1959-04-27 — Page 9

THE CHINA MAIL, MONDAY, APRIL 27, 1959.

Pago

SCIENCE AND REPORTS OF RECORD U.S. EARNINGS Many Corporations Expect London Stock WALL STREET BULLS

MENGINEERING

UK

TESTING LAB FOR WATER TURBINES

AND PUMPS ·

Stockholm.

A turbine rosearch and model-testing laboratory which is claimed to be one of the bost-equipped in the world, has just been taken into use by Karlstads Mekaniska. Werkstad (KMW) at their Kristinehamn works, Central Sweden.

Best Year In History

New York, April 28.

The record earnings reports for the first quarter now being issued by steel companies and other lines of business indicate that many American corporations are well on their way toward the most profitable year in history. Furthermore, the relative, of steel by July 1 will total | nowe menty in modernising their

sured by the Government, which i would be about 1,000,000 tons in any previous year--including insured its latest figures on higher than at the start of the | 1957, the record year for total | Wednesday, has also set an all- flist strike in the steel industry, capital spending,

Lime record The Index has Ju 1030. firetuated only 0.2 per cent in The past nine months, the

stability of living costs as mea-3,600,000 to 3.300,000 tons. This production foetitles in 1050 than

Must companies, the survey

In the machine tool Industry, ! found, envisage a continuation of a good bellwether ef shifting this year's level of capitel longest period of stability since

but business movements, new orders spending into next year, the Index was established in

ar elimbing at a much faster thereafter, a 'decrease to about 1013.

rate than was indicated for the | $53,000,000,080 in 1901 and 1902. Economists

impressed first quarter, are

This is despite "Despite the substantial with the powerful upsurge of the fact, that a large volume of auntaunt of unused empacity re- industrial production, the con- Inported

tools machine

are ported for the end of 1959, Laing sold here at lower prices. ; manufacturing frms plon CON- comes, anch Indication that

Unue expanding at a rate of Freight cars business purebases for 7 million h.p.

inven-

about four per cent a yeur," the teries are extentiing beyond the Ralph J. Kraut, President of riport said, This would inake Beel Industry

the National Machino Tool inufacturing equacity by the Buliders Association, said last end of 1902 more than 80 per week that orders in the in-cent greater than it was in dustry during the first quare : 1950."

been bines with an aggregate outputtinued Increase in consumer-in-

The laboratory has designed for all kinds of medal, of a me 13 million hp..

lurbl tests with hydrazlic

An additiona! pumu turbines and pumps, and et turbines has been huût under

it inclides equipeat for once alroad, About 50 per precisi INVERSAAL+Anta by Jem of the Swedish-made units incans of eli plavoz devices to MASUR ult obji clivity reliability of the tests

and

have been exported. FIRST IN 1906

Corporate profits now germ alpost certain to easily outstrip 1956% previous peak of $45.0 The company's first install- billion efore xes. Indeed, Kada Mebraska Werk-

tion for testing water turbines the recovery from the reccssion sta manter of the Jehman

completed in 1900 WAN

long but rathed in thoa etor Group industrips and, 13ft =

laturat.ry further

1.1.5 that profits in the fourth quar- sides mating turbikes visa large

KMW have later be achied.

ter of 1958 were nirendy at on macalacturers of machinery terve coined "extensive jammunt rate of $44 VIBiễn wịth the pulp and paper industy and

Chartier ghing already recorded research and dveljanent work of KaMeWa controllable patch particularly in the nois of In the rst three months of this marine pepellers--have since Kaplan turbines and built, a

Unotheral cor.

government the Leyraning of this century far book is in 1922, EL sun estimates place the first quarter built elu on 2.800 water tur- | rec.rd-breaking Kaplam wait profits at the annual rate of $49.

wits rumer dameter ul 32

lion.

Monstrous Mistakes Of Motorways

London.

need to

THE monstrous

inetron.

