1959-05-18 — Page 9

Page

BRITISH EQUIPPED STEEL MILL

STARTS PRODUCTION

THE largest and most modern steel- works in Spain, the reversing mill of Empresa National Siderurgico, SA (Ensidesa) at Alviles, recently started stool production.

The major part of the elec trical equipment wry engineered

by the Metal industries Divan Tough Waterproof

of The Engikh Electric

pany..

Com-

The mill, the Ars! win-drive Hospital Mattress

in Spain, is designed to give an

output of up to 1,000,000 tons of

blooms per year. The two 3,300 A TROWBRIDGE, Wilt-

hp motors, capable

of peck

shiro, firm, which has torque of 250 metre tons up to beon in existence since 1870, 50 rpm and cut-cut peak of 300 has recently perfected and metre tons, were made at the potented

completely Stafford Works of English Elec-waterproof, and almost in- destructible hospital mat-

tric,

a

now

The company has also supplied tross, which can be washed, the LTAC and 6 kV switchgear cleaned or disinfected. 70 MVA transformer and he

This new mattress Is control gear.

suppiled to Certain items

Britiska the electrical being equipment including the Ward hospitals, and the firm is now Leonard D.C. auxiliary motore, cunadering appointing agents the LTAC motor and ventila-throughnut the world in tion equipment, were made in to sell it in the export market.

The Arm is installing Spain to English Electric specl- muchine, claimed to be the only one of its kind in the world which will speed up production.

fication,

COMPLEXITY

Some idea of the complexity of the complete Installation can be gauged from the fact ibat

connee some 14,000 electrical tions had to be mode for the wend

and auxiliaries. drive Erection and commissioning were carried out by the company's engineers.

"The electrical equipment for the proclated structural mili has also been engineered and manu- factured by English Electric and is currently being installed. This second mill will be commission- ed about the end of 1959.

Portable Anaesthetic Units

A QUANTITY of portable

ongosthetic

gtits

made by on Oxford firm

order

new

The new mattress consists of specially constructed spring unit, a new type of filling, and a "PVC treated covering. ALTERNATIVE

na

11 is also available with Alternative covering of a nylon material which, it is claimed, is virtually indestructible. The film claims hospital

that this new mattress, which is available in sizes of 2 ft. 0 ios,

fins and 3 ft. wide, is cheaper than the more conven- tional maitress and Atted with a waterproof detachable cover.

A further advantage is that the mattress can be sterilised by normal methods in temperatures up 230 degrees F.

Chapmans of Trowbridge. Ltd, Cradle Bridge Mills, Trow- bridge, Wilshire, England.]

Brazil Orders

have been ordered for the TV Equipment

Danish Army and Civil De-

fence service and for the

Swiss army.

£32,000 in the case of Denmark and £20,000 in the case Switzerland-consists

u1

MAR

THE CHINA MAIL, MONDAY, MAY 18, 1959.

U.S. Economy Pushes Ahead

RECESSION LOSSES N. America RECOVERED IN FULL Must Buy

New York, May 17.

The word "recovery" has ceased this past week to describe the U. S. economic picture as the nation's economy made good its full recession losses and pushed ahead ́to now all-time highs.

This development was ac- companied by now signs of tightening credit.

|

the $10.9 billion rate of com- sumer spending in March with April estimates approaching tha siê billion mark. Another algn: The relegation of the word Consumer credit hit the Nisi "recovery" to non-use was best quarter annual rate of $5.5 underscored by the dramatic de- billion, Just, below the 1955 crease in unemployment, the record pace. But unlike 1935, oge item up to now which more money I

being somehow falles - to keep, pace | borrowed for household Items, with all the "other" statisties. home repair and charge accounts Unemployment fell by 735,000 | then, for example, automobilles. In April to 3.627.000-Ühe lowest Ogure since December, 1957. Correspondingly. employment

went up to a new April high, 05,012,000 and b gain of 1,185,000 from March,

These were other signposts of the "new look in US, ceonomy:

Foderal reserve

now

Car sales

Automobile

makers are not

deterred. After a disappoint ing start, monthly sales have now steadied at around the hair million level.

This raised hopes for a five and a half million or even a six million year. Ford expecta mid-1950 sales move on A level 35 to 40 per cent higher than a year ago.

This would make them higher then 1957. too,

well

Total check clearings for the first four months of the year were $418,091,255,000—A 4.4 per continervasc over the $299,875,840,000 for the sama period last year.

