that the market yesterday stood at 88 per cent last spring, few weeks actually has been a tions and the morning's trous- trained NOMIC four billion and the revised estlinates of 1959 | bood, smer it checked undue | actions were:
valuation, or one-third the demand Indicate that output next optimism and emphasined the Shares Buyers Sellers Kalea lors lu the three preceding spring will, in more and more health basis of the overall im-
HK Bank sessions, showed that the selling Industries, be pressing hard upon provements. which tuched off the decline capacity. The utilisation may was by Individuals, not the reach 95 per cent, which means investors
that capitat spending will Some segments of the business | far higher than forecast just a community
Most exprels were worried about few weeks ago. the sluwing pace of the recovery
now agree that the recession te treeri the recession But upon itself as a result of falling] economists say that this is the proft, rather than as an excess normal way for the recovery to capacity problem, come There will be spurts, then a plateau, then another spurt as the economy steadily climbs to its normal volume,
Far Above
Business in September and October was far above the ex-; ivetation, und thez optimistic forecasta of consumpilph, sales and protiko
autos
didn't
were
c
Now we shall see the other Fide of the
The boom coin. should feed upon itself as invest- Investment will ment groWE, create Jobs and will generata confidence in the And with more and greater cot- rate of consumer
even more
basle economy. jeb holders, Brience, the
Employment
71
140
*
113
12.20
21.20 21.40
"
30 301
14.00
1.35 1.3715
30205
2,00 2.10
Employment Stitt is not as 11 INSURANCES
Unlos should be. In October some 35 BUFFING million non-farm workers were | Wheelocky on short hairs that is, less than DOCES, ETC.
K. What.. the standard 40 hours per week. Duck It averaged 34 hours for them. Provident
And another
2.1 million Jobs LAND, ETC.
FIK Katel working at all-they HK Land were not had been sent home by the fag-umphreys tory to await reall, Manu-Realty
RUBIER farturing employment felj 200,090
Amalg from September to Delober, of Trust which 100,000 was In non- A. Tawah. 2.475
Singals Kooda, where
2.00 durable
UTILITIES
□ decilne is normal. other 100,000 was unusual, butter
Nuch The
25.70
850 € 29.10
Ferry.
104
190
100 BOS
709 16.30
24.10 2015
400 v 24.30
record: antirug ty kanel to rise, adding was eentred in the automotive | C. Light XD 14.29
make the sales
had
to the boom
Another factor airo scena to
vinee
the
Seems Ready
Jdustry, where strikes in major plants and ther D supplies plants caused heavy layoffs nt Detroit, Those problems have been solved now and December Agures should be vastly
heureging.
|
business picture.
nore
打
Government i
11)
Yaumati Electrle....
600 24.30 500 + 24.20 (11) 28 13 3573 12.90
23.70 23.90 (rta) 4.01 1 7344 07 INDUSTRIALS Cement
2431 STORES, ETC.
to come. Then late in October and in November, came a slow-be making itself lelta better
Telephone Now xport market for U.S. goods. ing of this recovery pace
It will come slowly, but it will
surety,
fro Come splash which had been expected world's dollar quying power is Largely because strikes
The increase in exporta arbed
production and
the rising dealers didn't have the cars to probably will be delayed until sell. Sales of durable goods did economic activity abroad rises
generally. not take the expected leap.
However, the constrvative eronomists still
belleve there will be record near-record activity in 1909 in most fields They bulleve that the upward pace will be quickened, perhaps ending the current plateau, as the Ameri- of can people swing into the Chris- mus shopping season, Record dollar volume is expected here, although the real value may bo less than in 1957 because higher prices will contribute to th higher dollar volume.
ہوں
With this push, and with auto oruction in high gear, sending the populur 1950 models L cealers in Increasing numbers, the overall economy should get a firm boost upword.
nationally.
Another good sign is the steadiness in the cost of living
it held steady in October at 123.7 per cent of the 1947-48 average. Thus the fear
of inflation receded somewhat, adding more fuel to the growing lerting of confidence. With added confidence business to once again spending money, making jobs and making activity.
Snapping Out
But that rise seems ready to occur, and the other nations now have the needed buying power. In early 1967 US exports were at $200 billon per year and, foreign nations test ore billion official gold and dollur
CITY LIGHTS ||
- Confidentially, a sharp rise is expected at any moment."
