1959-01-19 — Page 9

1

SCIENCE AND

THE CHINA MAJL MONDAY, JANUARY 19, 1959.

Weekly Survey Of The American Economy

Fare

ENGINEERING KE COMBATS INFLATION

ROBOT TELEPHONE ANSWERS CALLS AND RECORDS MESSAGES AUTOMATIC equipment being produced by a company answers a telephone and records a callers message.

When A call, is made to a telephone number to which the i

equipment is connected, there is a jouse between ten and Bfteen Lunds in eae tite subscriber

Hinkley Point

himself answers. If he does A-Power Station

But do so there is on automatic answer insteady by n Dre recorded announcement to Cho eniler.

The recording mechanism then heghe, to operate so that if the valler swishes to leave a messe age the new equipasent records I attomatically.

SILENCE

W Point in December 1957,

XXƑORK began at Hinkley

and

considerable progross The has been made sinca. Station being built for the ¦ Central Electricity Generat

ing Board by the English Electric, Babcock & Wilcox, Wondrow Taylor

atomic power group is the largest atomic power station in the world (500 MW) now under į construction.

Once the reading: mechanista Starts, the chine continues to record until there is a silence hosting at least eight reconds. the eüller does not spenk during: this period the machine shuts down and a closing almowner | largest of the four natural met y antenatially given.

When the caller leaves a mens- age the machine will record

and continues to record dall

Price

HONGKONG

Stability Move Viewed As Timely Step STOCK

New York, Jan. 18,

With recovery from the recession now well under way, President Eisenhower's proposal in his State of Union Message for a special cabinet committee on price stability was viewed as a timely step to curb what many economists now regard as the number one danger in the American economy -inflation.

EXCHANGE

Our Own Correspondent

Business done on the Hong

kong Stock Exchange this morning amounted to approxi- [mately $427,000. Noon quota-

tions and the morning's trans- actions were:

Abares Buyers Sellers Setes

One of the year's first rounda of contract negotiations opened BANKS

this week in Kansas City, where x Bank ..

Onteints in Washington anid the seasonal rise ordinazily ex- the proposal showed the Ad-pected in December. ministration's finn determination Manufacturing cmployment to launch a "grass roots" drive, fell by 50,000 from the month members of the-oli, chemical and † Färt Asta . to ensure stable prices in a year before to 6.7 million, largely as atomic workers union und bar- INSURANCES that will see wage negotiatious a result of seasonal declines in gainers for Sinclair Oll Corp. | Umost in several key industries,

canning and food processing, met. The Sinclair contract has Biscihower's advisers, these Unemployment in the auto in-traditionally set pattern for oficials report, are convinced dustry improved more than the oil industry. that the current and continuing usual for the month, the report primary metals, recovery means a steady rate of said, growth for the eronomy. The especially steel, showing better main question is how eich this than usual improvement for the growth will cost in terms of Afth month in a row. inflation.

The Idea

with

The factory work-week rose by 18 minutes, in keeping with previous December perform Orices, to 40 hours and 12 The iden for the cabinet coniininutes the longest since the mittee on price elability. It is pre-recession month of February, widely held, originated with a 1057. group that include: Secretary of Labour James . Mitchell and Raymond Soutuier, a highly- placed 60

government economis..

It is not only by for the

manum, gas-cooled, graphite- moderated type now under con- struction in the United King- dom, but its net electrical out- put of 500 MW from two reac-

either the catler stops speakingfors will be something like for longer than eigİN seconds

or replaces the receiver,

nre

Three important ses claimed for the new equipment To provide an automatic tele phone answering and recording

per cent more than is expected from ather reactors of compara- ble size, and I will be the first to provide electricity within the average generating cost at pre- sent

Earnings

Factory workers weekly carn-

With management and labour their forces for anthering negotiations expected to open in mid-day, the steel industry attained its greatest production last week in the past 16 months.

NIO 010

300

22

13

24.00

SHIPPING Waterbot Wheelock.. DOCKS. ETC. K. Whart Dock Provident.. LAND, TC.

Hotel 22.20 IIK Land..

Really

RUBBER

100

2006 45

13 1230

301%

16

Industrials Set A New Record High

Now York, Jan. 18. The industrial stock average set a new record high during the past week and all but scaled the 600-level which has been something of a goal for the bullish element.

The average closed the week | day with a loss of less than a 1 595.75 up 3.03 points on the quarter point. week. That was a record closing The industrials eased On high.