More From

Japan

Montreal, May 17,

A Canadian business leader, Mr W. E. Williams, said last weak North America must buy more goods from Japan or face catos- trophs.

of

This brought a further general advance of money rates in April

My Willams, President but Federal Reserve operations Proctor and Gamble Company in the open market indicated poof Canada, made the statement basic change of credit polley. In an address to the Quebec The expricted increase in the division of the Canadian Manu prime rate charged by banks to facturers Association. Industrial borrowers has not materialised

weck, ยางช

But

RECORD HIGHS

IN

WALL STREET INDUSTRIAL STOCKS

Now York, May 17.

Glowing business news carried industrial.

stocks to new record highs during the past week.

The market at the close on Thursday rounded out

a full week of advance that carried industrials up 21.40 points on average; rails 3.72 and utilities 0.79 point.

Outlook

tural that prices should recede for higher earnings for this in-

I was considered only na this leader, reflecting on Friday on prefit-taking which dustry, they did. But here Wall Street He said that unless North appeared to have a hot tip from American Increases importa the banks, because near the commercial banks were called from Japan. the Japanese will close the leading commercial upon to supply considerable. be forced to turn to Com-banks raised their prime interest

tor private munisi amount of credit

China

for sustaining rates, a move that may precede noods Total loans, other than markets.

a rise in the discount rate. security loans, rose by $311 Such a tie, he said, would million in the four-week period mean a catastrophe that would ruding April 29,

make Genghis Khan's 13th Century Invasion of Europe look like "tea party." FORMIDABLE

This

Decline

contrasted with a $511 million decline in the same perlod a year ago and was ahead of the $328 million in crease in the same period two

Усата вко

Thu Federal Reserve Board's index of industrial pro- duction (1047-40 equals 100) rose 3 points last month to 149 per cent, up 23 points from the

The brisk pace of things was recession low of 126 a year ago.

reflected on the money The 12-month

with rise has been markets

the Federal month Ibroken, vách

higher Reserve System exercising what than the preceding one. All of Is called "moderate restraint."" the separate industry

The nation's April bank clear-activity was croups moking up the Index shored in [ings were the highest for any the uptrend. In manufacturing comparable month on record, the advance over April 1958 is amounting to $108,970,859,000. 22 per cunt for durable goods Transactions for the month ran and 12 per cent for non- 6.5' per cent ahead of the durables, Mineral output has

5102/290,704,000 transacted in increased 13 per cent.

April 1958 and 1.4 per cent over March this year.

The gross national product, the most comprehensive mea- sure of total business volume in dollars, reached the annual rate

$405 bilion in the first quarter of 1089 as against $427 billion a year ago. Most of the. 132 bition Increuse is real gain

since

the general price level changed lite. The two biggest Kelors in the gain have been public spending and rebulding of Inventories by business con- In the first quarter the publie spent nearly five per cent more for all types of goods and services than I did a year

lier.

cerns.

The annual rate of public spending in the first quarter of 1050 was estimated 31 $300 bition-the highest on record- as against the 1058 low ot $200.2 billion. The biggest consumer percentage guin in spending was 10 per cent in the durable goods.

Japan's 93 million population, resources and technical skills, added to the

population of Chine, would produce "the most formidable force in the world," he said,

J

Glossed over

Wall Street look in stride x tightening of credit in restrict ed accounts that had been margined at 50 or 70 per cent before the 20 per cent rate was effective. This was slons

over as industry ran up to record highs and

predic tions of more to come on this order dominated the news.

ed

There was a rush to buy the chemicals with Du Pont the stor performer.

Mr Williams gald that last year Canada sold $128 milion worth of merchandise to Japan and bought only $1 million worth in relar. imbalance is expected

Steels turned in their best While the

to drup Performance during the week in this year, estimates anticipate many months. Railroad issues, considered behind the it will still be well above $56 long million. he said.-Chinu Mail

About the only spot where still well below 1857 levels were builnes ex- pendliures for capital equip- ment. They advanced sharply In the first quarter and were expected to level off seven per cent higher than 1858. But they were still 15 per cent below the 1957 peak.-UPI. Special

COTTON GOODS NY Cotton

TRADE OPTIMISTIC

New York, May 17.

