THE CHINA MAIL, MONDAY, DECEMBER 21, 1959.
U.S. ECONOMY AT PEAK SUENCE ANI
Holiday
Steel Output
Feeling Exceeding
On London All Expectations
Market
London. Dec. 20.
Christmas shopping was the main competitor in stock markets this past week
demand and the volume of business fell *T.
Nevertheless
and
HONGKONG STOCK EXCHANGE
by
Our Own Correspurufu ni
Business done at the Hong- kong Stock Exchange this morn- pasting nadunted to approximately: $758,000. Noon quotations and the morning's transactions:
New York, Doc. 20. The U. S. economy"
was enjoying the biggest Christmas
this ever week with the possible exception of car dealers who are still feeling the lingering effects of the steel strike.
Sfar on reisil sales are con- markets were corned, coast-to-rnant surveys
ahead of Gim and The Financial Timeshowed they were
Jast year's Christmas by be industrial ordinary index reach-
per cent, ada kw all-time record weak of tween twu and 15
this past Fer days
the year as a whole the 0 1 317.3
index st week but he
only sales total should run frue to,
predicted grin of ave to math week compared with the
werk. This 9.4 the
tight per cent. previous higher price level attracted t more stock and buyers were nol
o pressing.
in- In the Industrials market Vastors found plenty of Christ- mas cheer in the company news. particularly in steel where nu- Thoritative
estimates of output
in 1989 are put at between 23 nailion to 24 million ingot tons compared with production of probably just under 20 milling Ingot tons this year.
BRIGHT FEATURES
in
were hard hit. Car dealers
third Their sales for the Arst
Dccember were a full 25 per cent below the comparable period last your is esult of teel shortages and production about loggey in Detroit, Only 115,000 U. S. bull cars were the delivered by dealers
1-10 period. This December meant daily average sales about 12,770 in each of the period's nine selling days-the weakest carly December car market
recent history, volume was 25 per cent below the daily average of 17,190 2 year ago and 31 per cent below last month's pace.
textiles comarindeu Collon ntation and engineering shares provided some bright features.
beer shares Shipping
have peially active following the Bures thowing improved tramp freight rules and aircraft shares were very much in the news late in the week following news of The various proposed mergers.
Glit-edge took second place in industrial equities this posting on
weck.
The farian band market was Guile. Some amall but persistent Rolling of Greck issues caused prices to fall up to two points, Dollar stocks presented a mixed appearance.
in
Competition
its
of
of capacity with the output goal set ai 2,729,000 tons.
Kates BANKS
Doyer Revere
SK Bank INSURANCIS Union
10 1000
$7
Bairs
20 a 1080
300 ด
50 4T 11067
3.00
5.43
SHIPPING Steel production la Novem-
Waterboat, 223.00 month of strike- | Wirelocks ber, the first
totalled operations. free
tons In November 7.262,000 1958 the total was 8,589,318 tons. For the first eleven months af the this year, steci rutput in 1.5. 81,440,159 tons, compared with 76,544,303 tuns in the same pericl f 1938. So despite, the strike this year's output is out stripping the recession pingued production of last year.
Looked at statistically, the picture was not so impressive. Federal Reserve Board The index of industrial production was still a 148 per cent of the 10-47-49 average in November-
from just a one-point climbs October. The October index was earlier reported at 148 and then when revised downward to 147
officials took Kovernment second hard look at non-durable goods production and found it was not quite what they earlier estimated.
The
The Peak
2
was
Ford Motor Co, which kept Is production going throughout
peak production the steel strike, was capitalis- the situation which
when the index stood at biggest June, temporarily put compellor, General Motors, out the all-time high of 155. Decem- ber output was expected to help of business. Fort's share of the
the index substanilally towards sales amount to 44 per cent in
regaining that peak. Meanwhile per cent December and 40
Ford other things were going up, too, Normally November, accounts for only 20 per cent of statistically speaking. the car market.
in
DCCKS, ETC K. Wharf Dock
Provident
+
137 140 A 47
18.40 10:5
30 391,
Taikoo Dock
2003 + 5.65 103.63
1100 14 365% 130184 1500 18.50 2900 19.53
LAND, ETC.
