1959-11-23 — Page 2

THE CHINA MAIL, MONDAY, NOVEMBER 23, 1959.

Weekly Survey Of American Economy

U.S. STEEL

STEEL PRODUCTION

Output Almost

Cotton Grey

Reaching

Goods Near-Capacity

Market

New York, Nov, 22. Activity in the cotton grey

goods market

at a

week

continued this routine pacE

the for

second

considerationa

אות

time in a row.

Holiday failure of sellers to supply noods for put and nearby delivery in worthwhile amounts

continued

to be a restraining influence.

€

to Arm

New York, Nov. 22. The U.S. steel industry this week

tinued to make an record

comeback to

HONGKONG STOCK EXCHANGE

Our Own Ceiras cond, t

Business done at the Hong-

ing amounted to approximately

London Market

Weakens On. Profit-Taking

London, Nov. 22.

con- kong Stock Exchange this morn-Investors have been in a more cautious mood this week with the result that there has been unexpected,105,000: Noon quotations and

profit-taking to some extent in both private near-capacity

and professional accounts with buyers more selective. In consequence the undertone of share markets has weakened,

the morning's Ifansactions:

Sharet

Buyers Sellera

production, a bare twelve days after MANHA

ik Bank.. 1053 1070 striking workers reopened the silent mills.

INSURANCES Lombard *** SHIPPING Waterbost

Wheelccke

The rapid comeback promised the strikes of more than three

XD Although it months' duration at major U.S. a faster recovery.

By contrast, copper producera.

shipments copper foreign American 19 amounted

tons from September. 142,297 tona In October, up 2,610

WE by no means certain that another walkout will not occur Despite the slow-down, Petter January 20. It was reason- maintained

more from the Weavers regarded the lull as able to expect that the economy natural development after two will get much

80-day Taft-Harticy injunction of steel production months of rather heette buying.

Opinion consensus suggested it. the way that the market is apt to con- than was originally anticipated. tinue on a quiet note for the imtnediate future.

Bounded Ahead

.25.00

1.50

Anive

100153

- 3000 #1 $.3d

148

to DOCKS, ETC.

K. Wharf ... 10 to Dock

$835 5711

*Provident

TALKDO Bock 40 39.79

Steel meanwhile bounded Many segments of the metal

were ahead with a speed that exceed Industry manufacturing now sit badly alling, however, noted even optimiris predictions.

other Iron Age Magazine, the metal in Land.. and the period between

automobiles, consumers!tbly mid-January, atici

recent effects of the record steel strike, working Industry's weekly, al- Humphreys will be

tributed this to three factors: Resity busy digesting pchases, or preoccupied with while already partly overcame,

other vere only now coming to light. advance planning in the industry taking

before and during the strike; Inventory year-end thecal matters.

Icas damage to furnaces when expected; und better then

and

MAY IMPROVE Hut shortly

Statistics

Government statistics showed

had hurt the workers. after the New that the strike

than had been ΠΡΟΣΕ opinion sug-

Pronomy

Your majority

a resumption buying may

of lante be in the

Restrik scale wind.

This work best interest shown in twills

to

The guarded warnings of the industrials looked Chancellor of the Exchequer and settled. Governor of the Bank of Eng. Iand last week against a tinued boom in equities has had 'ils effect,

GILTS FIRM

con-

The week

Tess

Notable Feat Of Engineering By Scottish Worker's

SCOTTISH workers recently completed a notable feat of engineering when they hoisted into position, 235 feet above ground, the 650-tons bridge of the world's largest crane,

Designed by Babcock Wilcox Ltd., of, Renfrew, it was

and

built in the company's Scottish Effect Of Ice

works, and assembled on site at Hinkley Point, Somerset, south-western England, where

with

a the world's largest atomle power

un-

same

been

On Wave Motion

at

ended

The bridge of the crane, 250 THE Director of the Scott stendy, if selectve, demand,station is now being bullt much of it negative buying for

In- on feet long, is almost the

Polar Research opena the account that

Cambridge, Monday, which was sufficient in length as its two mighty leza,

Aggregate to offset end- which contain electric lifts tostitute By contrast the glit-edged the

weekend selling. carry the crane drivers to and Australian-born Dr Gordon market has been firm, partly as account and

from their cabins.

