1959-09-14 — Page 9

Page

? THE CHINA MAIL,

MONDAY, SEPTEMBER 14, 1959.

SCIENCE AND

Weekly

Pare 9

Survey Of American Economy ENGINEERING TIGHTER MONEY MARKET

New Dual Colour May Slow Down Recovery

Of Current Steel Strike

Printing Machine Produced In UK

A

Now York, Sept. 13. Worry over the state of U.S. economy last weak split evenly between the stocl striko-now the nation's longost postwar stoel walkout and fears that the tightening money market may slow down recovery and ovon reverse it next year.

At an estimated daily loss of actually lower than the reces-, for the third or fourth week of $15 million to everybody con- sion level of a year ago. September as a result of steel

without prospects of early settle-steel cerned the steel strike, El Pennsylvania Railroad, a major shortages. But the auto industry

LEADING U.K. manufacturer of printing machinery has introduced a new 39 in. x 26 in. offset two-colour machine which is of entirely new design. It incorporates a number of exclusive features and is considered as one of the most in-dorker cloud teresting presses in this field to be built in the post-war period.

יוונו אגוז ת

sheet

-

Hive

carrlor, reported

car-

so for is not alarmed. On the contrary, it went ahead with ment, was steadily becoming a loadings of 71,274 cara Inst week

on the economic as against 74,472 in the same plans to produce 640,000 units in horizon. Now in its ninth weet, wook a yeûr égo,

October-one Among other

of the highest the strike was certain to prove activities directly affected by the levels for that month. Ford much costlier then the record strike, coal output fell by 24 per makes about half Ils steel needs 1952 walkout which lost the cent, metal mining by about 30 in its own mitis and American industry an estimoted 17.5 per cent and total minerals pro-Motors has reported it could million tons of steel and the duction by five per cent.

produce through December an steelworkers $450 million in

existing stcel "inventories.

wages,

Production

Shortages

HONGKONG NY RECOVERS

STOCK EXCHANGE

Our Own Correspunddal

Businces don on the Hong- kong Stock Exchange this morning amounted to approxi- mately $940,000. Nood quota- tions and the morning's tone-

actiona:

Buyers Bellers

035

Blzarte BANKS JIK Bank INSURANCES Unton ***** Lombard SHIPPING

Waterloot Wheelock

70

4016

1.43

DOCKS, ETC. K. Whart Dark

101

45%

The first model is geared for hand-assisting the dampers

Ered of 10,000 whitst the press is running. #heel per hour mul has been i

Electrle energy outpul-art!- The pressi self la enclosed

felaily kept up at record levels installed a Londen fin of

cart guards which be in heivy printers. The recond is

Steel Magazine, the industry's because of the hot weather and enhancing the

warned that some of supplied to Buckman Gmphie besidey

high consumption of power by weekly. of the press,

It began to affect not only air-conditioning unlls and fans the worst shoringea will occur Machinery and Supply Corpora. pearance

statistical productivity indices showed its first drop last week after the strike is over because Provident tion of Long Island City, USA. muximum protection,

++ Tathou the Federal production Judex, but sill remained 14.4 per cent it will takte soveral weeks for the With trip-stop' selected the

AND, ETC. now Flood around 150 after Prominent among the exclu

above the like week of 1958. Industry to gear up and get back FIX will stop whenever gr having reached its peak of 165Last week's electrielly

said sive features on this machine is Pres

two I und output into, operation, I in mislaid. with rip- in June-but also employment, was 13,759,000,000 ki

hours, wooks are needed to pour in- a comprehensive hydraulle on-

selceled the press wit trol system the first in the low down to pre-set low spectacantly-prices of scrap.

inventory growth, and-sigal-down from the record rots, make slabs, inspect them world to be incorporated on an

14,109,000,000 kw hours in the and get them ready to roll. An- when a sheel is mislaid; this The government. through its previous week,

ether wook will be taken. up bu offset press; entirely new power- obviater

the possibility of Labour Secretary, hinted the

processing the Glect. First ful drum-type inking arrange going into pressure at bigh Taft-Hartley Law Injuncio