Monday and had a decline of nearly two points on Tuesday, They gained the remainder of

The Friday intra-day high was 699.09. The intru-day high

an average of the highs of the week

Rails were off Tues-

the 30 Issues used 10 complie day and Friday, Uilities dipped the average. It is practically on Tuesday and Thursday. impossible for all the stocks to

41 256) make their high at the some lime and hence such average 1.50 1.325 50000 m 15%

never is touched in the market, but it is regarded as highly im- 1.00 1457 @ 1.875 portant by the statisticlons.

The American Iron and Steel Humphreys

(it) 12.00 Institute estimated this week's production at 2,123,000 tons. Production was expected this week to be at a rate of 75 per cent of the industry's new an- nual capacity

147,633,070 tons.

of

Despite the danger of a strike This group began meeting lastings climbed to a record average this summer and the lowest August with a view both 10 of 88.04 on the strength of the sleeks in nine years, steel users trimming the budget and deter- longer work-week and a two-wa taking their time about mining what influence the Ad-cent increase in average hourly rebuilding Inventories, according ministration could bring to bear carriag

the private sector of the economy in order to keep prices stable.

DEL applicable in the United Kinnelon 465 pence per unit).

These advances are the result of curetul, design study, coupled

provides freely for the sub-

service in the absence of the Subscriber, to record a part or; the whole of a two-way conversi sation when the machine is set with the choice of a site which for that purpose, and to record

a telephone message, of a con-untial cooling water require-

plex natury, when the rubscriber has answered the rall, thereby doing away with the need for notetaking.

The equipment is claimed to he simple to install and is operated from the normal inaina supply.

STORAGE

1

The recording storage is up to 30 minutes and has breni found that this will allow for a

dozen not mal messages.

The equipment is designed 10 that it will only answer the caller if at least three minutes of {1 This recording time gerada,

mount of time is not available there is no answer,

To hear the inescanes Jeft for bum the subscriber merely turn

the

entrol knob t "rewind"

and then to "play,"

Messages

rother heavily

is

Amalg

A. Tawahi Sungala

UTILITIES

Tram

Star Ferry

1675

tow

24

600-Mark

Climate

was and

The business climate The market ogrecable to nothing uploward occurred on foreign fronts to hurt lhe market, Large amounts of money seemed to be available

Having for all practical pur- each time prices slipped back peres hit the 600 mark, there is although

1000 27.20 ... 27.10 27.20

600 3750 107

a prospect the market 300 OF 934 encounter proẞt-taking. 10.30 10

5000+ 10.4

95630gure was something of a goal Eletric (0) 25.60 25.10. 80 23.0

200 m 23.70

Yeumat

Light

INDUSTRIALS Cement

500 25.00

Was

profit-taking seemed

and

to be gaining headway in the This final session of the week.

Individual glocks outper. CIT for the bullish contingent and tormed-he general list.

Commercial hence having' nebleved It they Financial 2000 @ 3.09 may wish to realise some of the Credit got a jolt when it was fat produs that have been run earned the Ford Motor Co. plan 25.00 up in the past year when the

to el up its own financing In an 23.00 market

almost agency for the purchase of new елта That would mean a big straight line rise.

Gains in the leading averages | competitor for these two cor- were small on the week und panics, also mall in the first 11 sessions American Metal enjoyed

1950.

spurt when il was learned The railroad group had the method had been found to cast advance percentagewise, molybdenum in which the firm

closed the specialises, 300 18% The rail average

The markes longurship locked week at 107.17 up 3.50 points. They hit a new high since 1950 the issues Wall Street likes to The 2000 4.000 Thursday and closed on Fri-er in the active spots.

Macao E..

25 0.00

100

200

10.00 105% 13.20 13.00 ..

14.70

200 d 26.49

1000

10.40

18:30

13.20

Dairy

to the trade publication Iron Age. "A small inventory build-re Any economie expansion up is looked for in January," the strong enough to overcome this publication said, "but consider. lag in cmployment, 1t The President was roundly

ing the rate of Incoming orders applauded by members of Con- generally believed., will depend and the rise in steel use, the un Increase outlook now is that it will be gress when he said be would

in capital outlays by business. March before there is any real STORES, ETC. present them next Monday with though recent surveys indicate addition to stocks." The Watson When the station is completed in "realistic budget with wholly that businessmen

are not yet magazine said the demand for ↑ L. Craw attainable objectives" for the

increase steel, especially of the cold roll-

MISCELLANEOUS fiscal year starting July 1. On planning a substantial have six steam-raising

in expenditures for plant and ed variety. was tightening, and ch. t. Tuesday he told a briefing Republican Party Loaders that equipment at least, not until

was expected to lighten further Vibro spring-a continued strengthen during April, May and June. INVESTMENTS the Asta 1900 budget con- templates

surplus of 100 ing of consumer demand night U.P.I." Ú million.