Robin, has been invited by a result of the fall in industrial Steels have had a very

The crane itself is mounted

the Argentina Government There

WBE

soma settled week and presented an

Electri-on rullway track and has | Bquities.

appearance. switching into equities but ill irregular on a comparatively small scale. cals, engineers and textiles, had built to stracile the two reactor to take part in a telentific items of equipment, ba held in Buenos Aires in demand has been chiefly some good features Olls were buildings and lift into position "Antarctic Symposium" to

and prices major neglected the largely slocks and

of this for 'dated

the latter part tended to sag Coppers have weighing up to 400 tons at mediums in particular,

c'opressed market and rate of four feet a minute. A

com-month. Washington been

It will be used for such Reporta

start tins only a little better. Rub- would that negotiations enom between

on the Americans bers lost their recent firm tone plicated tasks as Inserting heavy

pressure vessels Into and were generally dull.-UPL and Rumaniara on a debt set. dement encouraged speculators to buy Rumanian bonds, which this erused Flight nutry in section of the merket, but elino- where foreign bonds were quiet.

stock wero Doliar

mostb:

AND, ZTC.

1700 391%

BK Hotal. 32.15

33 10003215

2306 + 32,75

P0032.75

300

3036

10.Bu 1375

10

RE

*

100 18.30 1.40 5000 1.375 13. 2000+ 13.

100013 11000 12.8c. 2009 6 1.2

RUBBER Ama

3.73 4.00

1.80

a 100004.03

2000 14.025

Sungla

UTILITIES Tram

Atar Ferry Yaumati

3.20

21% 31.75

100 123

100 ** 158

Street

300 123

C. Light

29.70 20.80

1040 20.50

- 1000 20.00

1000 20,70

| hoped-for co-operation by atcelt

The Fairiess Works of U.S. believed. The Commerce De-Steci, one of the largest and steelworking modern the grosa mos! partment reported national output skidded from a plants in the world, reached 93 of ingot-making annual rate in per cent was $454,300,000,000 clothing the with

second

capacity early this wook. This of quarter

the third. course, was not truscf the whole manufacturers covering require | $478,600,000,000 in

when the strike ents into the spring months. This was fully $2,400 million less industry, but Sportswear makers

than originally estimated for the ended on November 7, extimates for this particular plant called treated in Bedford cords and July-Septemler period.

far 80 per cent Ingat shipments broadcloths

Electric ... 24.00 24.00 sume poplin, while

Bonus 320 were in general demand

kts Reopening of the siel mills

after four weeks. This capacity is now being reached in half the

at least in sonie major Mac E. 11.20 brought an improved

time.

Tel.

30% 30% plants. for

were

in-

demand

52

The third quarter drop would been even higher, around $11,000 allion, the Department said, if i had not been for gains in consumer spending, increased government outlays and the long-

improvement awalted

13.00

INDUSTRIALS Cement

33 384

The industry as a whole new scheduled production at 78.9 per current week-a cent for the

This total of 2.2 million tons. volume had not been anticipated STORES, ETC.

Dairy Watson L. CTRW for another week or so.

2006 314 100 311

from

in reflection

The dollar

of Wall

premium

Bred 1⁄2 per cent to 1-/38 In

500 2040 consequence

2500 20.00

{ 14 1000 39

600 301

AVERAGE DOWN

The Financial

from

Times Indus

has fallen 1300 or 20.70 trial share, average

301.4 308.8 to

this week. The week opened with a burst of selling and for the rest of the week, although the seling tended to dry up, the market remained sensitive and The chief sifterers irregular.

bad which wenethon, oues.

benefited most from the recent

5003815 1000 391 3200 38

20.40 20.00

300 201 108 20

24 24.30 B0024

wide coating fabrics for January-February delivery.

Hard Abres were frm for sisal

Mase and hemp, while burlap in sympathy with the Calcutta America'e foreign trade balance. The $11,000 million drop on irend. Buyers of sisal met diminishing supply of Brazilian paper was in effect the rate at and British East African types, which the spring's record build- Hemp

distributors reported up of inventories was being used difficully in locating some sejee-up once the strike started.