London Kapress. Servios
reserves to the U.S. Since then
"Business is anally snapping rate of U.S. shipments abroarti out of its negative frame of has fallen to $10 billion, while mind," said Iron Age magazine, at the some time US, imports noting the new orders for steel
From the rest of the world helt are coming from a broad cross-
steady and U.S. Investroent and section of economy, not Just
aid government
dipped only from the autobuilders.
slightly. Thus for the whole of The industrial output index of 1958 foreign countries may have The Federal Reserve Bourd increased Their liquid reserves showed 137 in September 138 in by more than three billion, of October, but Judicated it would which one billion is newly-mined!
gold and perhaps 2.5 billion in zold and dollars gained from the U.S.
by 142 in November and 19 much as 145 in December.
Inventory cutting, which was one of the major inetera in the
All of this will be available recession, has ali but stopped. fastead, a backlog of orders and goods to be shipped abroad. By
for use toward purchase of U.S pressures is accumulating. There the end of 1959, US exports is a housing backlog, consisting of applications or government- becked mortgages in excess of new veterans administration or Federal bousing udministration starts, should maintain through Mortgage the spring of 1959. money is not quite as easy now an a year ago, but the new con- press probably will loosen the xing again, and there will be no shortage of mortgaze money.
Backlog
1015 15.0 500 15% Lầu 12,10 5000 và 13 1200+ 13
13.50 13.00
Construction will be a solid Daly
1969 Watson the bolstering factor
L, Craw, estimates say that 52.3 billion COTTONS will be spent,
seven per cent Nanyang
INVESTMENTS more than in LOSA. of this, Int. Invest. 10.5 Bion will be
new H.K. & F.E housing.
Invest, If so, the new houses will need new refrigerators, new furnaces, and all the other durable goods which
make up a home
And, always In the back- ground, is the solid tulwark of detene, spending, Russian tactles ut Geneva and in the United Limited interest was shown Nations indicate no casing of by the Middle East, For East
South pressures, elther in the cold war | and
AmericsChing
Gold Market
Zurich, Nov. 30. The gold bar market was frm during the week ended Noven ber 28 with treding quiat.
or in the economie war. Private Mall Special
believe the sourers
cost America, in Government spend.
Ing. will be many billions aver current estimates. If so, it is a
Exchange Rates
sold floor to prosperity, but also Bus:neza was done in the total
un invitation to inflation which morning at the following rates:- can be conquered only by In-US dollar per $1
creased productivity--and that seems to be on the way with the increased capital spending, ---
U.P.I.
Cotton
unaricial exclunge market this
6.70
Sterling notes (per £1) Australian notes iper El Indonesian rupiah (per 100) Sam ticals (per 100) Singapore (Siraits)
10.97
12.75
6.23
26.75
On Wall Street
New York, Nov. 30. Stocks fell sharply on Monday and Tuesday of this week and then rallied sharply, closing the week and the month on a strong note.
The Monday decline at 14.08; that the market had doch carried points In industrials was the too fast and was due for a widest since September 20, 1958, | corrective reaction. the Arst session after President Tho subsequent recovery Elsenhower's heart attack. At came also without benefit of that time the market plunged special developmenta and was 31.89 points, scond widest drop the moro
to the encouraging List Erd
bulls because the experts had The Tuesday deeline was said a real sensation would be smuller but carried through the required in the nowa to restore 1st with closing prices around lussca, the luws. These two days of
Business news leaned to the deeling plus a loss the previous bullish Didb although whun the three-day prices were in a decline, market Friday brought
drop to 25.72 points in the men stressed the adverse items Industrial average; six poluis and interpreted
practically in Falls; and 3,14 points in every development bearishly. uutities
Industrials
Sales Averaged
Sales for the week averaged
The rise on Wednesday varrint | 4,295,000 shares dally, against a Industrials up 8.03 polats, the dally average in the previous best gain in exactly a year to week of 1,143,000 shares. the time when the market was recovering from the drop that same on the President's cerebral occlusion.
December usually is a month cứ gain for the marloe! with IMARY traders reinvesting the received In
and interest dividends and with tax selling
However, the bulls
After the hellday the market out of the way. This year with
new Rathered
and the market strength
Bround He record finished sharply higher
on highs, there are some doubtera Fríduy.
who think it may level off to The Friday and Wednesday | consolidate its position. recoveries combined restored 66 per cent of the loss in industrials, home on Friday with conviction 02 per cent in the ralls, 30 per the end had not come in cent in the utilities and 65 per bull cent in the US stocks contained | further gains and further new
highs-U.P.I. in these three averages.
Measured in dollars, the
market lost $10,950,000,000 In valuation of all listed issues in the Friday-Tuesday drop and regained $7,300,000,000 In Wednesday and Friday sessions
Net Changes
the
For the week as a whole the net changes in the averages tmounted to very little.