į deliveries reven-roller damping speed as

of post-alrike steel ments, a

in these conditions clause-calling for resumption of

may not before ilve or six weeks Bystem (against the convention-

the pres apext cannot be in-work for an 80-day cooling off nl five-roller arrangement); creased beyond pre-set low..

after resumption, it warned. and negotiation period-may be highly developed foeder

invoked if the steel strike Brags incehaniam; electrically

on Into Octuber. Euards; and the extensive use of ball and roller bearings.

linked

Blankets are tensioned from front and rear and a new fer- ture on the firm's presses in that they are hot punched for fiting; they are

inserted directly into the serrated jaws of the blanket tension bar und clamped up.

Mr J. D. Garner, works dires; tor of the London firm operating the new machine estimates that his output will be almost double that from any other machine in his shops. le is patkularly NEW DESIGN Impressed with the quality of the two-enlour printing at speed -especially on "difficult' colours,

August employment agures.

Inventory

The spring inventory boom which was touched off by pre- strike steel stockpiling, fell oft

First sharply.

government

figures for July showed inven- Lorley in that month rose by $500 minion compared with the $900 milion, monthly average recorded in the second quarter. Manufacturing and trade in- ventories at the end of July totalled $36,800,000,000-up $4.3 billion from a year ago but still

below 1067 lovels.

Sicel Magazine estimated strike losses through the end of the eighth week at nearly $2.8 billion in steelworker Wages, Industry sales, lost taxes olher expenses. by raltroads and other affiliated Indirect lossca Industries would bring the loss tetal up 10 $5 bilion, the Magazine said.

although showing dip in unemployment, at the same line showed a drop in tatal employ- ment.

The July employment figure stood at an all-time high 01 07,594,000, In August It was only 67,241,000 because of a seasonal farm labour drop but half a million also due to the The design of the press calls idle steel workers, 145,000 lad for grippers bath on the impres-off in railroads and mining siun cylinder and on the upper directly as a result of the strike Controlled frvan selector mosfer cylinder. A new design and some 80,000 nute workers pane at the end of the press of gripper motion is employed | Wald off temporarily because of Post-strike period already filled mercial the hydraulic system for trip

cylinders and inaing ping the rollers has eliminated cumber some mechanical Camis linkages. 1 is so arranged that each tripping cylinder and ink ing motion is independent of the other by simple manual,opera- Hon or by automake selection.

An example of the flexibility this system allows is demon-

whereby the blanket can he retooling for new car models. trusioned at the front and rear without alleration to the gripper releasing four settings. By

Unemployment

UTILITIES Tram XD Yaumati

::

+01

Bates

SLIGHTLY FROM DECLINES

New York, Sept. 13.

Stocks declined in each of the three sessions that followed Labour Day and then came back moderately in the Friday session.

1000 #35 and

12000

Trading picked up moderately but overall I was a dull week | for the market. Traders defer- red appraisal of the Cature in Indivance of the Khrushchev visit demonstration of fune jorder in the money market.

Losses lookok large in the heavily

Dow Jones weighted 100 4513 averages. On Tuesday the in- * 200 Kdustrials fell 0.40 points in the 3004 Dow Jones Index ami 84 cents a 200

share on the Standard & Poor's 500 3215500-stock adex.

2000

012

43a

1000 @ 20.10 10093

2001 200, 354

4000 M

On Wednesday the Dow loss was off 5.02 points and the Standard, 41 eents; on Thursday the Dow yielded 4.20 points ond | Standard "dipped at cents. The Friday market saw a recovery 3.40 of 3.08

3.10

polnis and 42 cents respectively in these two In-

1.30 203 4.10 diditors.

AVERAGE LOSS

For the week the average loss 1.00 (of each issue amounted to 11.1 125 wedle the Dow-Jones

average 1.95 fal 14.02 points.