211 334 fotri: TIX Land.. 3145 37.75 200
20 20.40 1.375 1.40 2000 Realty
Humphreys
TUTER
Industrials Show Further Gains
On Wall Street
It
New York, Dec, 20. Industrial stocks registered their fifth weekly gain in a row during the past week and all, but re- gistered a new record high.
moved Apparently the main theme of mediately
higher. the market action contred around (excited the rails nico because a The settlement of the Jabour dispute the steel labour situation. market had myriad good news would help the carriers, greatly items but failed
follow st Jenst mill their labour problem got up to the strike through on them.
stage. Institutional investors appear- ed to be awaiting more favour Jable opportunities to invest and advance that carried prices to within the brink of the be pushed to new top couldn't 4he summit.
hence
to
PRACTICE SHOTS
The market look several prae- tice shots at the moon during the week. On Monday Indus trial ran up 4.67 points and the Intra-day high was 678.10. The Friday rally got Into gear 100 late to send the average to a new top.
AVERAGE UP
For a time it appeared as if the steel situation would worsen with a new strike hitung when
I closed at 076.65 only 1.45 the 30-day cooling off period
On Fridtypoints below the record. It was ends January 26th.
bead of the up 0.15 David McDonald,
points for the week. Union told his The rall average closed the week Dgainst the at 104.78 up 1.13 from the pre- members to vote
vious
Utilities week. companies insi cffer no matter
to 87.00. The 05 Later that same what it UK
Anished at 218.84 up day he published a new proposal fur settlement.
37,75
2000
1.40 1.40
1000
1.40
1000 # 1.80
Sleel Workers
3.75 3.823
1000 3.80
51 5.70 4.70
UTILITIES Tram
3.75 33.25 130 32
Star Ferry. Youmel
120
158 127
Ama.
Truvi
A. Taun
C. Light XD 19.00 19.90 1100 £5 19.40
740 1014 1230 19.00 1000 M 19.70 700 2.10
Electric
25 5.10
New.. Mreso E... Tel
...
2370
142023
2000 64 25.10 300 25.10 070 23.10
102001150 700 * 31.
600 7 30.75 500 37.75
INDUSTRIALS Conent
30 305
STORES, ETC. Dalry
.... 2040 2080 WELKOT
19,00 L Craw
25.00 20
COTTONS Textile Nn:yang
of
Personal income hit a record rate in November. It rose to an annual rate of $384.8 billion, a gain of $2.5 billion from Octo- ber. Unlike the industrial pro- INVESTMENTS duction index for November, the personal income rate did top the previous June record of $383.B billion.
0.75
MISCELLANEOUS
Vil:ro
14.40
Allied
4.03
However, with General The kaffir morket was quietly firm all week with most of the Motors now back to full produc- ing schedule and with Chrysler past support coming from the enpe.
scheduled to do so this Coppers were pood with the
sales plcture
should week, the doubling of the change interim dividend and the cautiously revert to normal in volume and optimistic report from Rusten-proportion towards the end
this month. As for the outpu! borg helped platinum
shares.
Tins slendily improved over the werk.
neglected
The oil market hos been
presented and
簡 appearance.
were
rather mixed Firmest issues
British Petroleum and Burmah.
Rubbers inve been quiet will arm undertone.--UPİ,
Bank Of France
Statement
Paris, Dec, 20.