Henis.

in 1962, the two reactors will

ch

uits giving a total steam pro- duction capacity of 5 million main stapplied to six 1h./hr, turbo-alternators each of 93.5 MW rating and to farm variable per turbo-alternators supply- ing t was circulator drives.

Air-Conditioning System Saves Space

N air-conditioning sys-

AN

It is on the private sector of the economy, however, that the commitice is expected centrate in its efferis prices stable, as the Kathers uenientum.

consurner

well induce businessmen to B their sights somewhat higher.

Dependence on spending was stressed last week to con- in an address before the annual to hold content:un of the National recovery Retail Merchants Assolation in New York. Malcolm . McNair, Professor of Retailing at the price Harvard Business School, told stability may be backed up with the storekeepers that consumer radio and television talks by the President on the

necessity

The campaign for

spending will be the main underplaining of the recovery

Allied

COTTON

ܪ܃

FUTURES

MOVE MODESTLY

New York, Jan. 18.

nelives included such issues 05

American Molors, 3. 1. Case, Avco, United Cigar-Whelan, CIT Financial, and American Metal Climax.

Steele enjoyed a good market late in the week. The high- priced ones were the best per- . formers.

Sale for the week totalled |21,015,080 shares, a' dally over-

ago of 4,203,018 shares dally and the most since the four-day

November 28,

tem which saves 30 for keeping the wage-price this year, with no "boom" before Cotton futures were traded modestly over the past week with near de- Thanksgiving Duy week of much space it con reduce spiral under control.

the height of a 10-storey

building by the equivalent

of one storey has been intro-

1960 when capital outlays pick |

Price Index

up.

Åtter maintaining a steady.

123.7 level for

firm of heating

to

are played, back through the duced by a Sheffield, York- loudspeaker

headphones.shiro, Dr

Should there by incoming engineers. coll during this period the bad will ring in the normal way un the subscriber need only tura the control knob to "pause" if he

The system is intended nice the current fashion for tall ofilce blocks. 10 demonstrate | it the

manufacturers have In-

building.

wishes to answer the call, This stalled it in their own office holds the ranchine at rest until the subscriber has thisbed his conversation.

The saving in space is obtain

ed by circulating the air at high

In order to cruse messages. verocity. Thus inuch sinatler air The "rewind" Fict "eras" | carrying ducts are needed and switches are used together. as a result Uxe floor lo floor (Southern Instruments Limited, | heights of storeys can be cut Frimley Road,

Camberley, swn. It Is a dial duct system Surrey.)

Suitcase Designed

For Rough Trips

the preceding three menths, the consumer computed by the price index Bureau of Labour Statistics rose In November. The drop WOS smaller than before and was in- suffielen, 10 offset a large in- crease in the cost of new autos and smaller increases in most other items.

rose in Novarber for the

st

LONDON CLOSE

liveries showing minor losses and more distant months firm.

MARKETS STEADY

London, Jan. 18.

The wholesale price index Stock markets have been quietly steady this week and the undertone has been encouragingly firm. The turn of the account saw some hesitation in the uptrend in various directions including gilt-edged, which, however, quickly recovered on the first day of

time in Alve months as the decline in food prices slowed and prices of industrial commodities edged upward Jor the fifth successive month,

Prices

industrial of

than 1001 ther products or farm

rose ceni per

the total

bringing

which finally delivers a mixture of hot and cold air at the ther- mostatically controlled tempers-modities ture required. has taken three years to develop the sys frm and

of the one

mala features claimed is that it is al- most completely noiseless. I necessary the system

refrigeration attached. This increases the cost, how- ever, and is unnecessary in Bri-

ASUITCASE, specially have

designed

for

rough

can

cent. into

handling on air and coach where only a few days In journeys, has completed * the year enil for refrigeration. round-the-world trip, and (Brightside Heating and has arrived back in Britain Engineering Co. Ltd., Don Road, with only slight superficial Shield, Yorkshire, England.)

damage.

Because

o! complaints of

·Juggage · damaged-in-Air transit,

com-

the new account.