In dollars, Ely croded

13.20 13.30 3274

XD

2330 20,40 331 35

Hunakarysi

Hentty HUDGEN

17 11.20 1.525 1.53

Anusit

3.25

23000

10000 A

Triest

4.10

15947 6 4.375

2000

4.173 -

A. Tawah..

Suagula

2.00

5. Kelantan 123 I

10000

1.65

10000

2000

15009

21099

120

200

100

D00 6 11

1000 18

*1000 nr 18

100 8,10

$500

JB tire

21.70 23.00

Lone

500

23 10

183

101% 10,80

0.80 20 1500

54 2015

12.80 14.10

31.3

...06 18.30

141

-6.80 6.35 425) 1000 11.50 15

33.00

0%

11.80

C. Light

Electric

X. All

-+

Mineo E.

Tel. INDUSTRIALS Cement STORES, ETC. Dairy

17.50 10.10

With most of the nation's business impatient to be done with the strike and resume the interrupted 1959 boom new fears appenred in the form of increas-

tighter

Com- money. With new order books for the ingly

bunks last week four months after resumption of increased the prime interest rate steel mill activities. some mills on inans le customers with best are beginning to take order for credit rating from 4 to 6 per

Watch in 30 years. the fifth and sixth month. Hard cent, the highest

L. Craw Kwong S., Unemployment in July steed to get steel products may not bu The Federal Reserve System

COTTONS crews the complete gripper at 3,744,000 or 5.1 per ont of the avolinble for six months after acted after one week's delny in

Textile mechanism can be lifted bodily total labour force.

rate-the An August the strike if anders are placed boosting its discount

Interest charged on Joans to

Nanyang out of the cylinder until the drop of 608,000 in unemploy-now, trade experts predicted. new blanket has been sliached ment was expected but only a This roulisation helped to firm

member banks-from 3% per MISCELLANEOUS

It was a Vityro and tensioned.

drop of 316,000 was actually up scrap sleef prices last week cent to four per cent.

Critically inst. several total of in new

dreas. notably new 27-year high, 3,420,000 unemployed, or 5.5 per Chicago, where dealer grades the new rate became effective HK & FE**

af screp steet edged up another starting September 11 in seven dollar à ton. Prices generally major member banks. Even- are up to four dollars a ton tually it would spread in all the above pre-strike levels. Some areas of the Federal Reserve Illinois steel mills, not affected System. by the strike, are now paying $35 a ton for No. 1 heavy nichting type of scrap und in trading among dealers the price for this type is reported al $40 and even $11 a ton.

Ti firm's nonnal design of bearer confact between

All

achieved for a

strsted in the operation where--cylinders has been incorporatert cent of the total labour force. by the press can be immediately but converted to single colour print-

some laude between ing by the depression of three blanket and impression cylinders of the selector levers. The allowed for by the provision automatic tripping: features are of a handwheel which regulates Thousandth retained for the operative movements single-colour units whilst the second remains tripped and

to une

of an inch.

The press is completely con- isolated. Testing Impressions tuned within

the overali body,

The nation's steel cutpul-in smaller planis unaffected by the strike-remained at just below 12 por cent of capacity last week This a total of 332,000 tons. week's output was estimated ut 937,000 tona. Production a year ago-still on low recession levels of around 63 per cent of capacity

was 1,780,000 tons.

set

can be made statically under dimensions of its main

Railroad carloadings, severely In the application Industry this control.

The main drive motor being hit by the strike, ran at a rate some major shutdowns are mounted within

INKING SYSTEM

the

framo-

work. All operations are con- trolled from floor level and there are no steps or platforms are the to be

mounted by the press most powerful ever produced in operator, (R.W. Crabtree and an offset press.

Sons Ltd., Leeds, Yorkshire,

The king motions

Twenty-one rollers of widely England.)

varying diameters are arranged

In pyramid formation to form

a deep reserve of fresh and

evenly distributed colour.