There was nothing unusual in the news to account for the de cline which Wall Street exports; 120 sald was technical. They held
Futures Become
Two-Sided In New York
New York, Nov. 30.
went
the
market. They expected
The Rush
On London
Market
London, Nov. 30. There had been plenty of excitement in the stock markets this past week with a rush to sell early in the week followed by a bigger rush to buy later.
Industrials opened hesitantly, then fell sharply with gilt- edged, clls and mines on the nows of Monday's break on Wall Street. Prices suffered their sharpest decline in zagre
selling gained added momentum.
THE EFFECT
Cotton futures trading became more of a two-sided affair in than three years as the heavy
a holiday-shortened week for four sessions.
Bank Of England Statement
London, Nov. 30. The Bank of England state- 28, reads as follows: ment for tho week onded Nov.
Notes in efrelation .. Public deposita.... Privato deposits Government securities Other recurities fleeript
Fello
Sterling 2,044,210,004
12,119,034
Continuing
colton
weakness mills were backing away In developed in old crop deliveries anticipation of cheaper while the new crep deliveries from the 1959 crop. showed minor changes clther
way.
At Friday's close the general Ist ruled
CALL SALES
Unixed call
sales
issued high coupons
The effect of the New York setback was intensifed by other technical positions. Long and as of undated issues have suffered Medium dated haye 60 lower to three November 21 dropped 12,000 most.
shown more resistance while points higher, cr off $3 a bale to bales to 112,100 bales compared recently 15 cents a bale higher than the with 508,400 bales last year have held their ground quite preceding week.
Technicians explained the drop well
and Banks, Insurance in call sales as possibly in LIQUIDATION
hire-purchase shares were dicating the reluctance of mille marked down with the rest of December liquidation, follow to buy cotton for forward 253,639.500 mg the Issuance and circulation delivery.
the market, 27843,207 of
moderate amount of
Producer loan entries for the German Issues were easier in 57,004,902 delivery notices, co-featured in
week ended November 24 the foreign bond section main- 17, the nearby months with active totalled 448,032 bales, -UPÏ.
Derlin aney due to the current trade hedging, in the March and high for the season, The net situation. May deliveries.
stock of 1058 crop cotton under Trading solling in the spring toan amounted to 3,038,499 baien. months refected disappointment versus only 087.100 bales to the news of the over the markel's inability to some time last year. U.P.L. develop sustained rallying power
310,418,436
Bank Of France Statement
could be as much as $18 billion. The rise in reserves has been heaviest in the United Kingdom But market increase also was shown by Italy, Belgium, the Netherlands, Germany, Switzer land and Japan. Since European economies are in a lull now, thu American exporta to Europe won't pick up until the European economies themselves get back toward high ground. But such nn improvement seems la còme,
Paris, Nov. 30. Apather backlog is in capital as it has already in Canada.
The Bank of France state Avods, which had been expected When it does, the American ex-ment for the week ended Nov. to be perhaps the last sector af parts will shore in the rise. 20, reads an icllows: business to get back to old highs. Inflation remains in the ple-
Franc Folding 247,558,200,496 I had been thought that mosi ture, but is being more and more Total gald
Total ather eurrenales 10,049,350,280 finns had all the factory facilities discounted us a real threat, The Sight race abroad nectisd But more and more fact that prices have held steady in EPU
14.125,200,000 indiatrics are announcing ax for many weeks now has given Advance to Stabiliza-
tled Fund pansion plans, and even more great contience to the anti- Teini bulls discounted 1,038,214,699,763 NEW oil-resistant zyn.plants are planning modernise-inflation forces, itico it indicates Danknotes in circule
rather than new "runaway" inflation which is so
dangerous. In this instance, thei
has been available in the United OIL RESISTANT
States for rome time, but ex-;
WAA
port to Hongkong was restricted ur it .embargo product which could
regarded be an RUBBER SOLES
not be allowed to
cross
the
A
#
in face of the rapid rate with which cotton
been going has under the
joan Government
shelter this season.
The need for Chris mas funds nice was presumed to be chan nelling a greater amount of the how crop glanings into com- meretal channels,
Other sellers indicated dis- over the low appointment 410,820 18 the recent expansion in textile -V.P.L Balcs. Some quarter thought
border in bulk into mainland) thetic rubber is being chinery
tion, which ratana new that there is alight chance of the on ............. 3,201,200.348,000 demand for spot cotton despite
China,
The Arm marketing the addi-used to make sales for work brick and mortar.
tive through main garages and shoos that are subjected to
filling antions offers additives oil and abrasivo sorvice. They
for ruciators and petrol tanks are particularly suitable for
well as Sumps and crank cuser, But the agents do not use on steel docką.
