1959-06-01 — Page 5

Weekly Survey · Of

Of The American Economy

ENGINEERING MOVE AGAINST INFLATION

THESE NEW WALLETS Discount Rate Raised

WILL FOIL

THE PICKPOCKETS

THE activities of pickpockets throughout the

world are likely to suffer a severe setback as

a result of the invention by an English business man of a thief-proof wallet, designed to hold all foreign and British currency without folding.

This new aid In retree traveling is the brainchile!

of

1-

Mr Pearson Mackie, Improved Packing

aging director

of a rin in

Wigan, Lancashire,

While holidaying hundreds of Material. Found

miles from home two years ago Alekk

100 bath the all experience of beltg Feb17:00 "believed" of his wallet which contained all his intrmediate res pourbes on hi restrn home he

realvel to start his own pri Vat war on plekprices and the

ww wdlet is the result. POPULARITY

Rapidly nung in popularity

in Britain and now avallshle for

NEW hair packaging

A material for kragile

cquipment,

described

as

As Steel Industry Strike Looms Larger

New York, May 31..

The Federal Reserve Board last Thursday gave official in- dication of tight money to come when it raised the charge on loans from the Federal banking system to commercial houses from three to three, and a half per cent.

The lang-expected

move heralded by news of lowTCARINNA I senree erit, raised the dis.

count rate to the pre-recession

event or a taste

when money, wat very light.

The measure, a possible here possessing all the useful pro-going retarnir inflation and perties of rubberized hair has

the direct remdt of US eco- been announced by a Liver-

namle expansion so far this year, pool firm.

will go into effect on Monday in five Federal banks in the key areas of New York, Chicago, Si Louis, Minneapolis and Daltos. But it was expected to sprend throughout the country within a maller of days.

Some of the advantages of the new material, XAY the vigort the wallet operates lumanarfoeturen, are that it is

coumetion with an oftarionment Virtually affected by ellaatto unit which a thinle temal ins rul the Wand of trouser

ils or jeans. On the top sade

if the nettement wait and

the wallet There are 208 2 winch

when

1 יוניי1:4:]

Foeren minke it impossible the wallet or content

Tolen.

fn

br

to most oil, vomitions, is inert and alvents, has very uging properties and it

dapt

-

Fed of silver The materbl i. much harder than rubberia har ut comparable domTİLİCT.

The new material was

Wish ;duced after ervandtutions

the Briti Guverument sho

cheaper efident rarans of

The attachment unit is watch the development of a la quarter of an inch below. The tip of the trousers; les tak more

C

Mens the wallet Testi fattably in the garment, wid when turned inataide,

The Recovery

01"

Meanwhile, with only month to go, the posibilty of steel industry strike loomed larger in the U.5. economic pie- ture this past week. It brought The first tempering of an up to 110W optimistic expansionist view,

Labelling fragile, products

The "recovery" to expansion azalost the blows und-shuries of hangs, sea and air travel. It has tendency still held true and the

Heneral extensively already

view prevaffed thi down in front of the trousers been used

Government contracts in- any nueculation as to the prob for the owner to gain access to

delivery of electronis:lity of a steel strike or his molley, 10 in TOURTAY necessary for the permanent but radio apparatus and other ungth was lete. The argument trasonably

attachment dellente equipment.

<dir> units to be stitched on Kanent on which the wallet To be carried,

Made by skilled craftsmen the Wallets are in leather. Anuther British Arm is now working on of Watt&~T~ The develojament proof zip fastened so that these wallets kan he eventually worn bathing trunks. Anthony Marth and Nell el Douglas Banki

volving

The new

and

interial is made with a new synthetic adhesize wideh

binds the hair both chemically. techanically

Teinforcing the material and increasing its load-ranging Lt. capacity. (Reial Products Speke Hall Rond, Liverpool. England.)

Works, Wigan, Lanedir, Eau Scot Invents Road

Jan-1

Tiny Paper Plant

Fully Mechanised

Norwalk, Conn.

the

Safety Device

en-

118

was that it was now too late to

do anything about it since bust- nem plans on how to meet H steel strike must be well in the process of execution by now and the order books comparses are Allerd.