Growing optimism keynoted the picture in the cotton goods trade this past week,

ACETATE

YARN AND

RAYON rate of 3,300,000

Wireless FARCONI'S

Telegraph Company The equipment - worth Limited have gained on-

other important success of

Construction the the South American market

of private portable anaesthetic outfits bear by obtaining

non-farm housing, after cusing a £250,000 off slightly in January and ing the name EMO to indicate order from Brazil for tolo- | Februnry, advonesa in March to that they were developed by Dr

an annual H. G. Epstein and Professor Sir vision equipment, Robert Mucintosh at tic The order is for the complete

units, the highest March total since 1950. Nuffield Department of Anaes- transrutting and studio

This offrel fears equip-

that house construellon was bo- thetles, Oxford University. ment for a new station at pro-ginning to be adversely affected sunt under construction at

by the advance of interest rates Recife, Pernambuco. The station is entirely

mortgages and Ioans. modern En

Construction started on 433,000 conception.

homes and apartments in the first four months at 1059. This surpassed the boom years of 1950 and 1955. In April, alone, construction

totalled 137,000 units.

#}

The Danish order is for 365 outfits and additionsì equipment, and the Swlas consignment will be 230. These orders follow delivery of 400 to the New York State Civil Defence authorities.

Pentland Instrument Co. Ltd, 20, Hythe Bridge Street, Ox- dford.]

Electronic Memory Giver Train Times

The luxuriously styled con. temporary building will contain

ulte of three studios, com- pletely equipped by Marconi's with the most up-to-date units, including seven Marconi 4% inch Image Orthicon cameras, a | master control; equipment, twą vidieon lelcelne unita and

lighting, sound, test and phell-

ry equipment

A three-camera outside broad-

cast vellele and microwave link of equipment are also provided for by in the order.

Of the various pieces equipment being exhlölled Automalle Telephone and Elec- trie Conpupy 1 the British Trade Fair, Lisbon, one of the mast spectacular is a Train Time Indicator which, using a mague- 11: drum

electronic "meinory" cetivated by dialled code, shows the timo of the "next train” on an illuminated pinel.

As an

.....

The enquirer operates a diel 'and the magnelle drum responda to the six digits dialled, the first two being the code for the de- sired destination and the maining four the chosen

of departure,

time, tu

hour.

In

IC Lime

International

The transmission equipment will be capable of handling a compatible colour service when required to do so. Programme transmissions early part of next year.

are due in

New System Cuts

Plumbing Costs

the

on

sturts

Steel record

_______In___size)........._the nation's furnaces poured an all-time April record of 11,272,000 tons

U.S.

SHIPMENT

After a three-day pause in activity, the market took off on a new buying splurge fnvolving print cloths, broadcloths, soft

led sheetings, bag sheetings. corduroys, sateens and a variety

of Industrial fabrics,

Futures

Review

New York, May 17. Cotton futuros climaxed

week of price see-sawing with a sharp reaction in the nearby July delivery.

14

At Friday's close the list ruled 62 points lower 10 points higher, or of $3.10 to up 70 cents a bele compared with the preceding' week.

The nearby July contract, the Jos! remaining position of the 1958-39 crop on the board, went into a steady retreat after the ay delivery expired on Wed- nesday.

Print cloth bookings extended well into the first half of 1980 in some Instances. Some mills claimed they have a big enough order backlog now to keep their line, July showed a cumulative

spindles and loans humming

through the autumn season.

Going below the 34 cents

loss of 71 points $3.85 a bale--

market, got a lift and for a time outpaced the industrials. Higher Income for the roads helped here.

.

Wall Street has been Alt- Hicipating firmer money rates for some time and on Friday 1 got them in the form of a higher prime interest rate which is the rate charged preferential Cus→ tomers. It was believed the dis- count rate would be raised possibly by next Thursday: at the latest.

This might bring some healta. possibly clon in the rise and

However,

pront-liking. market men nate that stifte money is bound to affect bonds adversely and they can see no end of the demand for common stocks,

Week's sales !

Bales for the week totalled 18.118,455 shares, # dally average of 3,623,097 shares, sgainst 18.002.800 and 3,708,- 760 shares respectively for the preceding week.

At the close of the week, the Dow-Jonca Industrial average stood at 634.53 up 13.17 points on the week; railrond 105.00 up 2.05; utilities 02.10 up 0.50; and 85 stocks 215.00 up 9.49.