Since then developments h ve fas), stick The trend v: vis even larger furbaine Pozite bas ente; for in re exact mensuring and testing techni- que, lasts the capitalised value very small eflciency Liven guins is appreciable, avoid

Myer,

general mistakos“ į techniko

of level

existing Jeigus is already very high. of the past was stressed in a statoment on national and 90 KMW-anxicais to maintain of the their position as one urban motorways issued by world's leading turbine makers the Royal Institute of British hove und that the only way Architects at a PTORS con-making further progress is wstaat research and develop- ference in London.

mout work, HOLD ITS OWN

believe that "Because known water power will hold its own into for many years to come and is when even to do so atcusic power has became more

"The arian motorways have to have the apelly to carry enormous frame loads, abou! there tne anything 10

today, this country und through r ancient and likely

complex urban areas,

WC

Thus the location of urban i generally utilhed," says Air Bo motorway,

1701 merely G. Rathsinan, managing director

their design, i inseparabient ICMW una a former Swedish

from the

three- State

dimensional plaming and ciyl¦director general.

design as a whole and must be

problems of

Puter Board deputy

and

Cutting By

stuched by those best qualified

In such matters."

* Insensitively

clumsily

steel

designed, such rouds

will destres the appearance Electronics

in town completely, stabbing

ke a sword into its very heart

as so many of the American motorways have already done. JOINT COMMITTEES

"Certain local authorities are at the moment setting up joint

10 .com iftees

DEVE

EVELOPMENT of a new automatic machine for undercutting electric motor armaturer has resulted in a Commitler the 30 per cent increase in out

urban put at onc factory of a future development of motorways and feeder roads, British firm. The RIBA 8 deply concerned these commiters that none of

and Detter

more consistent Equality is another advantage has, zo far, decide to elude the nature undercutting pro- otchilvets.

[cos- necesary to obtain smarth commutation-means

RIBA, commented: "Mi With the conventional manual- the Hons of pouruts will be spent only controlled method each

As the new motorsage oid if there meat of the commulator was.

►

Is any mistake or destrucțiuli Visually Indcard to the

cutter.

Retained

!

At

Market Activity Reduced

London, April 26.

Activity in stock market last work was on a slightly ro- duced scalo but the under- tong romained firm. The market in oil shares was the exception and WOS busior than it had been for some months.

REGAIN CONTROL IN LAST SESSION

New York, April 26. The stock market suffered a touch of spring fever on Wednesday and Thursday but the bulls rogained control of the situation on Friday.

American Molors,

The market ended the work the group used to compile the on a note of strength as good averages. cornlags reports. favourable American Motors ll the dividend unaouncements und merket in turnover, followed by Much of the week's business some favorable cconcinie fore- Studebaker wuelcard, was done by smoll Investors casts restored steam to the Standard, General although the Institullons re-spring rally.

American Telephone (New) and turned to the market but on a The daytrhl average hasFurd. Only A. T. & T, declined. smaller scale with their pur-lsen le nine out of the part 11 Ford closed the week at chases

mure selective inun sessions,

during which the $61,88. That price marked the 11.

į whole market has added more Arst time the stock closed any The gilt-edged market con- than $9 oillion to stock values. week above its original 1050 Linued to be quiet with just The gain in stock values this offering price of $64.50.—V. P. I. enough small investment buy-past week won only nominal ing in met the selling and to because of a sharp setback сп keep prices firm. Outstanding Wednesday and a fairly sterg In the foreign bond arket decline on Thursday. A gond was the sharp turn around rally on Friday left the Hat In Greek bons whi recorded good shape.

fer of this year are expected Nearly half of all the corn- to total $100,000,000 but the panics responding indierted thes whole year $300,000,000. would spend more un new plaut the

time, he termed and equipment If the depresia s been KAMP "shocking" the industry's on allowanes permitted by position in relation to foreign tax law were increased substan- output. noling that Wently over the next few years Germany and Britain in 1957 Other companies sold they would produred a combined value of use any increase in depreciation machine tuota ut $1,000,000,000 to reduce their outstanding debl

while U.S. output totalled $850,000,000, Kraut also saldo vable them to rely less 01

Gutside funds. current annual imports retail value letal approxim- ately $45,000,000 to $50,000,- 000.