Most observe

of the

steel

mid a third

taken

the

Steel-the problem of demand

MILLION INGOT TONS

30

25

STEEL

20

15

PRODUCTION

Tot

CAPACITY

4-5 BILLION TOW

OF SURPLUS CAPACITY

1945 46 47 48 49 50 31 32 33 34 35 36 37 38 39 80 81-82

The capacity of Britain's steel mills is still ahead of output. What is more, capacity will be steadily increased over the next few years. In April output was at its best for a year, But industrial recovery has.slíf a long way to go to keep our mills as busy a they are designed to be.

able goods, products made of steel,

International another

HONGKONG

STOCK EXCHANGE

bry

Our Own Correspondent

QUIET BUYING OF BLUE CHIPS

ON WALL STREET

New York, May 31.

Business done on the Rong-Quiet buying in blite chips carried the Dow Jones

Long Block Exchange morning, amounted to approxi- mately $700,000, Noon "quota- Lien and the mornlag's transac tlons were:

Shere Nayers Kellers BANKN

in Hank.. HOO 203

200

Baton

SHOPING

Waterhaal

Wheelocks

Lombard XD

12.00 30

DOCKS, ETC.

Provident,

K. Whart $0.50

Dock

Bales

5.00 100 5.93

2003 505

45.30

10. 11.00 11.60 10031.80

Taikoo XD 3150 33.75

LAND, ETC.

industrial average to a record high on the stock market in the past week,

Hafend . urs retreated and 1 week at a new record high at the utilities rounded cut nine 54,88, gumice 0.35 point (or strriaht ressions of decline and 35 cents a share). urok: the string on Friday with ne of 2/100th's point.

Readjustment

Troding generalty slackened and on most days the los-es pul- numbered gains. Market experts | raid the His was going through a rolling readjustment apparent- iy in meparation for the

IK Hotel 27.00 27.90 2030 22 Truciicna simuner rally.

HK Land HumphreyA Really.... RUBUEN

1000 27.70

33.50 33.18

15 40 15 00

1,573 1.63

2.378 2.425

3.10

Tram A 28.40 28.10

200

AmBig.

A. Tawsi..

UTILITIES

Star Ferry. Yaumatt...

109

C. Lix (0) 10.14 18.30

Hectrie...

21.70 27.03

10002 TO Chemicals stood cut In the

400 33.79 blur

chip department, There were days of strength in motori, stepla, selected oils, and fourls.

The sensations centred in the 20.01chenies group none of which 1500

Included in the industrial 200 at 28 61 | average? The electrical equip- ments--ako eletronics are represented and they performent in rightly fashion on Friday.

200101

100 101 50 259 203. 194J 100 18.20 200 10 3

2014 18.2

IN

Firmer Money

500 15.2) 200 a 27 41 Most 800 21.79 market.

לון 27 1 240

tim

news Javoured the Industrial output cut-

10 rise and glowing

forces. weng

That small rain Indientes a

rise of only $1,750,000,000 In the value of ol! isted works -UPI.

U.S. EXPORT

TRADE TO

BE REVIVED

By EDWARD COWAN

Washington, May 31. Government officials are try- prod American ing to businessmen into helping rovive the country's aag- ging export trade,

Sales abroad have fallen off sharply

1957.

compared to

rande for the That year the country exported

future. The market ignored $19.500,000,000 e non-military

Buur money reflected in the

Federal Reserve System's move goods. Last year the total was

the only $10,300,000,000, toward a general rise in

1081

3

Macao E. Telephone

10.30 10.50 20.40 26 60

1200 * 10 10 1000

2003

100 20.50

500

240

500

20 603

300 - 2010

500

20

di'cont rate frum three per cent to 3 percent.

31.75 33.50

Ustry.. 1. Craw... 17.70 10.20 COTTONS Texule....

(0.20 10.40

1.10

1000

0.10

830

Harvester. INDUSTRIALS huge consumer of steel, reported April sales of $425 million, a gain of 47.5 per cent over April, 1958.

Railroad, too, showed a very i

the

COC

10 כא

5.00

5.95 1000 3,93 4.10

12 00

13

Total awards for all type of heavy construction work so far this year tunount to $8,471,350.- quarter slow-derwn of the gen. 000, compared with $7,728,300.-

food bill of health for Apr. Nanyang 8.70 tral economic upswing us a re- 1000 in the same period of 1958,

MISCELLANEO of the Kult

construction (Their almost unanimous reports stee!

heavy uncertainty Privato ould virtually be

for awards for the week ending lost ot earnings against losses a year ¦ INVESTMENTS

Inst. Invest. second were the

indicator of ago were a ced granted. They argued, however, Wednesday

Allied that such a pause in

ย highest in history, exceeded poly cconcinie expansion

H.K. & F.F.