Du Pont's sensational rise re- flected amfelpation of laws to Of the 1,431 issues traded this postpone capital gains taxes on past week 750 advanced, 651 General Motors stock that will declined ned 130 were un- be distributed eventually by Du changed. There were 148 new Pont. Other chemicals rose withhighs and 113 new lows-UPI

London Industrials Close Week

On Record High

London, May 17.

It has been a week on the Stock Exchange

devoted chiefly to

industrial equities which, after a slow start Monday advanced steadily to close the week on Friday at a record high level. The Financial Times industrial ordinary index on that day reached the all time high figure of 232.5.

from the week's high on Mon- day and the lowest price for The three main reasons cited that month since last March 18. New York, May '17. for the growing degrees of con

producers shipped fidence Included: 1. Consumer

TWO REASONS 97,800,000 pounds of realisation that goods are be- acetate yarn and rayon in and that chances of getting "a

coming increasingly hard to find Belling in July was

The progress the market han, steel industry is picking up and tributed

can be seen in the fact politically mainly to two mode

the Labour Party, April, down 2 per cent special buy or an "Insido reasons: 1. Its wide premium that within a period of 15 with its threat of nationalising from the March deliveries | price", are almost non-existent; -about two cenli a pound months industrial share prices apme industries, is not in much but 38.5 per cent whood 2. Determination of the mills over the now crop mouths, dave risen by over 50 per cent favour, and the party received of the April, 1958 pound-weak; 3. Lessering expectations

not to return to a six-day work and 2. The Absence of opa-tm the low point of February & hard knock in the municipal

centrated long holdinas in 25, 1948. But the average yield elections. age, according to Textile for lower raw colson Organon. ——————

by the securities hhs prices that position. The outstanding offered

The building and allied in Ister-in-the-year-Milla:resently iniereal --of-around 114.peg Lalaq, risen, in the FRAL WERK..slustélce are doing well and their—————— counted on a possible cut of bales was believed to

aluke It Fuse from 4.93 104.9 shares be

this week were in de- material, three cents a pound in the raw widely held.

per cent, because of the higher mand, including the various dividends just declared. Now a majority bp-

cements. Stores have been there will be very litle

While July was showing' in- !

bright with Marks and Spencer dividual weakness, the new crop months showed stiffening the gilt-edged market has picked giving encouragement all round. This averaged 93 per cent of The April shipments

Brokers reported a tightening|resistance because of a

up. For the past few weeks a strong U.S. #tchmaking capacity, it 2,300,000 pounds greater than supply of goods extonds from underlying demand for new drain of small selling by small was also a jump of 71.7 per cent output, resulting

the mill love right down crop in a decline

deliveries across-the-investors climbing on the In- dustrial equilles bandwagon bos over the 29,300,000 tons turned by this amount in producers through to the garment manu- board. out during January-April of stocka to 08,300,000 pounds at i toclurer.

Raw cotton exports for the dragged glit prices downward.

Last year's boom in the auto- This week this small rolling mobile Industry 1s not 1959. Although there has been the end of the month,

reason through May 12 totalled dried up and at the same time favouring motor shares at pre- only talk that most of the steel boom statistical bulletin of the

2,244,104 bales against 4,514, the volume of uriners production goes into inventories, | Textile Economie Bureau, Inc.

Im sent but allied industries like 105 bales shipped to the same proved, and Jobbers were re Dunlop. the opposite seems to be true. reported.

time last season,

Steel according to ported as being surprised at the ahead well with John Summern shares Went Sicel Magazine compialued not

the New York Cotton Exchange.weight of investment deniand.making the pace. Rolls Royce Concern over the low-costUFI Import bagging goods from

Last month's deliveries con-

of ingots and steel castings.sisted of 10,400,000 pounds for Output for the first four months the domestic market and the

of the year was 41,760,088 tons.. remainder for export.

A PITCH fibre stack drama

leve

chance.

were

tho

As

Bagging goods

· Jala ning dirainished with news that bag mandfasjyrere refected the goods on arrival because they failed to measure up to samples.