Tight money

леш

and

זנו

further

Electronics good

HONGKONG STOCK EXCHANGE

guins up to 019 points, degilte. being slightly

the top, Continental support on

what The electronics Issues were technically week

good most of the week, even market, a considerable number when profit taking in mid- of large

itions having

weck was taking its toll on matured, qulekly absorbed the

the blive chips which had Rosting supply of Greek stock paced the recent splurge,

with

Brokers said the realising of orders being pressed prices profits was to be expected after bounded upwords.

the market's rise to historie EQUITIES MIXED highs. They had looked for o Price movements in industrial period of consolidation during

Bulness done on the Hong- equities were mixed but the which the market would move i

in a narrow range while continued firm undertone ear.

in kung Stock Exchange this morn vesturs assessed the gains te-jing naunted to approximately ried the Financid Times indexeunted during the advance. $835,000.

Nour quotations and

buying

0.1 up the week in 220.

new all-time hith record Much of the market was In- fluenced by the entiquess flow

good or

of

A vanstulerable proportion! of these prolis are being re-

The current tight money Lained and these, with de- Orders for new freight cura markel position could be sub-

allowances, have fush preciation

the rulroads soared to

the stantially eased should Donount now built up to an annual 10,705 in March from the pre-

of corporate new rate that is more than match- vious month's 1,806. In the sam money required from either

bank loans or

capital Tag corporate outlays for both month lust year they were only capital purboses and inventory 193. As of April 1, the backlog Jesurs decline materially, an funds are going into shori- of orders for freight cars on now seems entirely possible.

Funds generated tern U.S. Treasury securiles, hand, but not delivered, totalled

internally.ews plus Sted production, continuing | 35,478 unlis

FURDUTS compared with by corporations through retained tu set weekly records, topped 38,027 on the same date In 1957. earnings and depreciation re- At leasi Two independent serves are now running ahead of analyses now put empital ex-requirements for new money in peaditures this year at seven per tinaner both new capital oudays cent greater than in 1958, or and inverteries. This trend, it continued, could mean radically 1ss corporation borrowings both from banks and through the er galtral market.-U.P.I.

Bo

CITY LIGHTS

Tak, tak, to think I've been cleaning your outer ofice windows and hear- ing your secretary tell str callers you're

of town?"

out

Luston Kapreia Servim.

|intay $34,000,000,000,

A McGraw-1611 survey, for instance, found that manufactor- ing companies plan to spend

U.S. COTTON GOODS REVIEW

Fails

Hongkong

To Deliver On Due Date

New York, April 26.

The Jewish religious holidays, and scarcity of goods ready for quick and nearby delivery, retarded activity in cotton textiles again last week.

the

Sestonal conditions also ac-, possible future imparts from stunted to a minor degree for Dilent.

In bag sheetings. the talk of The second quarter tradition- Adan imports brought out some

The quietness.

[1

st

und fast these days,

Cottons

by

Our Own Corresponduna

107

Buyer Selle

025 02212

Bales

30 40 5215

20 ut 8273

10 4 THE

201

163 14 200

73 74

200 23

or ordinary industrin shares However, brokers said such a the morning's transactions:

of consol&intiem WES

Bhares period needed in set the stage for con- BANKS

the spring | Unuaisee of

rally. TX Bank The fact the market caine back bad company

with good anunerments and Son Friday

take-over bids, going and mereased volume was

East Asia which seem to be coming thick farbie factor,

INSURANCES issues, American Telephone

Unica. įwhich had soured the previous | Tambarc 20 were helped by ex- week after lockhøklers

ap- SHIPPING

Waterlal 22.70 pectations of the Government

Wheelock announcemend an help for the proved a three-for-one split c

The stock, mel seme of the DOCKS, ETC. Lancashire

stiff resistance. The old stick K. Wharf.. shares were helped lost more than eight points neviens

Dati Insurance by the announewi

the week while the new

mlit ratkes Commercial Union and behares were down three pulits. Bitish and Morenih, Star were a good market on num- ber of excellent compary 12+ poris. Motors were well support-

Coff

jarlustus,

merker

از

201

5.73

394

JU

290 29

11:30

13

100 m 119,

333%

300 / 21

The electronles continued to LAND. ETC. emmaze the market. This

than any other, R Lund.. (dustry, more

Really

UK Hotel 241⁄2 2160

[00 24,00

-

200 245

RUBBER

Amalk

Trust

UTILITIES

.....

