1959-05-25 — Page 9

Page

SCIENCE A

FINEER

Lift Slab Building

The world's highest lift slab construction the 210 18-storgy, £A2,250,000 Australian headquarters of the

Royal Exchange Assurance is boing bullt in Sydney.

Work on the site started In August 1958, the first slab was lifted in march 1939, and the building will be completed in July 1960. Compared with orthodox building mothods, tho lift slab technique cuts bozic structural couts by one- quarter and the time by ono-third. :

Smokeless Furnace Solves Smog Problem

NEW Swedishi: invention A may help to free largo cities of the harmful effects of smoke to say nothing of "amog": writes Syonska Dagbladet.

nace,

ut the Royal Institute of Technology in Stockholm.

to

The top photo shows a stab being raised to join one alraady in position start a "pack," In the forcground is the lattico frome for erecting and adjusting the hydraulical. ly operated lifting jacks. Tho bottom photo shows a lift-slab jack in position on a column. All the jacks connected by rubber tubing which corrios oil to maintain an evan pres- sure during lifting opora- tions; With 27 Jocks, the rate of lifting in four foot an hour.-Australian News and Information Bureau Photo,

are

Plastic-Coated Steel

For Bodybuilding

VEHICLE claimed to be the first ever to have an-interior-lining-of-plastic-

duced by a UK bodybuilder.

THE CHINA MAIL, MONDAY, MAY 25, 1959.

Weekly Survey Of The American Economy

CREDIT SQUEEZE IN U.S.

Tight Money Situation HONGKONG Railroads Lead

Will Become Tighter

New York, May 24.

Tighter credit was the big economic news in the United States

this past week. On Monday major U.S. banks hiked the prime rate-that charged on loans to industrial customers-from 4 to 4 per cent-the first hike in the key bank rate that makes all other forms of borrowing cost more since September 11, 1958 when the 3% per cent level was raised by one half per cent..

This

This was certain to pave theị than government economiste lumber, hardware, farm equip- way for a Federal Reserve die reasonably hoped

for

laxment and related durable lines. count rate possibly this wedle | January.

Boft gonds stores rang up which now is pegged at 31⁄2 per

fctal of $4 billion for the first cent. The discoun!

Personal rate is

Income

TOKO last four months, Against $44.6 Reserve month to a record annual rate billion charged by Federal

the year before. banks in their loans to member of $72,700,000,000 with most of nove per cent false tooks small commercial banks.

the rise in the wage and salary compared with the cars, but sector. This mean consumers substantial nevertheless, The rates were going up, of had more money to spend and because the whole there was little doubt that they economy was 'prosperous again, | were sponding it. Each month Just as they wont down when starting last December, rebil the recession hit the countrysalos have posted a record after Latest figures on car sales are late in 1937. The prime purpose allowance for seasonal varia-provided by these omela behind the tightening of the ions. The April Agure for all statistics for the first third of money market was to fight any types of stores just barely May: 157,000 units, which means possibility of Inflation getting missed $18 billion — up about almost 20,000 daily, nine per But of band;

$100 million from March. The cent ahoad of April and the fiftit annual rate of retail sales at month of steady climb. mid-Moy was about $218 billion,

course,

Predictions

Predictions were that the already tight money altuntion will get even tighter later this year with luan demunds rising und with buemess activity Teaching new peaks.

The monetary measures were borne out by the fact that more people in the United States were employed thun over at this time of year; Run-form JOUR were above the previous record fur the month of May 650,000; factory

employment Wis slightly.

And this year is exceptional 28 far us employment goes. Factory employment, for crumple, has declined between March and April-{} seasonal factor-six of the last seven years, So even the small factory employment risa last month of 3,000 constitutes real This, combined Improvement.

of

with more overtime, pushed the Federal Reserve Board's index industrial production Inst month to 140 per cent of the 1947-49 overige up two points from March, up 23 points from the recession low of 120 in April 1958.

CITY: LIGHTS

ALL

-Wunt easy money in the City, they sald-run a bucket shop-three weeks in Threadneedle Bireet and I haven't sold a simple buckat!"

London Express Nervice

compared with $200 billion the two previous years,

in

Impressive

STOCK EXCHANGE

by

Our Own Correspondent

Small Advance

On Wall Street

Burlness done on the Hong- kong Stock Exchange thl

New York, May 24. morning amounted to approxi-Railroad shares led a small advance on the stock mately $700,000. Noon quota-

market during the week. tions and the morning's trans- uctions were;

Shares

BANKS

Buyers Belleis Balan

HK Bank SAT 50 70 INSURANCES Union Xp Lombard XD SJUPPING

294b

22.90

We wa¥2.173

Wheelock.. 5.09 5.28

DOCKR, ETC.

<. Whert. 0034 Dock

Provident

→

4401

|

المنال

Taixoo XD. LAND, ETC.

Kotel. 2140 FR Land...

s'hal Land Pumphrey FLORITY RUBBER Amalg

High, as the sales sro, Car production figures are even

Trust

..

0.58

40 000

300 & 11 OGD 72

000 G 1.173 1000

$.DL

The carrier group came to the rescue of the general market after it had gone through several periods of unsettlement. On Monday the tobaccos were driven down in recurrence of cancer storles. On Tuesday the sugars got a beating when Cuha passed

confiscate agrarian bill that would holdings.

an

American

On Wednesday the electronles reaction. Few held that thero 5035.03 hit an air pocket when a lead- would be a heavy selloft and Ing brokerage houng took must looked for nothing worse 100564615 Raytheon of its selected stock than a period of what market men call consolidation. All re- commended strict selectivity in making new commitments.

100 27.00

100 M 5312 2000

1.69 1.025 6000

7.45

On Thursday the rails got into action, They carried their rise further on Friday and closed the 0.56 week at 180.07 up 3.77 points for their average which was at its 1.03 best level since Aug. 9. 1958.

250 5000 (280 100002415

10000 .475 130 130

Industrials

Industrials finished the. week

A tutal of 1,420 JESÚCS was traded and of these 385 gained white 483 lost and 150 held un- changed. A total of 133 made new highs for the year and 124 made new lows.

Raytheon led the market turnover. 100 28.69 1 634.74 in their average, up a

Sperry Rand was 23.83 iny 0.21 point. Utilities Jost second with a rise of 1% points,

6.84 to finish at 01.20 and The The

Arst had sales of 200,609

and

Sperry 286,300

2.05

23 20.00

1000

18 18:30

2700

100

100

1000

... 47.50 27.70

20 20.20

18 do 27.40

1200 27,00 1000

i

more impressive-almost 30 per Bungula cent ahead of soles. There is a UTILITIES

Tran special souson for this: Detroit wants to meet the June 30 dead-Star Ferry line for a possible steel Indus- Youmati try strike with the highest mid-Light year new car inventory in U.S. Electric automotive history. An estimate by Ward's Automotive reports put the May 1 stock in dealers' hands or in transit at almost exactly a million cars. Thot in- cludes

an estimated 107,000 iaren bul); cars, or a le mora thin two Tooths' supply at the present role of STORES, ETC. sales.

Dairy La Craw

The

Tél.

INDUSTRIALS Cement

2215 33

retail sales picture was COTTONS substantially contributed to by

Textile booming private housing con-Nanyang struction. Heavy construction. so far the laggard, also seemed to pick up at last,

Indication

Vibro

>

laio: 65 stocks used in the three aver- 19.10 Ages rose 0.74 to end the week

at 210.43.

20.53

1800 or 20.30 Volumic fel of which was 00 20.30 considered a good sign. Sales 24.60; totalled 15,900,910 shares for the week, Д daily Dverage of

100

500 m 26.00

500 325 3,193.082. 800 324

in the previous week 200 12,78

Bales 500 32.75 totalled 18,115,455 shares or A daily average of 3,623,091 shares. Business news continued to radiate the brilliant recovery 200003 from recession. Business leaders

8.70

10.30 161 11.80 18.30

5.03

0.50

1500

1000

3600

2000

3300.00

13 13.20

MISCELLANEOUS INVESTMENTS Int. Int... Allied

Invest

The number of private like fr housing Flerts for April was estimated this week to have

0.00 5.25 .40

*

.. 11.00

8.70 looked into a bright future 8.05 their discussions of the general

Exchange Rates

.09 situation. Auto, steel, construc-

tion, petroleum, rubber other industries received bills of health,

Poor showing

and

good

Meantime the government re- ported new record highs in the gross national product personal income,

and

In cažes money

the Joen Market

this

wus available.

Retail rose ng more spending

Unemployment

declined.

$.73

Bueiner WRE done in

cactante

reached 137,000 units, neorly 40,000. better than a year ago and a new record, topping oven the all-time high of April 1930 by a narrow margin. The April total unmelat of starts brought the adjusted morning at the following rates annual rate to 1.390,000. Con-US dollars (per sir...... slantly

Sterling notes (per £1 on the up-and-up for Australian notes (per Est the sixth month in a row.

inylonmian rupiahs per 100) 4.30 A Beals per 1031 There is every indication that

outlets The volume of retail was paced by autos and other autorijolive products and dumbly goods generally. The sules ond parts along rolled up almost Every mo e industrial pro- $13 bulion in sales in the first duction, national income or iotal four months of this year, nearly cutput scores even a modest guh $2 billion, or 19 per cent, better from now on, another record than a year earlier. will

half of this year will be only be set. This, combined

below 700,000. Another impressive gain was housing boom

alightly

That with the total employed labour

of 65,012,000

WAS, force

naturally. suggested the 13 per cent improvement in breaking all records in dollar 1059 will be even a better year sales for establishments selling value as both material done on

Americans

Get

Deeper In Debt

As Incomes Rise

Washington, May 24, 2

coated stoel has been pro- Americans were deeper in debt last year than ever before, the Commerce Department reported today.

tractive in appearance.

Indebtedness con- tinuos Its long-term

climb. It

new housing starts for the first Bingapore

now housing in April Is estimated at more than $1.3 billion, or $400 million above the corresponding gure for G year age,

But the interesting point in construction was that heavy- Hype Buliding, such an industrial plants, went up to $488,200,000 in the week ended Thursday last, reaching the best volume in industrial building In nearly two years. In the drsi 21 weeks of this year industrial construction * presented

$7.8 blition, Or taven per cent over a TRG

The long-awaited revival of industrial construction-hand in hand with increasing capital in- "Vestuen." "wind "STATE" "UNYSTRJOITET

arrived.

seemed anally to have

More than $1 billion of new

plants have been put under con tract so far this year, a hefty 33

perlod last year.---UPI,

Bank Of England Statement

16traits!

.45

With this background the poor showing of the market was attributed to the fact that the

list was tired and in line for a

states shares.

!

Sales running above 200,000 hares come info Aveo and Glen Alden, the former up and the latter up more than throa, Alumiinium Limited, Thiokol, General Motors. 'Beogurt, International Telephone Bext in turnover,--UPI,

Bank Of France Statement

and were

Paris, May 24. The Bank of France glale- ment for the work ended May 14, reads as follows:

Total gold holdings.. Total other curraneler Sight balence abroad

Advance to Elab

Franc 201.004,313,500

11.113.583.001

37,300 000.000

on Fund - Total Ulla diounted 1,041,014,043,342 Banknotes in circula

tion

................................... 3,299,297.491,825

Current Accounts and

deposits

219.733,013,240

-UP.

FUTURES

COTTON

VERY ERRATIC

New York, May 24.

Cotton futures, after opening the week on a note of steadiness, developed

wide and erratic price swings as the period drew to a close,

WORKER MAY

LOSE JOB

Cleveland, Ohio, May 21,

The American worker will be priced out of his job and the steel Industry out of its markets if further wage and cost increases are put into effect, Walter J. Camp- hell, Editor of Steel Magazine, warned today,

At Friday's close the list ruled 30 points higher to 54 points tower, or up $1.50 to down" $2.70; a bale, preceding week:

WIDENING

Jarold nbeinpalocop_monthz. showed a widening separation ps traders divided attention be- tween glowing accounts from the textile trade and the deve lopment of a more confused

picture on new crop legislation.

2

Congressional proposals for sweeping Investigation "American wage rates

alut prices too low for American of Administration management ready are so for above those Industries to compete ogains!, of the Commodity Credit Cor- of western European and Campbell sold,

poration, and the move to limit Japanese

loans weges that we are "The result is that for tour the size of individual losing a large share of our years we have been losing our under the price support pro-

for metal working markets, our workers are losing | gramme, both abroad and at their jobs, and our government selling movement on Friday in goods home," said Campbelj.

le lusing important sources of the 1960-01 deliveries. revenue," the Editor asserted,

murketa

The vehicle, a Karrier ambu- lance, Isted with a composite The Swedish engineer, Sven woud/light alloy body, the roof. Wernhelm of Lidingo near sides and rear doors being 1hted

But economists, said this was to 1955, the year of the big per cent gain over the same Stockholm, hes been working with white "Stevetile." The

not surprising. With | popula- | howing boom, since 1940 on a smokeless fur- material was selected after tesis

tion and incomes rising, total Consumer debt rose by a which is now to be put proved It

to be completely individual

in 1958. $300,000,000 op the market following testing hygiente, easy to clean and

reflecting cutbacks in durable simple in manipulate with con- rose by $18,700,000,000 from ventional body bilding tools.

1957 to a December 31, 1958 goods buying especially cars and heavy repayments of In addition, the material is at- all-time peak of $239,700,000,000, hack instalment credit. Net An Irish firm obtained

dibt rose by an even manufacturing cence a year

Dobis of all kinds, including urm The ambulance is designed to

and $3,000,000,000 to $29,300,000,000, ago and will shortly demonstrate carry in the rear four sitting corporations, hit a not total of empared to

government all levels

London, May 24. an increase of its space heaters" in England,

patients together with an atten-

The Bank of Ergland state- $770,200,000,000-also a record. $700,000,000 in 1957,

ment for the week ended May Dr Torsten Widell of the dont and two sitting patients The corresponding 1957 total State and local governments 20, reads as follows:

their added

Sterling

He said in the United States $4,200,000,000 to Royal Institute of Technology alongside the driver.

was $730,000,000,000. Alternatively the rear can be tested the

2.081.11X140 wages are three litting them

to tour times obligations

lo a Note in circulation furnner

adapted, by converting the

20,141,554 as high as

Those of European "The character and volume of record and assessed the combustion

Nete depolls $50,900,000,000. bench

270304208 Private deperits seat into & stretcher debt financing lost your

and seven greater effelenty nt over 90 per

230,784,850 countries corporate debt edged up by doverement atcurities. cent mounting, to accommodate two markedly

35.479.967 than these which is higher than for other stretcher cases. (Rootes Group, economic recession

affected by

of Japan.

Those ⚫ the $2,000,000,000 to a record $248,- her securities

20.210.173 Receipts known

and

countries can lay down steel pro- combustion

sub-100,000,000 compared to a jump to systems.

Devonshire House, Piccadilly, pequent recovery," the Depart- of $32,100,000,000 in 1957-UPI.

ducts here or in world markols -UPL found Official tests

that Uhr London, W. 1.) amount of soot given off was

ment sald, 50 miligrams per cuble metr of exhaust, which is twentieth or less of the amount

Wernheim

ont

of soot given off by eonvaatiopali burning methods.

Radiation Plastics

Mortgage

were

4.7

triggered

an active

The selling drive, pushed tho Desplie the threat to jobs, October, 1900, delivery, down to markets and taxes, Campbell 30.18, a pound, or 82 points- predicted the steelworkers$.10' a bale-under the season's would go on strike on July 1. He high just a few days previous. expects the walkout to be long and bliter and Inst from six to nine weeks.—UPI.

WEEKLY U.S. COTTON GOODS MARKET

mand.

of a more

non-

RECORD LOW

The turnover on Monday totalled 16,500 bales, making it the second smallest volume for full five-hour session in the 2-year records of the com- modity exchange administration.

The Census Bureau reported

consumption of raw

Federal borrowing plaked up AN Inexpensive and practical sharply, reflecting

the rects- process to bond plastles by sion's Inroads on The principle of the smokeless radiation is announced. It makes

Now York, May 24, the outbreak of fighting in sold, since the second quarter cloths, drills, twills, wide sheel-The recand low was 9,400 baler, tax revenues

usually is the slowest period of i digs, narrow sheeling and ollier on Oct. 23, 1053. furnace is tha! lars, vapours fluorocarbon

and a budget deftelt, Corporate OTTON grey goods pro- Korea.

The big

dierence between the year. Some quarters were standard constructions. carbon monoxide and other gases togetherness. These plastics are

plastics abound in and consumer borrowing fell off ducers beamed with then and now, brokers' said, is reported to have "completely Industry spokesmen were produced in the primary com- bustion are passed through, a

tough and rosiat corrosion and in the first part of 1856, when optimism this past week that the Korean demand was missed their market. They unanimous in their predictions domestic diversion disk and down through greasy surfaces to which

heat very well. But they have the situation poked darkest when buyers, caught short originated by a fear of war had counted on the traditional of "better days ahead" although cotton in April at 710,820 run- two return channels to the rear about nothing stika:

Just

Later es confidence and de- un supplies after a long carciiles, while the present de pressure of second-hand re-created by a threatened steel ning alos vs 729,000 baies In

sales to appear in the second strike..

the correpanding period last walt of the furnace. The gates

mand perked up, so did factory porod of

indifferent spectative type-primarily They are widely used for in-

period, When that falled to Cotten sales yarn spinnere he reached

| year. However, constanption for are compelled to pass through

prders, Investing and borrowing, waiting, plied with them consumer move

μανο to replenish,moterfallen, - they,

buen ported the demand to be mostly bales vs 6,192,000 balce last year. sulation and electronic, com-

0,400.050 the burning material, where tlioponente, askota and packings.

· rearrange į for the short-term in contrast to ого

-reduced

to combustible To make thom aticis the surfaces ventory accumulation meant into the first half of 1960.

Early in 1980, a switch to ine orders for goods running family linen closets and war-nicving to hurriedly drobęs working out from under their buying plans.

the heavy forward coverage in Raw: cotton.exports' for the.. gases, which in their turn

ere are exposed to optrolled radia-rise, in businem borrowing..

instalment payments on homer, Main attention centred on the grey goods. Apinndry said con- sesson to May 18, as reported by bural in thọ Tạo combustion lon. The result is not a coating

- Bollers said the situations was | appliances, qutomobiles and | paen.making print glath cons sumers have limited themselves the New York Cotton Exchange, chamber between the two mojbut a molecular change and the A 10 per cent or $10,000,000,- the best they have seen in another, hard goods.

truations, but mille also reported to June-July, deliveries; but a totalled 2.77 120 bales compared turn chatinel, fogether with new surface can be bonded or 000 jump în mortgage indgüteç= yearanavan botter than the sil- The current buying splurgy is fairisland sales of nearby and few are beginning to come in with 4,430,000, bales reported to secondary air.

dred.

nean last year was second only1out buying rush at the time of even more... “naténishing, Albay | forward delivery on Sropila: für "August" requirements-UPI." the same time last year)