The inking roller reciproca- Computer For

tion is by worm box mechanism

which eliminates the orthodox Bank Accounts

cams and levers and which is infinitely variable between zero and maximum travel. In the absence of conventional ratchet motions, a far greater degree

London Helped By Good Election News

London, Sept. 13,

INVESTMENTS

Inver

values

weck

amounted

U.S. Car Production

Unaffected

By Strike

Detroit, Sept. 13. The U.S. car industry, still unconcerned and un- steel affected by the strike, went forward to- day with plans for a con- Aistent bulld-up of 1960 production.

All the ear companiis foresaw

paper 110$8,000,000,000 in the first three the steel strike long ago and 110 days and came back on Friday placed advance orders for large.

by $2,310,000,000,

amounts of steel to carry them through a long shutdown. Stret The dollar loss on paper for stocks were piled high at the to plants

and some companies Sto the high hired outside

to warehouses store steel supplies. At tho same time, they jogged their of steel, to supplies to lay in large stores Assure steady de- livery of component parts.

23.90 $0,270,000,000.

was made on August 3 to the 23.80 close en Thursday the

general

23.00 loss in the value of all listed

issues has amounted to $20,460, 000,000 or about six per cont.

At the Thursday close, the p

{ industrial overnate was al a new)

As a result, the ear industry

low since June 23, the rail since general) believes it will not December 23, 1958, and the es feel the pinch of the steel 3.83 locks average, since June 10. strike unles

6.03

COTTON

GOODS

QUIET

New York, Sept. 13. Cotton gopis murket here

it runs boyond Motors several weeks ago sald it could continue production 0 new At the close of the week, the cars into December,

The utility artade its low

American on October. Friday, a new low since July 2.

Dow-Jones Industrial verigo

slood at 637.36 14.02 points trom the previous week; rul}

156.42 of 2,19, etlity 88.24 off

OWN STEEL

1.83 and 85 stocks 211.00 of 4,41, Ford produces about 50 The big funds appeared to per cent of is steel in its owa be doing to in the market ginnt Rouge plant, which is not and the selling that took place affected by the strike. Ford's seemed to be of routine char steel workers are members of

the United Auto Workers.

Demonstrating the confidence

ter. The feet that?' bide were

some

wide lacking brought changes in a thin market.

Activity again⚫ centres on of the industry at large that Aanerican Motors which rode the it can outlast the steel atriko, top of the list nearly every day. the car companies have as- Sales for the market as a whole signed 27 per cent of their amounted to 11,138,515 shares. plants to two-shift operations This worked out to, a daily in the next few weeks for average of 2,841,028 share for production of 1000 models.

four trading days. It was

Slow Down

that the light! It was feared

slow down the money would boom. Housing starts were sure to be affected, also capital ex- penditure by companies on new plants and equipment. If the money squeeze continues, some projects may be postponed D even cancelled, experts feared. This would remove part of the upward pressure on the economy which go for has generated a

In rosity road this year, wts so

By October, the industry ex- likely to slow down more as a

over-pects to have more than half its resull of the higher interest

plants on two-shift operations. rates.

Ward's car report says produc- One of the results of the

ton will Increase steadily during hiking of the prime rate was increasing reluctance by banks

The market correctly anticl-the rest of September, and will to create more credit. Ccm- With mills sold up on most pated a rise in the Federal Re-ride into October with a pro-

schedule of the surve discount rate from 3 to duelion

about mercial paper and bankers ac- Items for the balance of

four per cent. Eight reserve 640,000 cars for that month ceptances, which mostly utilize year, buyers found it diffleult to

banks made this change one of the highest levels in the existing, deposits instead of obtain needed supplies for spot

Tharudny and the others are Industry's history for October. creating media of borrowing. Į and nearby delivery.

expected to follow. The rise And all of the carmukers *sald The commercial paper market,

Denumit for cotton yarns was was merely an adjustment up- they took their stool stocks Into How at its highest volume In 40

were rucs had risen. The discount October schedules. UPI. more rfistant lackening.

last week were acasonal the highest since July 27. ly quiet with activity the previous week cales restricted to small lots aged 2,315,236 shares dally. for quick delivery. Prices

were strong throughout.