324 147 14.70 1.STIE 1.BC

2.43 ... 2.427 3.4711⁄2 10000 6000 5000 5000 22

300

14.00

2.45

1

ed except Jaguar whose ordin-has mirrored the dramatic post-Humphreys

war boom: Insthe economy. my chures fell from

Top Wall Street analysts say this group has barely tapped its potential.

height when the fact really sun in that no change in eontrol uf the company was contemplate:

There were more signs of con- fidence in the bucket for steel shares as it became increasing- ly evident that there will be no.general election this spring and probably not one [or another year.

Sensational

Tra .... 2700 27.70 1600 2735

500 27 Gains in the electronics hordered on the sensationat, Star Ferry ทหา Zenith soared 39 pointe. Texas Light

Instruments

declaration in

Varmall

(+1

18.70 10

2414. Maytag. 9, Lilión 20, Hoffman 444, and Beckman Maxtrumenis 744. MAIN SENSATION

On an over-all baris, HILlo The £100,000,000 take-over stocks reored good gains, mein- offer of Canadian Engle byly recoting very favourable! Royal Dutch Shell was probably earnings reports and the the main sensation of the week leash dividend in Thormerton Street and it inve years by American Motors. certainly the dres of activity which rese two points in very In the oil shares market, British netive trading. Petroleum, which hat bega Chemicals recred god gains.

market of inteDu

44. rather nerveus

Allied Core720 27 Tent rese due to events In Iraq was Chemical, 51% and Thickel more: STORES,

Hairy cheered by the Iraq Petroleum's than 11 points. The Thiokol chairman who sold on his re-when issued" stock added mire

from Bauded that there

than four prints. Unies Car- Wayan

turn

10-

the forecast last week and is expected to take another jump this week The American Iron and Sterl Institute reportert that mills turned but 2.657,000 10 in the week ended st Sunday, third straight now high in the sixth week in the past seven that output hus set a 11 is only by making use of and even

record. List week's leti, the best possible attelee from all the cutting away of the rigid

equal to $3.8 per cent of tuted fally is the quiet period of the fresale enough to affect the over- had been no talk of nationalishide, despite an excellent ear- that cal towns and plastic insulation from between

tion there. Burmah O went ings forecast, lost more than a quarter's

capacity, was 3,000 tons above your. Buyers customarily ecuat all price structure. citie, can avold the inotestrous the copper bars on

on resales to open up buying Elsewhere. the

poin!. strengthening ahead on the good results and com- The forecast and 16,000 10s opportunities in the early spring prices

noted were

on mutators. It is usually referred,

some increased dividend. mistakes of the pist."

The drugs, which have been above the previous week.

season.

sateen

with -Mr:Basil Spence, president of to as "slotting."

numbers, clong

The Kally market tended to reveiving some very favourable The forecast. this week is for

Despite the bandiering, the broadcloths

and shoe drits. drop in places, where American communis in the brokers' operations at 94.8 per cent of market maintained a bald front Combed goods sellers construc- buying showed signs of drying ports, also featured on the up- capacity

on prices. Jact week. A consider tics, booked at 30% cents up. This buying continued for side. ---- Pruduation - Phot

Tenable amount of stoneing“ oyurd for quick delivery in the alumínium by primary producers prices-went-on-between pyers foreport of the wook was not records in March and in the first fourth quarters. This strengthen the latter part of the period. three months, March produced the belief in serne quarters

FO- Weavers of duck fabrics flon

157,180 stort tons that a wis

contra-seasonal buying ported the arrival of unex- compared with 134,020 tons in movement may be in the im-pectedly large orders for heavy the same tooth last year, ac mediate offing.

drapery Roods, with the result cording to Lhe Aluminium

thut more of the wide looms First quarter pro-

have been tied up and turned duction was 456,013 tons com-

away from production of ducks. pared with 395,009 tons in the

The heavy unfilled order Manufacturers of waterproof The same quarter last year.