Wall Street

has they have been quite firm, with last week 0.3 been of sonie assistance to senti-short-dated stocks strong help- November, meat but the publication here ed by the maturity of the un- part of the 1858-59 increase of the widening of the United converted

also

On the week, the 1st ruled 20 cents a, bale lower to 1.55

the news. higher, with little in

to furnish definite incentives.

Near months mel 90m:C profit-taking

but withstood

the most pari

that the

contracts

Influence.

and liquidation,

the selling for

on confidence

ioan absorption of

crop

In the previous węck sales totalled 20,837,001 shares or 4,107,520 daily.—UPI.

FACING-BOTH-WAYS

Church

Tried

London, Jan, 18.

HE battle for control

THE British Aluminium

'Split' Deal

Britain's

supplies would still give these Dod supporting

REFLECTED

brought anguish to the wise Gains for the Ite'w

who run the £221 months reflected

prospects for men

parity price million investments of the higher January and therefore higher supports Church of England - Sir for the 1959 crop.

Malcolm Trustram Eve and Another influence which

five unpaid advisers. in helped harden prices

The Church distant months

held 200,000 was proposed legislation

to replice present shares in British Aluminiumn. Like other

shareholders, it farm programmes with direct

fneed two offers from the rival overninent

to payments

London, Jan. 18. amps battling for control farmers for part of their cropsie company-825. a share from Britain is "beginning to

However, general belief that the Administration

the

the

of

of 14

Tube In-

since Jute to more than one per Kingdom trade gap with ex- two per cent conversion loan.

The gilt-edged market is Carrybast the projection ports down and imports up was

City establishment December,

being helped at the moment by the Federalin unsettling factor.

be would Reserve Bank of New York

hopes of a further fall in In-opposed to such measures and powerful bankers, and 83s. from Gut-edged last week were terest rates. estimated that these prices

would be able to forestall them Sir Ivan Stedeford's less prominent than equities but

vestments. at least until 1900 despite the would show some further rise,

the undated issues The Business Bulletin or the apart from

heavy Democratic majority in Cleveland Trust Company this

botia houses, prevented this week estimated that a pro- nounced price rise in 1959 is un. "Overall productive likely.

labour supply and capacity should be ample to meet

Magnetometer Shot Upmand." the Bulletin notes.

a British company sut to work Into Space By Rocket

designing a case elegantly styled

In contrasting colours, which weighs less than 5 lbs. omply.

The company decided upon

their prototype, which hus તા

And

London.

de- The

Infintion-"too wartime type of much money chasing too few goods”—is not much in evidence. As to the cost-price push,

Bank of England Statement

London, Jan. 38. The Bank of England ment for the week ended

MRJ M. Stagg, Director mate of gain in output per menement for the week e

J.

magnetometer

was

that of wage costs. Thus the up-

The Necessity

the most stringent of tests for Ministry Meteorological ward pressure on cost per unit flexible lid and bottom.

Offico, told a London of output, and therefore on in- comes, it is stated, well within audience that a now kind of dustrial prices, will probably be the lightweight class.

less than in 1955-57" being They consigned it by rall a carried by rockets into the London and thence by road to high atmosphere to find Landon Airport, from where it was flown westwards by British whether the earth's outer

In the long-term view, how- Freight field agreed with what theory ever, the Bulletin. Overseas Airways Air

notes that Service lo Sydney, Australia. It said it should be.

thero is justinable anxiety lest journeyed vin New York, San Gilving one of the Royal In- the necessity of repeated doses Francisco, Honolulu and Fiji. stitution's lectures for children,

JUC- of inflation by means of Mr Stagg saki that within tho cessive Federal deficits becomes past two years. a completely a requisite of a prosperous new type of magnetometer had been deviced which did not wo any magnets at all.

It was "a bottle of water with

Country.

Notes in circulation..

Public deposits... Trivale deposits.... Government securities Other securites Receipt Rallo

AN INCREASE

In the forelgh bonds market factor from shaping up as the the cut in the German bank week's dominant cotton market Inte to its lowest level ever influence.

resulted in an increase' in con- tinental buying of

and

PROPOSALS

German

In essence the proposal- bands. Investment demand for

made

Senator by Googla's Japanese issues continued, Grecks remained firm,

Telmadge would give farmers Dollar

for their individaul quotas to reflect Wall inte stocks tended Jan,Street and most issues recorded share of the market and would gains up to two or three pointa do away with planting controls creating supports, thus on the week. sterling

something liko the "free 2.030.235,74

farming systema The main influence on Indus-enterprise" 12.100,221 277,245 trial equity prices has been the which Secretary Benson 183,700.559 investiment demonst

said he is chooling for. There are 32.107, still few signs of any revival in

The rub is, however that the 01.900,123

fixed business investment and Administration In the past has new equity issues of any size blocked the path for quotas and are at prosent few and far bo- direct subsidy payments to the

farmers. tween. An exception last week Was English Electrics issure of

21.3 -----U.P.I.