Invest. pension would only be tempor-in the final week of 1958. The U.S.--UPI. nry, indeed welcome in some totalled $4,100,000,000 for the quarters,

year so far, 17 per cent above a year ago. Federal construcúr n nwards showed the highest gain. a total of $1,300,000,000 so far this year or 28 per cent ahead of a year ago.

Expectations

ex-

Other analysta jump the third quarter picture entirely in their expectation and banned all their

SCOTTISH motor A

ginoor, Mr. Adam Craw- ford, of Central Garage, Motherwell, has inventod a

car-term outicok from now on device which it is claimed the fourth quarter. Almast

Too Conservative will meet very urgent without exception they predict world's smallest paper need in prosent-day motor- el the steel companies would Complete figures for May but were mill-with a working force

were not available Irbour contracts be extended į likely to execd the record of one man-has now been ing and is likely to interested to their stand that present

and road safety for another year after the June month of Aprli which showed fully mechanised,

of organisations all over the | 30 expiration dute. This would the Impressive total of $9.7 bil-

WHAT probably is

WH

motorists

Rudulph Duzak, president the It.. Bazak Co., which de world.

for

in t builds loudspeakers The device, which is being

hi-t stereophonic and

produced by an electrical en- systems, operates the inn corner of his factory. He makes gineering firm, can be fitted to a dashboarı of any car and

coars

his own paper for the speakerhows a green light when the motorist's lights are in opera- Developed by his organisa

flor. If any of the side or rear Hm, a new machine lifts the

Hights conse to operate a red Lance to the roult that shapes the cones. Pulp, water and the light comes on in its place and if there is a faulty connection ather necessary ingredients aro

resulting in a flickering light the mixed in a metal trough with a

green and red alternate, rotary beater that looks like the

u sharpwheeler,

With the large number of side

make a girllce in at least part Hon in construction work of all of the industry virtually, cer- type. tain, unless the government fcrvenes,

Sales for the week totalled n full 14,872,535, ancllest for week since Feb. 13. The daily average turnover was 2.074.507 sharts. In the previous week sales ictalled 15,909,810 shares a dully average of 3,103,98%

Standard & Poor's composite Index of 500 stocks clored the

COTTON FUTURES

FINISH LOWER

New York, May 31.

Cotton futures finished on lower ground this past week

after making several attempts to stage a rally.

Obviously early, governfarut estimates were too conservalve With steel being consumer in predicting a seven per c faster than had been general rise this year over the $49 bil- expected and with the proscerallon spent on construction last having falled the past five year. Sensonally adjusted spere- consecutive weeks to keep 10ing for construction during the scheduled production Tevals, Arst third of 1959 is running a threat of steel shortages was

the annual rate of $54.2 billion. becoming more real.

about nine per cent over the cor Steel makers said as the mid-responding period of 1958,

Signifcantly. the Largest It year strike deadline approaches, proction rates will hold their strides are being made ire the

Boom-Like Conditions

On London Market

A Dip

In the first three months of 1959 exports dipped to rate that would give a total for the year of $15,400,000,000.

One result of the dip has been a flow of gold and dollars out of the United States, Al- though the drain has additional bolstering exports

Causes,

would help check it.

Tant's where the business- men come in. High govern- ment officials feel they have Ignored foreign markets or at little at- least paid them too tention.

Meanwhile, other countries— especially Japan and nations in western Europe-have recover» ed from their wartime setbacks and tooled up to produce goods that compete with American products.

Foreign Cars

A good example is the big sale of foreign cars. Besides, the list cutting into the domestic mar- polnis-25 ket, this also means stiffer going bale lower for Amercian cars abroad.

AL Friday's close ruled re to 45 cents to $2,25- than the preceding week.

Officials feel that American Uncertainties over outcome manufacturers have been 50 of new turm legislation, parti- | busy enjoying substantial de- cularly in connection with the mand at home that they have proposals to

limit the size of failed to make the most of !Dans individusi

under

Incomes the rising

living and price support programme, kept standards abroad.

cases, they have in effect traders in new crop positions on the anxious sent.

more quietly surrendered to aggressive, alert and fexible furclga manufacturers-URI.. ...