backlogs held by mlils, and duck fabrics moved prices up former records were set in maintenance of the five-day- to 1 cent a yard. January, 1959, and the last a-week work schedules by Buyers of coating fabrics quarter, 1856.

most mills, has established a operated cautiously, holding 10 The Bank of England state- "healthy" nituation which is fill-in purchases, but sellers ment for the week ended April apt to hold for some time, were counting on heavier orders | 22, reads as follows: market analysis thought. In-line with the stepped-up

rate of automobile production. Southern sules

h Ingentitive planning, with the aid of a magullyronfact new "mönhlý ma quarterly and sellers for the third valluble below 311⁄2"Terits & 20ldings-and-kylped, kuup this pressure. reflecting in part de-

wil!

Ly 1;posim ไป imdo, device. Working in this way to Now is the time to think." tolerance of 403/005 inches caused considerable fatigue und Ching Mall Sperint.

eye-strain.

Association, und start

The new under-cutting mwe- hine is electronteally controlled.

insert the armature the machine by push button. This method enables one semi- skilled cperator. to contrat number of machines and give p

Glass To Be Shown All the operator has to do is t At Photo Fair

TAXAMPLES of optical considerable saving in Jabour M glass claimed to be costs. The machine is made by the finest in the world will E.M.I. Electronics.

bo exhibited at the Inter-

national Photo Fair to ba

hold at Olympic, London, CentraSteel Seems From May 11 to 16.

A méticulowly

The firm will also

Republie Steel Corp., the third largest hi the United States, re- ported first quarter earnings of $20.844,585 oguinst. $8,583,500 in the saine 1858 period, Sales wer: $321,430,135, up 09 per cont from $100,635,870 a year ago,

The fifth largest steel maker, National Steel Corp., reported NOVEL experimittal its first quarter earnings at with $18,504,000 compared

quarter In his report, Chair

controlled Better Than Steel

Su

Could be spark

CO

Elnettle

27.60 27.80

23.40 25,00

INDUSTRIALS

1. Crew

..

1000 27.00

1000

500

10.10

19

500 6 18.80

100 / 1920

1000 618.00

1100 47 38.80 400 a 13.30

24 1080

4000 18.70 4500 ** 18.70 300 / 10.30 990 27.90

500 6 204 600253

2000 25.00

500 27.30

15 10 13.33

500 15.10

200 10.10

14.00 14.30

COTTONS Nanan INVESTMENTS IK & FE

Invest ...

300 18.10

103 10.70 1000 (4 10:40

7.15

250 64 10.00

R14

D0011

Exchange Rates

Duziness

Free State Gedeld and Western Leading all flecks were under

was done in the Local section of the market reasambly mands by the Arab Motions for

change marke morning at the following rates: Brm during the week!

a bigger share of. U profts 17.9. Gollur (per $13 amount of frum ell produced in that area, Sterling noten (per elj Despite a certain

Australian notes iper £!)... As can be seen from this adorarian ruplah iper 109).. profil-taking

Tubber shares reached

peak selected group of prices, the best Siam ticals (per 100)

gains appeared in issues outside Singapore (Straits) U.P.I.

muny 30W

Bank Of England

Statement

London, April 26.

Notes in circulation ... 2.050.231.201 Public, deposity.......... Private. dejinīti, ......... Government securities Other securities,

Southern cotton rules yarn spinners reported a stówdown Receipts In the flow of new orders talk | Rallo week, but stumments against old order continued to move out at à

Some Tast rate. northern yaru producers have been raling prices to com- increases granted lo rask

Teently

workers.

Sterling

12,425,605

301.300.368 *1,514,050 €1,503,Deki 50,073,612 15.2 ---U.P.I.