Bank Of France

Statement

Paris, Jan. 10. 'The Bank of France statemout A report by the DepartmEELIE DI Commerce and Labour this week rinds as follows:

for the week ended Jan, 0,

showed that the rate of un employment, after season ud Justmeril,

December Total gold holdings .. from Total other currencies penit

FORU

fe million sterling 5 per cent | debenturg stock which attracted

£50 million in applications.

This was a clear indication of the market.

bas

Loan entries this week were

deppointing. totalling 344,779 bales bringing net loan stock to 5,431,448 bales,

Exports at

week's end

| CITY LIGHTS

TO THE

ORDINARY

STOCKHOLDER

"It's wonderful to be courted by these cluminium men - 10 strong --- 30 polished...}"

London Ezpreza Berulan,

Slight Recession

new

emerge from a slight recession," -a publication surveying the British said today,

economy

The first issue of Economic Review, published by the National Institute of Excnemis and Social Research on a Ford Foundation grant, said Britain's "slight recession" was caused "mainly

abock- by reduced

| building and à fall in exports.”

This drop, in tjup, was be- cause "the growh of demand and production in 1957 or 1938 in incest industrial countries," following the pattern set by the U.S. recession.

MAINTAINED

"So long as the supply of wid and loons is maintained, primary producing countries" imperis should not fall reach farther." the Review said. But they are totallest 1,410,048 bales against The Church's anuncial ud-likely to miss ball renewed 2,607,071 bales a year ago—visers were in a quandary.expansion in Európe, reistereing de nepov In the United They decided on compromise.

dematid for They offered half the shares States, ralmedi to the establishment at 829, and primary compoḍtilen. half to Methodist parson’E BORA |

"There are few signs of this |at present," the Review said.

U.P.I.

franc, old reflecting the move of political Exchange Rates Sir Ivan at 85.

In Sydney, It was redirected by Quantas Airlines to London, vie Darwin, DJakarta, Sing pore, Bangkok, Calcutta, Kara,

The brightest acction of the chi, Beirut and Rome, It ended

industrials market during the its journey at BOACs Air

past few days has been steals Freight Depot in Chelsea, Lonan electric coll round It" which don.

was put into a rocket-like con-

the government's 211,196,203,400 | Opinion In

BILA. favour, Steels ware also help- tainer electrically, wired and to 'causes

14,726,200,000ed by John Summers Choir- Business was de vo lowed behind a ship.

in the of air damingo to luggage con-

5.9 per cent in the previous Sight balance in EPU

statoment mon's

full of unofficial exchange market One of the ducted in the U.K. showed that

containers had month. The government said the Advance to Stabilen.

tion Fund

morning at the following rates:--- the main one was due to in recently been used between jump was accounted for by un-Tatal bills discounted 2,117,421,964,000 || optimism about the industrial 1,8., dollars (per $112.****

putlook. The motor share mare: Merking notar (pr£}) sufficient strength where waight | New Zealand and Singapore, usually severe

weither cutting Current secoumis end

deposits...... ALWM91|ket was generally weak although Mstralian notes per the Important factor, measuring the magapie field cutdoor work. The increase of Hank netge in circula»

Indonesian rupiah@pen 180): (Bparts Utilities Ltd., Okhám, in the Bouth Paclig,Chios 273,000 to a total of 4,1002200 Lön

3,417,301.300.00| Frue" went Lancashire, England.)

Moll Special.

sursatıplayad nyan akanost "double

A recent inquiry into

whe

4.1 рет

zeto

But compromise was not to that the It wqui! local i be.

On the partlook for 1908), the thi powerful 14 turned the offer Review predited for the TrikeFi In the end the Church | scribeny a fall in privată la- 8.75 down.

had to sell the whole of its vertment, a gradual riss in ax- 1971 alumlalum shares to Bir Ivan= |ports, "It's] dom" "xpress Service).

16

*

....