Estimates for the final quarter liona.

showed a gross national product rate o! $485,000,000,000. In the wool trade, brakes at a

would This, if true,

mean a reported limited petivliy,

of production and carriers start their way down | MISCELLANEOUS Rayon grey goods distributors total gure

about for 1950 of a continuing demand services reported from converters deliveries $480,000,000,000. I would be a through the first half of next new record despite the setbacks be fully eight per and would your-UPL

cent above 1858 when the gross totilled product national $441,700,000,000.

for

OFFICIAL NOTICE

Proposal to change a Ship's

inme

Output Figures

บท

the

A

in

seven-

However, new obstacles ap- peared in the form of freezing COTTONS weather on the Great Lakes, Textiles

most of the where

to the plants,

Iron ore

Scrap Prices

While the cold wave threaten ed to cut down ore supplies, the

Nanyang

..... 14.40

INVESTMENTS

Vibro

Int. Allied

010

15.30 2000 15

0

price tug-of-war xrap continu: Gold Market

ed in Pittsburgh and

Lifeless

Paris, Nov, 21.

been The gold market has lifeless, and without any parti

cular trade noted in the week

major steel centres. Steel mills considered themselves lucky if Another set of statistics show they were able to purchase scrap at $46 a ton, six dollars above ed industrial production

some scrap pre-strike levels; October dropped to 1, R. Reiertsen of WALLEM month low, an index figure of dealers, feeling their advantage,

based LIMITED, 148

1947-49 quoted as much as $51 a ton. COMPANY &

give average. The peak of produc-

Steel production may bave HONGKONG, hereby

been up, but

the pipelines to notice that in consequence of tion this year was reached in month with the June, the last

It users were still fer from regul- have 1 Company Policy..

steel mills in full operation. urly filled The government of

The Basic tone was settled, slood then at 155. The original applied to the Minister

priorily but in the absence of any parti- Transport and Civil Aviation estimate of 118 for September therefore thought it necessary to

by the Federal extend Indefinitely under Section 47 of the Mer-was increased

Reserve Beard to 149 in view order to mills for defence orders, cular stimulant the only busi- portioularly miralles, launching ness transacted was due to chant Shipping Act, 1894, in ol a record output of non-

But in October sites, and nuclear-powered naval technical adjustments.-China, respect

British ship durable goods.

vessels. The original priority Mall Special. of both soft and hard goods output

order was to have expired on "RIVER NORMAN"

as a result HONG KONG REGISTRY fell Official Number 159726 Groak steel inventories.

of

The recovery of steel output shipments caused rapid

Pen-

ended November 20.

of dwindling December 31. set of statistics Yet another tonnage 6458 tons Register showed new home construction and tonnage 3782 tona, heretofore dropped 13 per cent in October, gains in freight ear loadings and more recalls back to work of

Bustos ww done in the with thetald-off railway workers. owned by HANG FUNG SHIP.the third straight monthly de-

unonteul However, 39

exchange cline. PING

CO., & TRADING

gross national product, the Com-nsylvania Railroad reparted its morning at the following res→→→

last week rose to LTD.

for permission to merce Department still hoped it carloadings

U.S. dollars (per $1) change her name to "TUNG [would set a new house construe 88,015 from 72,075 in the week of before. For the first time in her Lion record with a rate FENG" and to have

four months the rate of carload- the above well 1,300,000,

ings for this carrier that of 1938.

reglatered in the new name 1,089,000 set in 1958.

at the Fort HONG KONG

as owned by WALLEM COMPANY LIMITED.

&

Aluminium

upswing. By Friday, however,

CITY LIGHTS

"MAXI ring 01 dear- George has been expecting a business call the last

So mélas !"

London Exprada Sərvice

U.S. Exports Of

Cotton May Be Doubled In 1960

The

p

concreto

SOC

work

מן

Dr Robin said: "I think the shields, and has been reckoned results of the symposium should to perform lifting feats in three extremely interesting, for it would take three will be an ideal opportunity to hours which

of the finds- and correlate weeks by ordinary ever hoist methods.

When its work mental

Geophysical national at Hinkley Point is completed, carried out during the crane will be dismantled,

scientists from various countries ready for re-erection elsewhere. There will be at least

colleagues attending, including of mine from Australia, New Zealand and South Africa."

Contamination Monitors

THE Comic

United Kingdom

Antarctica

the

Inter-

Year.

twelve

Dr Robin said that various expeditions had collected fash cinating material during the last ten yetirs in the southern polar regions.

thicknes

He said there was a ceneral Lor Energy Au-need to pool information thority has placed a further mapping purposes and to collect. substantial contract with together data on the

of the ice sheet. hand British firm for 43 and clothing monitor.