ANTICIPATED

on

A electronic computer "The stock exchange welcomed enthusiastically the years, is offering prime business low and supplies for even the ward of the rate after other consideration in planning their

which will initially

of mixing in the ink supply is handle about 40,000 ac- nchleved.

[counts is to be installed In a. One of the flaws of the London centre of Barclays orthodox Ave-roller arrange Bank. Believed to be the first ments that the flow of water tends to go direct to the recond system of its kind in the slamper. Jestrving the first cam world to be used in booking, paratively starved. The arrang it will be housed in a special. nient of seven-roller dampingly adapted building and will

reverses the system and the flow

travels direct to the first danyar prve about 15 different In contact with the plate: ut bronches. the second damper erung as n

news that the general election would be held on October 8 and confidence that the poll will result in a victory for Prime Minister Harold Macmillan's Conservative government brought a good recovery to stock markets this past weels,

Wall

Street's recent steep over large. Prices pentrally rosu decline coupled with the rise in steeply, and although profit- U.S. Interest rates caused doubts | taking trimmed them, the net in some quarters about the gain on the week was large. level of present British interest From Wednesday, onwards rates and this was a restraint quieter conditions in the equi influence, particularly in the tes market were

Increasingly Latter half of the week.

The firm undertone The Financial Times index apparent

roquined but there were tow of industrial ordinary which dipped to 231.2 on Mon- Investors coming in the market. It has been dividend week in 256,8 on and readied Wednesday, showed a net rise the kaffir market and this has but the ger- on the week of 2.5 at 253.4 been stimulating,

evident from since the election news becamo erak dininterest known the index has risen Johannesburg in gold shoros

calood many of them to quiet. VERY FEW

smoother. Considerable Inik sav-) The branches will serve the ing results and better quality computer with information by printing is achieved. The pos- teleprinter with delalts of each bility of emulsification of the ink account being stored in the by excess moisture is reduced to computer's magnetic memory. a minimum.

The basis cost of the system ix about £120,000 but addi-day tional equipment such as in- formation storage units are The press is normally equip-likely to be Installed increasing pod with a type of high pile the capacity range of the com- stream feeder which has been puter. The system is expected specially developed to match the to be in operation by the sum- high speed of the press. This mer of 1901.

STREAM FEEDER

- feeder incorporates a power pile

holst and a non-stop re-loading

device whereby a fresh stack THE ANSWER

is trucked in, raised and brought into use as the anal sheets of

the previous stack are running out. Uninterrupted printing is This possible.

facturing the computer says the An omcial of the firm manu- mumber of banking accounts generally, are increasip,

and

is con-

4.2.

FIRMER

dated stocks. Even the

does

remain very few. Thiả

borrowers

money.-UPI.

UK

the

lowest

deliverles cost

Steel

Output Rising

Landon, Sept. 13.

STRENGTHENING

rate is the interest charge the Federal Reserve makes on ionnat

10

koop

Business nows was considered Demand For

Gold Wins

to is member banks their reserves in Line. Wool tops and yam prices showed a strengthening tendency favourable, aside from strike reflecting steadiness in overseas areas. Unemployment declined wool markets. Most wool goods a fair amount considering the

their strikes and employment Ect milis here have sold up production for months ahead. Bow high for the month of Man made abre fabrics were in August. Industrial construction active domaral and prices were pointed higher in ino estimates

Paris, Sept. 12.