Cotton sales yarn activity was

yarn

1

Throw-Away Milk Containers

In this cheerful week

even

Dim Reflection

Most Brilish funds Improved brave shilings on the

up to

week,

cnough was going into stock Organon also reported Im- and there would not be enough | ports of rayon staple in March £1 tho thitatened strike at 10,093,000 pounds,

summer. against 9,084,000 pounds a ogo system, which is The magazine urged more stock-month earlier and 7.400,000 the nearest quarter claimed to cut plumbing piling and warned if the strike pounds le January. First quar-

costs by up to 40 per cent

insted four weeks some manu- | ter imports of 26,075,000 pounds facturers would be forced to ran well above tho 20,132,000 was shown in London this shut down, the major reason for pounds in the same period last | rather spotty, Carded month.

this steel inventory “dofeloney." year.-UPI, -

prices were described a fully

Poreign bands were, almost The system has been improyed the magazine said, was that

supported while combed yarn

Stockholm, May 17.

out of the picture except for over the past alx months and

values nietalworking manufacturore had

wern" unsettled. Yarn Tom Pak throw-away paper Grecies which went ahead on number of new atungs have no idea that aules would im

inventories, however, were containers for milk have now World Bank loan rumours and been introduced for dasq and prove

rapidly... 20

Many

described as exceptionally all been tritroduced in 31 countries while Transatlantic speed of erection, The stock underestimated second quarter

at spinning, killing und weny- only six years after the first flected Wall Street. It was a needs and had to divert steel

ing mula.

milk-packaging machine wag dim reftection since the attṛag“ from slock Into immediate usc.

Installed at Lund, ''the Swedisation of the home markets was Hard fibres were rather quiet, ¡ company reports.

paramount. Despite

Recent full-scale activity in this somewhat

Recently a number of Catal aisal slowed down to a walk as American and South African vestors are thiriting to buy and Apart from the feet that in- paradoxical situation in stée),

burers became more reserved. states have signed contracts for good shores are in very short Brokoin felt a drm bid below | mlik-packaging machigus.

Shaver For Motorists

A new version of a battery pipes, which can be isod in- dry shaver which is independent|ternally or externally, pro

pipes.

problems.

Bank Of England Statement

London, May 17,

#jowod

*

stocks re-.

While high conte to supply on the market, equities

Stock Shortage

ol

I have done well with a gain

nearly following company re- jull and the announcement of the ena-for-one, hari sua' Shortage of available stocks pushed the price up of most of the blue chips: Shipbuilding and shipping shares were dull.

The week has been outstand ing for its interest in gold shores--UPI, ..

Bank Of France Statement

Paris, May.

The Bank of France rate

of mains supply has been in-standard 4-inch pitch by drain troduced by a London Arm.

The makers point out that Savings can be achieved jan it can also bo used by the site by using this dati-pikpose the question sull persisted how motorist, from his ear batteries material' fór both. underground by the use of a dashboard and above ground drating thus much of the currunt expansion

The Bank of England state-current levels on sisel and hemp pf productivity 'is inorely pre- socket,

The shavor is packed in

moving, stocking and offering cautionary laseniory, accumula-ment for the week graded at would get instant consideration, the industrialisque frame in this week have been influenced ment for the week ended. May

and thus

13, reads as follows: represents nest farten carrying cars in The plows cup' be cut Lesilly on which is also a small metal with 'á course wood saw, and the "borrowing" from the future. mirror-fronted metal battery simple driven taper folata fake from als say consumer ipende goletnoles in circulation - EdTY ASSIST box. Three 11⁄2 volt cells allow | Il poulble to guest speadly the Mg, alous can give the answer

Publig dygrette

Hey Private, Depositą. up to five weeks shaving." requikad locistil bf stack.

to that. {Phillips Electrical, 14 Can {RUM: USAikring Co. Lul. tury Hound, Shaftesbury Avenue, Lærkitsid, "Mäldstone, Kent. London.

England

A good Indication or how the cipta consumer følt can be found in

Bierling

Burtzg

pattern.

routine Europe. and America have by the spate of good company, reads as follows

motivated a change over to news. The cheerful remarks of Toja? gold holdings the Teira Paic system in these company chairmen and the int Balinea Activity in the man-made countries, the · demanda; tps | acrioral encouraging economie AdYSICSEP MANREN shores moyed at « quickening: hygieng", and sealed packages pullook as well as booming pilce," "Boma" "rayon grey “gooda. have been, "1 decisive factor in conditiona on Wall Street. This mille.reported Well-fold through the non-industrialised countries | Week'a' trade figures for April September on many types of in Africa and Asis, the coms showed that lizijain's exports S goods/-UPI

bany: states,

ura...... going... shend" walit The]

291,412.038