The monitor is able to dea! ROUND-THE-WORLD Alpha and Beta contamination, TELEVISION

with hands simultaneously for

thus reducing the hand count to

Ave seconds, and at the same

time checking two other per- TRITAIN and the Com*

sons' clothing and footwear. This

BR

is an important consideration at nuclear establishments where are large numbers of personnel need cables

monwealth countries

ROW

planning to lay

the round

world

la be processed within a short capable of carrying television space of time.

as well as telephone calls,

British Postmaster

Orders for these monitors have the also been received from Gar General, Mr J. R. Bevins, many, Belgium, Israel and Aus- told the Relay Services

tralla Enquiries about the

monitor have come from as far, Association of Crest Britain afleld as China.

recently.

"Some of my friends in the Visible and audible warnings Post Office have just returned operate immediately the maxi-from a conference in Australia mum permissible lovel of con- on the laying of a cable under Auto- the Puelse which will link Bri- tamination is exceeded.

back-tain with Australia through the that Canadian internal network," he

the sald

monitors at

Washington, Nov. 22.

ground radiation, means The Agriculture Department predicted favourable matic compensation for

conditions for United States cotton exports in monitors can be sited on

The Becand Trans-Atlantic most convenient positions, re- 1960 due to reduced stocks in consuming coun-

gardless of radio-active mater-service to Canada would be laid added: free ols nearby, some

in 1901, The Minister tries and smaller production in

"My ambition-and, I am sre, world countries!

The United Kingdom Atomic the ambition of my helpers in ay offsetting these declines will be Energy Authority will use these the Post Office is to demon Department issued

the Research Estrate that a nationalised indus- 1000

try can hastity self in the cotton outlook report, larger crops in Brazil, Argentabilshment at Harwell and covering the year which started tina, Spain, Egypt and Sudan

many of the Authority's other esteem of the public." reactor establishments impugh on August 1, 1959.

Consumption of cotton in the

out the United Kingdom..." States exports United

of free world outside of the United 1959-60 is cotlon, it said, are expected to States in the year

by about be nearly double the 2,800,000 expected to increase

in the year one million bales over the p New Filler bales exported 1958-59.

vious year, due to recovery from expected the recession of the world textile

For Sculpture Department The 13.48oduction declines from the last industry.

season in Mexico, Syria, Uganda 1496 and Central America. Partly

+

Exchange Rates

local

market

this

exceeded

Sterling notes (per £1) Australian notes (per 21) Intromerian rupiah (per 100) Slam icin yer 100) Singapore (Siraits)

5:095 13.00

IM

As a result of the resumption

Steel was not the only metu of U.S. steel production some in trouble. Both aluminium and American

orders

ве

foreign

Gains Registered In Irregular

a sterl importer, said he mille European expected

Any objection to the pro- copper were showing signs of steel were reported cancelled. posed change of name mustalling, the first because of drop-But European and other foreign. expected to stay in bo sent to the REGISTRAR ping demand and curtailed pro-atent were

latter because of the picture dospite the improved duolion, the OF SHIPPING at HONG

protracted strikes. Aluminium supply here.. Ernst Englander, KONG within SEVEN days companies, which last week un- President of Erba Corporation, from the appearance of this nounced cuts in output, wore

to show drops in advertisement.

for the

to reduce prices as soon as pipelines are Kaiser Aluminum announced American supply

filled. Early · this year "some 19th day of November, 1959. It would close down another European steelmarkers

Saturday at a Mead, Washing underselling American mills by WALLEM & COMPANY

ton, aluminitum roduction plant as a result of laventory bulidups.ch as, 120 ton, he said, land, he, expects this to occur This was the second closing of again early next year--UPI a Une announced by Kulser this month and trims the plant's production 10, 82% per cent of

beginnis in low nge-month for coluce NY Stock Market

Dated at HONG KONG the period of tash.

LIMITED

R. REIERTSEN,

(Managing Director)

NOTICE TO CONSIGNEES (Its 170,000-ton annual capacity.

mia, "ANKING"

་

Mearrwhile, some aluminium warehouses on the West Coast have sharply reduced prices on

Arrived End Noveziler, 199 aluminium sheets, plated and

naged cargo de thés vámied-will-biles,

be surveyed by Adamos · Wood &. The U8. comper: industry sp- Brown Highong Godown Xpeared headed for a long idle 25th and Tharıday, 16th Novein, †winter.

were

New York, Nov. 22.