The | by government agencies,

Demand for gold coins and car companies started produc- gets was active on the mar Demand for hard fibres, kisalition on their new models and ket here during the week to and Manila hemp remained their output cose 25 per cent September 11.

the previous week. Chr

continuest Britain's steel production is quite strong in the face of re- over

duced supplies. Prices have re-loadings

Both foreign and Uomestic to decline much now rising rapidly and covered

of the losses because of the steel shutdown. purchasing was reported.. the latest figures issued suffered since May and are now Gasoline consumption rose again.

that sald Seme quarters and inventories fell more than French a

insurance

companies today by the Iron and at levels substantially above

1,590,000 barrels. Retail trade

were in the market and early rose au foflies outfited their in the week some hoarder de- Steel Board show produc-

British East African sisal was chlidren for the new school tion in August was 18 per quoted at 114 cents

stand was reported. a pound term. cent higher thon a year against 4 cents a year ago.

Stoel magotiations made little

Prices, generally, tended, to. Hemp was in tight supply here progress so far we one could advance, although there was a #go.

Judge from the outside at the ceppital rebetion at the world's steel production In and were unchanged. UPI. Crude

| meeting room.—UPI, Avgust averaged $37,100 togs

end-Chinu Mail Special Week. Pig iron production

year ago.

Bank Of France

Rates

Statement

Swiss Francs Maximum Sell-

Pariz, Sept. 13. The Bank of France Iment for the weekend' resia ca

state-

Bank Of England Statement

After their recent reibpck

United Staten Influences un-

war at the rate of 210,05 Agreed Merchant "settled the oll shares market. gill-edged were Armer with better tendency spreading from Like other issues all shares res

lops a weekly slightly down the long-dated to the chest-ponded to election optimism and on the 221,000 tons in August

became a better market, but al- 1950. deemables gained up to 16. For- though all gains have been Stocks of finished steel in aid. merchants eign bonds wew largely negled-made, particularly amongst the consumers ed bu modulative buying kept lendor,

hands were estimated to have buyers in the market fallen in the seeqnd quarter of

!log 76. The later still In view of the high speed of the computer system

Grock bonds firm.

the this year by 180,000 finished tile press special precautions bidered the answer to meeting strengthening of banks and in-lock of demand has made

Sipeks in murance was not enough to cover market superable especially 1005. have been taken to safeguard |-growing business without

the public soa.or the operator The whole damp- great marease in staff and pre-

Transatlantic Wall Street tails to mity.

fell 'more then in the the early 'loesos.

21.007.319,360 ing mollan is enclosed with misen..

isaties were weak la reflection There has been a certain private sector.

Total Diner CVTRACIES 10,320,370 Shipbuilding and of Wall Street,

Noten in eteritiation) £2,118,037,000 olding perspex mard which, if

generat uncial exchange market this dight balance abroad

morning at the following ration:-

300,00,000,000 Tubile Deposits..... the induchico | market for rubber shares. Thote enginedring showed: the largest | vs. dollars (per #1),

1997 Tomkulle discounted 180319203,871 frivals depelle

293,031,001 steol shares were sorog shirp class due in fall in the private sector. 'nterior mutes (per (1) 20

Government, prcurities led the recovery In Industrial particular company, developments Stocks held by the motor in- Australian noten (per £11 equilles. The Steel Bures were but conditions on the whole dustry and the building the donasian rupiah (per 100) cutiunt account The Hacent

diam sienia (per 100)

233,099.XT2.253 | Natio particularly heavy and the turn- were quietly ofales—UPI,

dustry have focrenied.--UPL

Singapore (Strmitt)

&

zalegl. mufomalically reduces The computer is the sixth to the speed of the press to be ordered from the firm in fraction of the maximum. This the last four months. (EEL, 1. obviously minimises the Lid., Hayes, Middleons, End which many, minders taka" 'til |" land', }"

Partly under of options buying,

amount of profi-taking in the

Exchange Rates follows:

Business was done in the 10041 Total gold holdings..

1.01

stepoutta

London, Sept. 13. The Bank of England plato- ment for the week undèd Sept.

reads as follows: