1959-09-28 — Page 9

Page

THE CHINA MAIL, MONDAY, SEPTEMBER 28, 1959.

Weekly Survey Of American Economy

EFFECTS OF STEEL STRIKE

Beginning To Reach Critical Proportions

The U. S. economy was generally

wooks toddy bofore tho' affects critical proportions.

New York, Sopt. 27.

boing given two more of the steel striko roach

HONGKONG

STOCK

EXCHANGE

Carrsvann tent

Business done on the Hong-

ing amounted to approximately

the morning's transactions:

5001,000. Noon quotations and

Buyers Bellera

P30 500

Hales

If and when that critical pointy that will delay return to pro- Phoenix Steel Corp, for "con- kang Stock Exchange this momi, is reached somewhere, around duction;

version" steel. October 10 it may well turni The "grey" market in Steel production in mills un- into the worst steel strike, the existing steel is growing dolly, affected by the strike last week U.S. has faced since the end of Another Increasingly frequent amounted to 455,000 tons, the World War. 11. It already is the feature is conversion: Buying biggest weekly total since the THETE

DANKS longest, currently in its 11th semi-finished steet from one first full week of the strike. Dr. weck.

source and then having it rolled However, it was still only 12.0 | Eat Ass 14019 4131 What #torted out on July 15 at another mill. However, con- I per cent of the nation's total | INSURANCES

Union as the strike that everybody was version in a costly process: it | capaclly, This part weck's BanPTING well prepared for, and was re-adds 17 to 20 cents a pound to estimated production, is 350,000 | Waterbost ferred to in its first six weeks the

overall price. General tons or 12.1 per cent of capacity. Whart as a wilkout the economy could Motorn is seeking a contract with —UPI, caslly absorb, was now bel

ning to affect an ever-widening

circle of industrial activities. The squeeze was being felt for

the first time even on such giants us General Motors.

Warning

Iron Age, the metatworking; Industry's weekly magazine, warned existing steel stocks

would drop to about 11,000,000 | tons next week, "unbalanced as to inention, product and gago."! A nationwidė stevi stock of be. tween 14,000,000 and 15,000,000 tons has generally been con- oldered na the amount

normal Umen, -

needed

ex-

The snowballing effects of the strike have taken long to show and the worst is generally pected to come some two weeks to one month after the strike la actiled Talk of a resumption

London Market

Unsettled By

Election News

Londen, Sept. 27.

29.10

04

DOCKS, ETC,

Dock

4

107

100 4033

491%

WALL STREET ADVANCES ON HEAVY TRADING

New York, Sept. 27. Stocks advanced during the week in the heaviest

trading since the week ending July 10,

Two sessions-Wednesday and i Gulf Oil netted 7% points on Thursday-saw Industriais rite the week. Other oils were ir- more than 10 points in their regularly lower, Texaco lost average und rails nearly 4.50 2 and Superior Oil of Call- points. A drop of more than 7 fórnia, most expensive stock on points Monday, one of 1.70 on the board, lost 150 point when Tuesday and a small p on their merger plan fell through. 400 401 Friday cut down the gains in American Motors, most active 2004 4043 industrials and other groups Irrue

Caistered total 300 43.50 followed. Utilities, an excop-sales of 581,500 ant 391300 on, ruled sirong on Friday. gained BY paints. Ford rose

The list met support at levels 1% and Studebaker Puckard. about in line with expectations 31 paints. Chrysler" and of the experts-lovels that show-Ceneral Motors firmed. fed a decline on hverage of not At the close of the week," the far from the 10 por cent Woll industrial average stood bi Street. had anticipated when 032.59 up 0.01 points, raltrond prices turned down after hitung 154.24 up 1.80; utility 80.89 up record highs on August 3.

1.18 and 65 stocks 200.73 up 2.41. CAUTIOUS

Provident.. 13.00 14

Titkoo

331 33.73

2000 33 1250 or 301;

120

LAND, ETC.

TDK Hotel.. 20.10 20.40

BK Land,29.25 30.76

Hamphreys

Really Chinese BUONEN Amalg

Twit

17.40 17.00 3.426 1.63 23,00

... 3.475

A. Tawab Bangalo UTILITIES Tram Bir Yerry.

Light

You

Tel.

a 30.78 630.75

The industrial set their low The cautious

took of the movement on Tuesday ni traders

the 616.45, a new low since May 7. prents on Friday pending outcome of the Khrushchev. It was off 81.07 points from the Elsenhower talks of the week-closing high of 070.10 on August end. An indefinito recess of the 13 Market men held that the steel talks also produced some one-third of the loss-about 20% 100 110 irregularity.

200 30

3.50 10000

500000 5000 t 3475 4.30

3.70 4.10

30%

134

110 130

18.10 18.20

850 OF 18.21

500 a 18.10

23.90 25.10

.. 10,00 ....... 29.00 29.80

100 29.00 600 28.10 600 @ 20.10

market had been gufficiently sold to warrant

reamed to be wearing off.

500 à 35.75

1500 T 33.5

for all the nation's needs in Less promising prognostications by the public opinion polls on the chances of a Conservative victory in the general election a fortnight Elect hence, the suspension of dealings in the shares Moco E of the Jasper group of companies and the State Building society and Wall Street's jittery week-all combined to unsettle London stock

markets this past week.

of the interrupled boom in the Earth quarter to the point where i was in June, is rare these days.

Close Down

INDUSTRIALS

Cement

500 & 10.20 1000 of

recovery movement could restore

new

The upturn for two sessions points or two-thirds of it was explained largely on technl-about 41 points, before cal grounkk, namely that the selling movement developed.

The railroad everage

closetk upturn, The on Tuesday at 150.28, a new low

utility average the day oföre

SCIENCE AND

Remote Control TV Camera Goes On Trial

A

REMOTELY - CONTROLLED television camera developed by the BBC Engineering Division has been taken over by the BBC television service for experimental trial.

The camera is in a television interview studio, rear Broad-

casting House, London, but all Machine For

its functions can be controlled from

nows studio at Alexandra Palace, about six miles away.

At Alexandra Palace is n

focussed quired.

Checking Hosiery

new auto-

vacuum, tx-

control console from which, vinto 800 dozen women's cable circuits to the central

stockings can bo London, studio, the camera can oxamined in a 45-hour work- be switched on. panned, fitted, ing week on G

and zoomed as re-matic machine. Apart from a Alternatively, for interview-hauster, the machine has no Ing. the control can be taken moving parts, and the логи

facturers over by the interviewer in the

claim to have dis- London

pensed studio, push-buttons

with all the usual features which require main- enabling him to select any one of four predetermined adjust- tenance and "attention. Thero ments of the pan, tilt, focus and are no traversing carringes, zoom controls.

electromagnetic clutches, stacking erms, brakes, ancillary motors, eniches, elips or ass0- clated springa

It is intended that this new technique should be used for extension of the plan would news and interview studios, an

enable the control to be extend-

ed over longer distances.

effects of the Khrushchev visit since November 25, 1958 and the Filtering Cement

Trading for the week s a touched 85.95, a new low since With Nylon

... 301% 35.75

200 te 33,73 | weeks. The saica totalled At the low the industrial Amoy Can 36 STORS, ETC.

14,011,400 shares, a daily aver- (average was down 0.1 per cent. Dairy

18.70 18.90 1800 o 18.30 nge of 3,202,292 shares This from the year's high; the roll L. Baw 23.10 23.04 500 23.40 compared with 12,222,207 shares average, down 12.4 per cent and

23.40

or a dally average of 2,444,450 from the year's high; the utility, 300 63.40 shares in the previous week down 10.2 per cent.-UPT.

whole rose sharply over recent November 26, 1958.

In consequence most Inves shares. Most base meals were tora seemed to have fallen to dull.

The market in olls, has been COTTONS Mr Edward N. Cole, Chevrolet the sidelines and the volume of General Manager, said on Mon- business this past weck fell to very quiet, except for some Textiles... 705 7.10 day last that

Chevrolet the lowest for 12 months. Sell- apeenlaitve

for Nanyang 11.70 11.90 bome

support steel fabricating plants willing has been small but it was Ultramar. The lenders for the MISCELLANEOUS begin closingg before Octuber 1. sufficient to push prices down, most part drifted lower

with Vibru

INVESTMENTS By October 20 most Chevrolet Markals rallied

filing Int XD Friday British Petroleum one uszembly plants will be shut chiolly because of the excellent down and Shell ninepenco. down and by November 1

the half-yearly results from

Rubber Im-

Chorcy bogan

and

1wo others at Oakland, fornia, and Kansas City

Call-

0:1

14.3

4.25

the the

HK & FE

Eavest

1100.

last three to close will be the perial Chemicals which indicat-week uncertainly watching now Corvair small car plant at how strongly the chemicain commodity price after the news Willow Rim near Detrakt

industry hed recovered

The from that both

US. and UK the recession.

stockpiles were to be partly_un- louded on the market, Sur- prisingly enough the commodity And rubber price hardened shares followed suit-UPL

in, he said Chevrolet will

be able to produce only 152,000 Chevrolet

PRICES SAG ears, 57,000 Corvairs Gill-edged have been severe. and $5,000 Chevrolet trucks ly neglected all week and prices before steel stocks run out. This in consequence migged. would be a total of 254,000 unita) small selling finally dried up on On Thursda3", GM Dresi Friday and there wis a rally dent John F. Corlon, said but the day's guine did

The

not

al General Motors assembly make up the week's losses. Most Ines will be able to operate intal Transatlantic stocks were down the latter part of October" and following Wall Street, Canadias deliver to dealers a toto of banks, however, recovered their 475,000 new cars and trucks, of recent dullness; Forem bonds pl GM makes.

However, inyoffs in some of

parts

have been quiet.

The industrial equities have General Motors'

and tended to fluctuate with the accessories plants have already change publle opinion polls

Gordon bogun,

sold. These on the

election. Steels have A plants normally produce material

biten most affected by these four to six weeks ahead of Anal

Al were generally assembly.

rather lower at the end of the week than a week ngo but the losses the market, however remains were small. The undertone of

very firm.

General Motors was the first US car manufacturer affected because it accounts for nearly half of the total automobile pro duction in America and con-

Other Effects

Illinois and California.

of the state's two new

Increase

In U.S. Exports

500 31.00

1000

New York Cotton Market

New York, Sept. 27. Prices in the cotton futures market this inst week continued to back and fill over narrow limits, following the listless pat- tern apparent for some time past.

Washington, Sept. 27, modest upturn in U.S. continued into exports

At Friday's close the list ruled August, the Commerce

three points lower to 6 points Department reported to higher, or off 15 cents to up 30 ..day.

cents a bale compared with the Non-military shipments abroad preceding week. totalled $1,319,000,000, about Apart from evening-up opera-

in ons in the

Incident to the immunnce

October delivery,

of a

PROGTAMMA,

Bid To Ease

Import Restrictions

Washington, Sept. 27.

A

4751-

PROCESS for ploying Filtration to re- movo a substantial propor-i

tion

and

The stockings are pulled on Q conventional form examined by an operator. The checked stockings hre In- stantaneously chri

down

u delivery channel and are turned without the fabric rubbing on itself. The stockings then pass through a tube, and ore 'blown' cut out so that they fall on the table of the machine in front of the operator at con- venient height, flat, full length and with the wells one on top of the ather.

entire

The

♫

operation is of the water content performed by air, and the from coment slurry before it speed of the machine enables the stocking to travel from the is dried in the kilns has form to the table in a second, been developed by a British When the operator rejects cemont manufacturing com-stocking, she allows the loc to be drawn into the centre chan- pany. The filter presses aro

nel, thus turning the stocking. clothed with nylon fabric.

but keeps a grip on the welt, withdraws places it on a reject rack. Per- the stocking and

fect hove

This is the first time that filtration has been used int cement manufacture in Britain

Te counted

Du-

and it is believed to be the first tomatically, a red light fleshing cement manufacturing process in

at every dozen, The form can the world to use plate and frame be adjusted to fearr different

widths presses although rotary vacuum fliers pre used in some overseas countries.

The machine can be provided with optional extras-a' shear- ing uitachment for removing threads on seam-free The filtration system has been loose, developed by the

cement com-stockings, an electric cutter for

B

Per Jacobsson, Managing Director of the Inter-pany's engineers at a Sussex separating full fashioned hose

national Monetary Fund, last week supported plant where the raw materials at the feed stage, and the United States' drive to persuade the big the chalk has been mixed with

light strip which used are chalk and clay. Atter flourescent

illuminates the form without trading nations to ease thelf import restric-wotor and reduced to a fine strain to the operator. tlons and quit discriminating against American and the mixture is subsequently and the manufacturers have

particle size the clay is added goods.

fed into kilns where the heat dries it out and Causes chemical reaction between the

He told a news conference trade restriction. to GATT, the these are the twin objectives he General Agreement on Tariffs components. will try to sell to the finance and Trade, chiefs of the non-Communit world at the IMF'a governors' meeting here next week.

and other

Не

4

The machine is lowpriced, already had requests for de- monstrations from US and Indian buyers attending the exhibition,

Earlier examining machines HIGHER OUTPUT

made by the firm have been sold in Canada, Holland, The idea of using nitration to Sweden, Norway, Beiglum, remove some of the excess mols- France, Italy, Portugal, Ger- turo from the slurry before it

Australia, South Africa

for a long time past

талу,

will do the most good. ing of enabling But in the long run, he said, the amount of coal per ton of "these controls restrict exports material to be reduced, thus For Infants as well as importa."

keeping down costs,

MOST,GOOD

coneeded, that under- Mr Jacobsson predicted that the West German Economics developed countries dependent sequently uses up much more) This was evident when in three per cent higher than steel than the others, Also of dustrials quickly reacted to the August, 1958.

Minister Herr Ludwig Erhard on raw material-exporting may goes into the klins has interested and pract.

have

no alternative to re-engineers European delegates the others Ford makes in its own) IC half-yearly report and The improvement was less few delivery notices after first aleel mills Amañected by

the staged a rally on Friday. Those than the five per cent ported in nolice day-September 24 would join him and the U.S.tricting Imports and spending for it gives possibilliles of in-

Treasury Secretary, Mr. Robert their limited funds where, they re piant, and along New Lifejacket strike almost half the steel it bite chips which are Americon July but still supported official market licked a distinct trading B. Anderson In calling for needs. This past week Ford favourites were depressed by hopes that American

export feature.

elimination of import controls moved to reactivate its River) American selling, and lost trade is recovering from a 1953 The net open position In

and discrimination based on the Rouge roiling mill, idle the post around a shilling on the week decline that continued well into October at the weekend approx.

of foreign exchangs two and a half years, to bolster Breweries have been dull, build>} 1959.

imated 07,500 bales. The eerli

shortages,

Mr Jacobsson, possibly the The cemett. Ann started work NEW. Inflatable lifo- its steel making capacity.

Ing thares depressed and Higher exports would reduce] dicated stock dropped back to a

world's most influchtinl bèo in earnest on the project in A Jackot for engineering sund electricals the deflelt in the U.S. balance of new low at 1,115 bales.

NOT CONVINCING ker, also gave his blessing to January 1955. Investigations

young mixed. Textiles drifted lower, international payments. For The Commodity Credit Cor-

children was exhibited at the Eisenhower Administration's convinced them that the solution "This excuse is no longer contight-mancy. balarwed Other immediate effects of the

that reason, government leaders poration reported it had sold for

budget to their particular problems lay the recent Farnborough Air KAFFIR MARKET have been watching export totale unrestricted use on bids opened vincing when given by western

Areal pollas, strike on affiliated industries;

on September 21 another 02,347 European and some other, coun-

with plato end franc presses Show. The lifejacket, con- closely. Co. ⚫ Caterpillar Trucior

The Kaur market was very

He said these policies, which rather than rotary vacuum Altersstructed Trade experts pointed out that bales, bringing the total for this tries whose exports are booming are under heavy Democratic she the better moisture extra fabric, is intended primarily of rubber proofed road-building equipment maker, unsettled early in the week but announced it is laying off 11,500 staged a mild rally on Thursday July and August hit an annual July 28, to 2,244,492 bales. In serves are growing fat" he said. applauded in European. Anancial the disadvantages of the process for youngsters in the age

non-military experts in June, programme, which started on and whose foreign exchange re- Party attack here, are widely tion would more than outweigh employees at four plants in and Friday, partly gn the rate of $10,700,000,000, well addition, the agency announced "We are in a new era, and it circles and have restored con- not being continuous

strength of dividend statements above the $15,500,000,000 rate in it purchased 190,000 bales in is time we realized. It,"

range of 18 months to four In Wisconsin, Milwaukee backed up by support buying the first half of this year. If the the week ended September

the Adencé is the dollar, 18 Swedish banke said.

Engineers working on the years. It can be inflated county officials said the opening | from Johannesburg. Dividend pickup continues, exports for the under the "A"

favourably semi-automatically, or orally To block indation and chack ́project, "wers' very Now that the war-damaged the outflow of gold, he said, impressed by the excellent re- Cxetatumetils by South African full year could top inst year's making the total to date 598,034 economies of Europe and Japalf the United States must do pressways would be postponed platinum companies help these $18,300,000,000.-UP1.

thesults being achloved with nylon by an adult. Inflation by Raw colton exports through States that is running a deficit recovery

have recovered, it is the United same thing Europe dit in its cloths on pressee of this type in CO2 is almost instantaneous, September 22, as reported by the in its balance of international "Balance the budget, restrict as a result it was decided to sand-a-half seconds.

from World War II: the potteries and collieries and taking a maximum of one- New York Cotton Exchange, ) totalled 180,113 bales vs. 392,818 Payments for the first ime in

credit and pay attention to nylon. Subsequent investigation

The total weight has been bales reported for the carno

praoctime history,

confirmed that it was the most

kopt down to 1 lb. 2 oz. and Postwar import and exchange period last season.-VPI..

Speaking of costs, be' sala

sullable materină available. il

Includes an pittomatic light controls to protect

technical Despite the many reservo steel price incretize as a result

with a 20-hour minimum dura- funde have been liberalised re-

Hon. The

more of a wirike settlement would be problems which had to be over- cently, especially in westen, a serious blow to the US, éco-

buoyancy' Is come the original iter plant at the Sussex plant went into

titan adequat, for all children in this age group. of dollars are still in effect in

"I think the authorities have action 17 months after work had

The hames fittings are of varying degrco

the started on

Idee. Today, the snap, hook and buckle type around thì | talcon the right lino," he attizd. world.

after a prolonged period of "I am less anxious about the trial, adaptation and modules with a pull adjustment. There Only a handful of nations, dollar now, bocaupe

10tion, more than half the water is a special flap at the rear to sil in the American hemia Americanis seo more unsciona". In the slurry is removed by the

ensure the jacket Ata-snugly to phere, have accepted in full Alced to "comment ́on the

the child's back and a life-line, moisture content process, the the commitment under articlo 8 Washington controversy over being reduced from about 42 per six metres long, is provided to Notes. In diémulando.102.000.000 of the IMy Charter to get IMF | financing the US. debt Mr cent to between 18 and 19 per cnable attachment to an adult. Iralia depoalle

13,508,050 approval before, imposing cur Jacobason offered as "the" view

A now cent. Thie

anitation, system for very compares 200,200 350 Forrey controls mestricting

Uso with I heard in Europe," that "if the favourably with the figure of 22

inflatable aircraft 37,101,720, ports; the others, including all United State would fatuba

exhibited. It of Europe, Asia arid Africa” and

long-term loan of five per cent, per cent generally achieved with life rafts is niny

rotary vacuum altors in the gives extremely rapid inflation hulf of Latin America, ESCIVD a lot of its troubles in debi | United States.

ond results in economy of space the right under artleis 14 to 1 management wiild bo over."am The Installation consists of and weight, impose controls to protect their UPI..

two to four months because stec) shortage delayed work on four bridges;

Rail equipment makers are beginning to curtall opera- tions. Larger producers have laid off some 2,500 workers. These included General Ameri- can Transportation in Chicago, Greenville Steel Car in Crein- vlile, Pennsylvania, and Youngn- town Steel Car in Niles, Ohâu, The layoffs are due partly to ateel shorloges but diso to tendency on the part of rail- ronda to postpone purchases;

• Averago

corning and buying power of factory workers declined in August by about 00: cents. The weëldly take-home $70.05 pay in that month was. for a worker with three de- pendents;

-There may be consider- able delay in getting back to fall stool production, after the striku da külfied. Several steel companies are concerned over the condition of their open hearth Cumiaden-after much long idMoto. The exbet extens ct repairs, neconsiry, to get going again, ie not known but there bayo been reports: -that- some milla ARVO sustained dazmago

Now shares jumped the "hurdle".

55%

5.0%

4:52

4.0%

INDUSTRIAL ORDINARY YIELD

OLD. CONSOLS" YIELD.

JAN TEN (MATE, APR "FAXY JUN

CHUN GAUS SEP

-Thia chart shows the way to shloka virida on shares have disgood below the return from Old Coundamine, “yardstick - Gulodav Etock, the gaps between them was closed for the dem Simu' on furgit Eza). Many daveatsen, thought the barrier WBA | LAD pangirable. Det gar shari shows that: share pelios kara emessly Looked back since golog agar the hurdle,,

LOKKO. prazo Zavnica.

bales.

coats.""

Bank Of England Europa. But curb on spending nomy.

Statement

London, Sept. 27. The Bank of -England #info- ment for the week ended Sept. 23, reads as follows:

Privata depo

Klovenement securities

Other secure

Trecepts

UM

- 217,100,040

"

Exchange Rates,

Businers was done in the local

10,9%

balance of payments

kaw

Mir Jacobsson said he will urgo

nations with sqund trade posle Agreed Merchant

Rates

mometal exchange market, this tops to give up this postwar marisg af the following mATVEDAAN 17.8. délben (per 33) 2****!

ara crutch Sterling, noise (£g;£1))))

- If they don't, he kid,” they Australian nase PENETRADING, may and that they cannot get

SALIM executive Board's Support Swiss WTK 70 – (Dilaxinni -Wii i when they try to justify their | Selling),

Jon KASI (VWR: 1903, 44,

Ela tienda per 100) rig dingosare tanska)

three 18-Inen 80-leaf pressen "A higit pressuro sir- cylindar operating, at a Biter pressure of laused in conjunéiion with 120 lb. per #q. in. Each press aspirators so that atmospheric la. dropped about 17 or 18 times | air con asalat infalion. In addi during a period of 24 hours and tion to the extra speed of irina- Aeposits somewhere around 10tion, it gives a conalitetit pierw toms of cake at a time to that the formance under any tempera- capacity of the piant is bo- ture. Inflation 1. in Yact, con- tween 3,000 at 4,000 tons per rolled between 10 and 15 wacker

Wiconpa