-OVERHANGING medlemmerne vil that he vich are Blend within

difficult

10

are then added to the mixture. Haking and drying completes

The process.

the bodywork of the cars

ring increasingly for motorists to be sure

He

Mothproofing For

"present" love witch, is high-- |residential

type of construct

reni

London, May 31. has been almost boom-like conditions on the Stock Exchange this past week. Industrial equities closed the week on a record high for the fourth day running and trading this past ---week has been the heaviest ever. Not even the news of tighter credit in New York sent prices down in London.

tools and

the

Nearby deliveries fell everaging weight of liquid- then in the July delivery at traced by its two-cent premia

In

some

Bank Of France........

Statement

Paris, May 31. The Bank of France stalement ended May 21,

For the for the week

Woollens At Low Cost Estion Downs as serious then a registered a five per cent gala dribble of all selling un insure all better and print renson, holders are reluctant to reads as folows:

is

but won't go any higher in Bon. Factory building was up 46 fact, they look for a gradual de- per vent in April from a year eline of operating rates which ago, while school contracts ud- their ights are all on. The devidencadravecot 15 pott-AN-THE fully mechanised,. Its sale en- / Virė -is sel for controlling Bve, month. Their predletion is based figures quoted

present

over the Missing months. lamps but can be adjusted out of work. ployer isn't

uit a car with six inmps by what they form growing re- gains, annlysts said, since con

July sellers pointed out that runs the Ete machine-UM.

steel workers, of bullding materials only went tiveness among increasing the tension of an ad-

when the new season Maris say prepara-up some three per cent over the pisting screw. Whenever there Steel mill sources

By contrast all-edged con-; machine

oiner Aug. the governinent will tlens for pinnt shutdowns for costs of year ago. is drop in the current being

the July deadline could start Retall sales of new auto- tinued to drift lower. The dull-auxiliary industries are booming. begin selling cotton below the consumed in the car the warn-

light ing

on the dashboard

as carly as mid-Jure if the mobiles at the end of May Dess of the Batish Government Food, drink, tobacco, gas, elec- current market level.

carry more thon a minimum over beginning the menth un-ing then a year

Institutione ago. These together, make up. Inventory Info the new crop

Total gold holdings .. Total other currencies and they were 30 per cent above matched by the end of May Agures of Inst buy. This small selling is the one-fifth of the total output in period.

Sight almce in EPU result of the boom in industrial dex. Textiles, coal, and ships

Advance to Stabling- Steel mills operated at v5.4 sear.

Traders holding a long post- un- un- declined. Elsewhere was

tion Fund........ Mid-May cat deliveries

t.equities and the current per cent of capacity last wesit.

tion, however, pointed out that Total billa diecounted 1,003,193,065,002 popularity against smalt in changed. Producico umounted to 2,644.- dealers set the fastest pace su

the July contrast closed the Banknotes in circula- vestors of axed interest stocks,

Hon

3,229,131,452.325 weck at 34 64 cents a pound, or current account and 000 tons. This was 13,000 tons for this year and exceeded any ubove the previous week but interval of 1958 except the fina

just about equal to the spat deposits 30,000 tons short of the fore-third of December,

price for middling inch cotton So for this month, dealers cast. It was the fifth consecu- duction tive week in which actual pro- have retailed 343,300 cars-th.

keep failed to

to Is for the frst two-thirds of the The forecast for the month. Total sales for May wor

2,071,000 expected to week was

mullit tep #

As

S a result of research and tests carried out by a

73 Coronation Road, New Stevenston, Lanarkshire, Seot- land,

British company it is now Sound possible to buy all forms of woollen goods complotely mothproofed.

The development makes un necessary, annual mothpronting of knitwear, baby clothes, under- wo carpets underfelli, eɔf furnishings, cats, suits, dresses and belding,

A

Dishwasher

DISHWASHER that uses

dishes clean was shown recently sound waves to get the at the annual conference of the Institute of Radio Engineers,

异

The dishwashers actually blast the dirt off and never chip thing. It is done with high fre- The new product is appiled by quency sound waves at 40,000 the manufacturer at the pro-

through cycles n second, sent cessing stage and is not suitable the water in pulses. The effect is for domestic application. I that of compressing and de- relatively low in cost and makes compressing the water, so ihat economically pcesible the moth everything is washed gently in proofing of the tull range

a few minutes. woollen goods.

of

New High

schedule. Current

Lons, up 4.3 per cent of capa-for the first time this year.

Spending

ול

GREEK ISSUES

at the 14 southern spot markets,

of

frane 281,004,312,583 1.205 918,221

64,402,039.00)

211,022,178,023

-UPI

Bank Of England Statement

London, May- 31.