The Agriculture Department said that United States Govern- ment financing of cotton exports

N entirely new type of for marble let-

A filler

in the year 1959-00 will affect tort only about 1,200,000 bales cam- drilled lead

New Synthetic Resin Makers

IN

TN - an article which ap-

peared in this column last week entitled "Users

replacing the slow of new Synthetic__ Rasin,” resin filler has the makers of the

given pared with about 2,000,000 bales been developed by a North called Araldite wa

as Dunford of Cambridge, in each of two previous years.

The United Stater has allotted of England firm of scalp-England. "Araldite" is of

about $150,000,000 to finance tors. cotton exports in the fiscal year ending June 30, 1980.

FOREIGN DEMAND

a

.to

registered trade mark The material is completely CIBA and the address was weatherproof, corrosion-resist; | meant as roforance ant, and cfalmed to be one of CIBA (A.RL.) Limited, the most powerful adhesives

The adhesive Duxford, near Cambridge. The United States will have known to science. plenty of cotton to satisty is a strong that marble pieces The United can be joined without the foreign demand Sitottes 1959 cotton crop, as of traditional dowelling.

The filer is being product A Cigarette November 1, was estimated ak

This in a range of colours and has will be the largest crop since created considerable interest Plus Music

and Electronic issues, steels and selected industrial about 14,700,000 bales.

leaders made wide gains in an irregularly 1953 when 16,300,000 bales were among British sculptors

gwódczeră The 1959 crap 18 | monumental masone bemuse of

CIGARETTE box with 3,300,000 baie larger than the the great time and labour sav higher stock market during the past week.

ings which can be schieved by A

bulltuin radio has Trading, excused the three rise on Wactilucky. The other 1068 crop..

[bean' introduced by a well- The Agricuture Department average trading section saw guirm in, the 25

Letters need only be y mark for the fourth week in a dustries and estrow movecasts

and no drilling is necessary. The known British firrh wow,

for the iwis and JUSETELIN, WHESH and that United States con

sumption of synthetic mah-

́enatorial in à stil paste until] : As you offer the box, a tiny the specials soRend.

was 11 zhade fibres in 1959

ntirred, when it becomes almost | transistor radio switches' itself. It was otwock marked by

indumetál | "pounds per capita, compared aid. When the 100 to be fille on sixt plays. It is hatid-tooled fluctuations on steel paws, und

holds 80 large-size 2013 with 9.7 pounds in 1985. She is laid hack and the", diler) and London, Nov. 227 on special Item's including a

AEROBEACH SCR reported for spread into the lattert,, the ex- Felgarettungg The Bank of England stakes long list of improved dividende, 443.40 up

rayon and actriate and non- cen can be tanded on,da bihelinaide la finlihed" in red wwsic maded stocke epitis, good and 00

This Aller pele chemically and suede, black plastic and chrome cellulosic fibres, The United staw. import of manamadol it is essential läntie aanpares and is divided into two.com firm alo Incrossed in 1989. ture of the jóla: is, kept at 1:00 partiménta. One contains... cidar- Import of mayor, and scrisis degrees Fahrenheit or higher in silos and the other a radio. D Fabande fibre when estimated at order so muzre reaction, of the signed for the executive's desc 11.000.000, bounda Ang 949 comrunde. The mixture has Als or that dodern home the “£1,700,000 in 1981 am ready, been exported to Austras, diparella:bok rade meswaran a ke

Raj New Zealand und Nigering

Bank Of England

Statement

Kaapscott, the world's ment

for the

2959, and pontignala 199,andoning largest copper refinery, with- November 18, reads on follows..

million chime

mrs pequeence to be, prevent during drew from the market temnetes in circulation....... 4*,132,350,830 | Ammeicaonlond je nesretn

BUTTERFIELD A SWIRK,

Australian-OVIMA LARE, LA

The Unisa Navigation Ori

porarily as

alli lim, stocka – had Pürle Deposite. been shipped eustonen. Private Depon/£#*******

to

securities » Shipments of copper to U.8. industry. Fast month soils Other Pecurities

'Bireipta 69,610 tons. downs 23,482 Jobs | fatto fron September, This reflected

Its use.

cut

1