Bank Of France Statement

Paris, April 26. The Bank of France state- ment for the work ended April 10, rends as follows:

A sustained increase in retail sales could be the spark needed lonite in all-out demand, other observers felt. Failure of continuous process which, bas

culters specialising in popular and low-pricedressed, been eperating for 16 months at

and the North Wales factory of

sportswear, to move into high A similar to steel which 5426 in the sume Chance Pilkington Lid,

Fear Is blamed for the slower Helens,

movement of finished fabrles. Lancs, enables the might possibly be used in Inet year. manufacture of high quality per-

However, the arrival of wormy formance glasses demanded by place of plain steel forgingsman George M. Humphrey said weather for a sustained period today's photographic Industry. and permit greater

peniste. for war desigh current consumption of steel is could change the whole com- have on flexibility in making costings unit at a rate higher than plexion In thinking in the dress display optical mouldings shown has been developed.

expected by steel producers and firnde. accumulation of steel stocks, as Demand for soft-filled sheet- Rayon grey goods activity at a retuli, is not as great an hndings came as a surprise in view the mill level was more toward been anticipated.

of the recent concern manifested the quiet side, but prices held

Total gold holdings, je Sales up

over, the arrival of low-priced firm on most constructions re-

Total after currencies Asto, Nearby Recling increased wages and

Sight balance abroad In the Mid-wertern United imports from

in EPU .......... Sistes, where operations at goods were sought mostly, with recent mark-ups in the cost of

jsome of the, buying combig from yarns and staple sbro. Mean- Advance to Stabiil- some steel mills were suspend. consumers upset by failure to

while,

tion Fund buyers were mate pre-

чего ed altogether during

Total bills discounted 1,663,210,343,182 the get delivery of previously order occupied In digesting pre-

Banknotes in circula recension, sien have been ed goods from Hongkong.

vious purchases räïher than on runking Up to 49 per opht Originally, promlæd for April, entering new commitments at current accounts and

depoalis stead of a zene ago. In me the Asian shippers moved, the | this time. Cleveland area, they are about arrival date to May and some Wool prices showed streng→ 25 per cent greater, along the cases. Into June.

thening tendencies all along the East Coast 20 per cent, and on Whllo crlileal of the delayed line, because of the rising fread the south and, west conala arrivals, buyers of sort,filled ót raw wool sitd. Farm pricta, About 10 per ount.

[zhéčtingh, were reluctant to golok increased wakes and other The trade magazine Iron Age too far aherd because 57 15% advances in manufactuilók Kostk estimates that warehouse stocks continuing apprehension over-V. P. I.

the

in conjunction with Instrumente that incorpornis the mouldings Called Cex.traßteel. It le rail after processing.

to have the equivalent strength Of particular interests to the of steel and better machinability

for photographie Industry will be while

casting demonstrations of solid pluss | characteristics appear to be optical colour filters and the new upperior to sice).

CentroSteel, does not require heet - alsorbing, heat - Yeslating

extensive heat treatment, costly Alter glass.

Radiation shielding glasses addition, agents, injection will be shown of density of 2.5 peratus or low maxkn

content grammes/ce and 4.3 grammes/ce eulphur

For bith manufactured in both stabillied volume production some

Ap

and unstabiilsed type, polished fountry problems remain to be plate form, and also in block solved and sele on them Let for up to 4 Gins x 3 on kiệr way. The steel has been area and thickness up to 12 ins developed by General Motors with limitations regarding klusi | Chaping Central Foundry Divi- typu and weight,

sion, Detroit 2, Michigan, U.S.A.

Hon

Frans

P.O

R.M.S. "HIMALAYA"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

5.12 15.00

5.24

21.45

Thursday, 30th April, at 11.00 p.m.

for the UNITED KINGDOM, via Manila, Singapore, Colombo, Bombay, Aden, Port Said and Gibraltar. Passengers aró réquested to sind ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s No. 1 Godown No. 6 GATE, CANTON ROAD, by Noon on Wednesday, 29th April, 1959. 10,127.302,126 SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only. 250.972,0224 EMBARKATION: Papschgers hold embark between 4.00 and 10.00 þ.k. on 39th April, 1959.

201.003312,645

15,004,000,000

17,290 долла

UP

Agreed Merchant Rates .West Creimman paullenčmarks, Maximum Selling 72-7/16.

Bubject to alteration with or without notice.