BREWERY SHARES All this is reflected in stock In the foreign bonds market markets. Bowery phares have Greck Issues, after their period been a feature this past week of attengih on talks of a debt after industrialist and property selllement, turned dull on the meggiate Charica Clors offered Other technielans thought the nows from New York that no to take over Wa'ney Mann outstanding July interest such seltidiment was contem-Britain's biggest brewers. The around 107,000 bales was rather

that I could pialed at present. Most of the offer was summarily rejected widely held und previous buying is understood by directors but Mr Chore has be readily influenced either way vity, which it accomplished,

to have been för Greek account j never failed yet in his talcover for the time being. It was would set a new high.

os distinct from Greek govern- bids. The great activity in doubted that the industry will

Watney sharus

and other ment support.

The Bank of England stalé- Scors achieve this level.

Nocbuck statistics, al-

REDUCTION Trates-Allamti #tocks have brewery shares Whs partly

ment for the week ended Mày What would happen, it ways a good indicator of con

Meanwhile, ibe certificated 27, reads as follower strike comes a month from now, mimer spenting, showed Arst had a mixed appearance during rospersible for the scaring index

totalled 41.270 bales, litile interest in them in Landon | and insurances have all bad an is obvious to many. All steel quarter earnings up 25.3 per week and there has been this past week. Property shares stock

Notes in circulation ... cumulative reduction Pubile deposits........ making a companies report their order cent from the corresponding

Everything seemed to cul- excellent week. Elsewhere plus of 15,510 bales since the pre-Private deposita books are Alled for third quar-quarter last year. Sales were upi

tribute to the boom-liite don signs were almost the rule, ter and production can continug | 13.7 per cent, indleating that half titions in the industrial oqules It has been a buuyant work ceding May dellyery went off Government securities

Other Accurities the board a few weeks ago. Receipts at present levels of about 90 the boost in earnings came from market this past week and oven, in the South African gold share

Ratio per cert capaelly; or just above. { volume, the other half from the heavy settlement on Tues-market and the Financial Timer Intereat in farm legislation The strike would be an expen-price increases. Most of the mules sive proposition to both fabour geins were in the durable goods day of the previous busy fart-Index stood on Friday at 942, focuses on the bill to Ilali la

nightly account falled to dampen | Its highest since October 1855, dividual loans to $50,000. The certain conditions laid down by AT the Univomity of California

departments,

the buying,

Almost every section of the measure is expected to come up the producing company the scientists have combined the and management.

Exchange Rates The surprisingly high demanti These were some of the Co-

All the news encouraged the kaffe market has found buyers for Senate sellon next week. mathprooding effect la maintain- disposal of city wastes with the for steel consumed in actual velopments showing where the belief in bigger and better and and shortage of stock is now ed after repeated washing or dry production of animal fodder. A

prosperous times, 'more

The becoming apparent, particularly Crop new contriued mostly Business was đóny in the local cleaning.

patent for the process has been production as against inventory aleel goes:

Machine tool builders re- Treasury announced that in some of the older dividend- on the favourable side, Pro-Junonictal - exclingg, markel Carpet manufacturer have granted. Sewage treatment ponda building comes from several fac

privalo ported a plekup in incom- Britain's Industrial production paying mines chief buyers have Uminary

indleationsmorning at the following tatori-

U.B. Loflar, (per $1) been making effective use of the were used to grow algae, tiny tors which exceeded carller ex-

The first is record | ing business In April. Now fad turned upwards In April been from South Africa helps

a possible crop this sterling hotan (poc ruggested produce for some time. [Diel- plants rich in protein, fats and pectations. moth menufacturer by Shell carbohydrates. Tho shallow housing contruction, the second orders in that month totalled after remaining at two par bent | ed by American interests. Olla your of between 14,500,000 and Australen notre per 41) 12.00

have been unsettled and the 15,500,000 bales, based on the Indonesian rupials (per (31) Chemical Co.,

jam ticals for acci 170 Piccadilly, ponds look like green growing high new car salon, the third | 355 millich, compared with only higher than a year agotzek

*Tho automobile high consumer spending on dur-$20 million in April last your.

"Industry, "esekoi quiet-UPE:

trend of yield.—UP).

Flingipore (Straits) London, W.1.]

It cannot be detected on the wool and the mothproofed gar-

ments, nor is the product affect Waste For Animals

ed by long wear or the effects

of sunlight. It applled under

Belda.

sterling 2,091.272

15.303.002

205.410203

2737

35,109,705

20073330

04

-UTI

thi

15.00