пя
Weekly
Current accounts and
depustis
U.S. Cotton Goods Market
years, have
The most striking
£64 Million Publahing
Worth
Of
Apancfol
week is that the Dally Mirror group la consider. ing making way for the ordin ary capital of Amalgamated
The Press.
world's largest business,
the Amalgamated Press share- holders will receive a Useful
Income and Increase in major strengthening of their petition. The great battle over Anglo-American British Aluminium bas yet to he fought.
Business Al groups
Canton Fair
SHAKE-OUT
A
Paris, Nov. 30. Twelve thousand transactions The Wall Struct thake-out totalling over 440 million yuan was particularly severely felt in (approximately 204,000,000) leading olls, particularly from were made at the 1968 Autumn British Petroleum which ap- Export Commodities Fair which pears to bo relatively immuno promise that it will suit all cars. In tests the soles have been
closed in Canton tonight, Radio from North American influences. They point out that the wom for more than 20 weeks
anxious to acquire a variety of in several
boon Uncertainty whether milla, now | Peking reported, under industrial conditions that
Royal Dutch and Shell Trans- New York, Nov. 30. molecistar attraction of the
The fair which Jesied one port now have to contend with a product'n moleculo for metal caused previously available oil-The
grey goods Icading constructions, willingly ordering in depth." Abandon- resting on a robust order back- cotton
paid promum prices for goods ing the recent axed policy of log, might not resume six-day} and half months was attended rather diamel quarterly earn- makes i dig down like a deter resistant shog sales to wear nut
market ruled strong this available for delivery to the taking only sample cuts, mumu operations after the new year; 2, by 3,000 businceamen from 41 Ings statement, Shell was down gent under rust and Impurity, in three to four werks.
week but trading Tesla are being undertaken
was new year.
facturers have
uren Including 2/7% on the week and Royal been endoring A weak spell in cotten futurea; countrien and în a dirty radiator the sudden
limited. into its possible use for cabla
In print goods, the usual pace for stock.
3. Possibilities for cheaper raw Great Britain, France, India, In- Dutch 21/33 of a sterling. Ioosening of too much scale jacketing, hose, tubing, gasket-
patter 30-square construction
cotton prices in 1969 if produc-donosin, Cambodia, Dura dould block a water pump and ing, conveyor-balt covers, flexi-
The shuidown of many mills cold at 18% conis cn standard While the practice is far from ❘tion controls are modified and| U.A.R.. fraq, Ghana, Lebaron, The Kaffir market reacted to dauce overheating in a dirty bie window mouldings and bont fer, the Thanksgiving holiday, goods for prompt delivery, un 14 universal, maritat technicians lower price supports develop. Holland, Norway, Chile and Wall Street like the other "ljut argine the loosening of earb Attings.
position "of pants en tha week and 1⁄4 to 1⁄2 | hoped 13 signidea a return to thei and the sold-up
Many manufacturers havo Canada.
recovered later, and the elect and partial decarbonising could
But contineha Key ingredients
The commodities on display was shortlived, of the leading producers, alter four cent higher than a month ago.historie practice of antipating asserted they intend to stick to Jégva the valves improperly material are a nitrile-type syn- weeks of booming vated, Premium quality eighty's moved i nords ratlier than the edcent the five-day week instead of at the fair came to more than 1a1 buying of gold shatda'seblás seated and result in loss of thetle rubber and a vinyl plastid position of leading producers, audity cert ilgher. Dag hand-to-mouth practice of lake six dayo, But reluctant buyers, 22,000 kinda - more than in to have dried up and thereo la n compression and power. Or an resin. Blending of the plastic offor tour works of booming sheetings, oanaburgs und number) ing samples and then walling counting on chances that mills previous years, the Radlo said, tendency for them to move Platinum 'sharem oki exhaust pipe, rusted with the rubber Is accomplished ples, accounted for the low-ot wale industrial fabrics also for business to, materlise before again will stretch out the work-i adding that there include radio downward. through, in places but adil by · specially developed down.
showed sirengthening- ton- | raordering.
ing week, ⠀ continued to cover equipment and new-type radio) have been affected by another holding together, would fall | technique. The rubber
Market analysis expected denetes:
Market optimismy, however, only throughs 1900 and into the nets, fiqula glucogno and 7,000 cut in the metal price... Cappers away entirely with this additive developed by dro-Cord Rubber prices to continue on the strong In nabo goods, converters was tempered to a degree in the new year on a limited at other how pretheets---France-! have reflected American ine
Company, Lima, Ohio, UPA, side for the rest of 1908. Dayıza, i unių dutters, for the first time latter part of the week by: 1.UPL
Autonces, U.P.I.
Pressh
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