France state- ended
The Bank of ment for the week
December 10, feads as follows:
Tatal holding of gold
Total Ures currencies
€32.227.657,277
10,200,550,201
L'AT
in the first quarter of 1980. Cash dividend payments in Detroit is confidently talking of November also rose consider- turning out 2.2 million units,ably. They amounted Lo $380
million barring a new steel strike.
from $314 million, up
The
industry already reported for November 1958. made a giant stride towards that This occurred despite the fact that November is usually a light goal this past week. I snapped
dividend payments month for back trom steel shortages with
and despite disappointing carn- two-year record production of
Ings reports for many companies 74 150,600 cars. This was
per
and corporatione in the third ent over last rk's output of
quarter. Corporation carnings 86,580 cars and Tharked the first time since November 3, 1857, after taxes declined 21 per cent to $3,800,000,000 In the third that weekly car output rose quarter a drop of $1 billion above the 150,000 level.
from the previous quarter. Arms Similarly manufacturing
were sales in the third quarter
Steel Output -
་
Steel production Inst week was the largest in the industry's history. With steel mills operat-
Kigist abroad in EPU 400,680,000,000įing at 90.5 per cent of capacity. Ingot output teached 2,732,000
Advance to Stabilien-
ten und
Banknotes la circulo-
tien
7,000,000,000
Total billa discounted 1,556,473.109309 tons topping the previous all- Ume high of 2,657,000 tons ré- 43.349,791.778,126 corded in the week of April 13, 237,317,710.554 1959. Operations this past week wert scheduled at 90.4 per cent
Current ecojinia and
Ceposits
UPL
Get 10 years ahead with
CITROEN
Displayed TO-DAY
at Gloucester Arcade
THE ORIENTAD MOTOR: CAR COMPANY:
258+8 King's KA, MIC
Sale 75482
down $5.2 bilik $63.1 billion.
Unemployment
Among
500 431
NEGOTIATIONS
Steel negotiations will resume next week after an idler week while the steel umion which also aluminium workers represents negotiated with that industry.
0.08
average 1.53
ENGINEERING
Latest Method Of Domestic Electrical Heating
THE
new British method of domestic electrical heating without a metallic element which was announced earlier this year and which has aroused wide interest in many parts of the world was officially launched at a special exhibition in London recently.
Hew
were
made to Fish Meal Plants
Most examples of this heating method on view panels which can be any required size and attached to walls in new houses in corporated in the wall fure,
stre For Vessels
Panels are also made in the DOLAND has placed its
of firescreens wainscoting. The panels which
form
от
POL
second
order within
plants irt
to
are being made for home and twolve months for British-
fish moul export markets have lustre or mode setin Ankhes and are made in a designed
operate range of colours to harmonise trawlors at sea. with any
scheme of eused
decoration. stocks
totalled Sales for the week 16,093,722 shares, a daily average of 3.218.744 shares. This com- pared with 17,001,304, shares or of 3,400,278 average dally shares in the previous week.
The Industrials were at their best level of the week and since Aug. 3. the day the present sct. Wall Street
An Iron Age editorial was entitled "A Christmas settle-record was ment: Wouldn't it be wonderful." Eut the editor didn't seem too
the trick could convinced
be
done.
The market would be happy if ibat the two sides got together to settle the dispate in the forth- coming two weeks' time at Wast before the machinery of 13000 13.20 Taft-Harley involving a worker vote on the last proposal comes
200 13.80
250 13
up,
When the new offer was made late on Friday, steel shares im
Indonesia Faces
An
Uncertain
Economic Future
Djakarta, Dec. 20,
It
looks for a new attempt to pul record high the average inte ground before Christmas.
1 pickup in also anticipates
the year-end rally volume for
A market has become uredition.
Sales so far this year (record Licker sales) totalled 703,000,287 It appears certain since 1920. shares, a new high for the period the sales for the year will pass the 1930 total and be in the third best posillon in history. If odd Lots are added in, the year's total
above will be well
shares.
a billion
MOTORS GAIN
Car issues finished high with Chrysler up, three points and Ford up 54. General Motors guined a point. Studebaker rose more than two and its preferred netted 22 points.
Aluminium Issues rose higher prices for the metal and settlement of a move toward
Reynolda the labour contract.
Metals netted 0% points, Alcoa five and Kaiser 4 points.
០៧
Steels did tile on the week since the rally Friday came too Jate to help them. Du Pont rose the 7 and Allied fell 4% in chemicals. Norfolk & Western
chosen
from
Just under a year ago a Not- Įtinghamshire engineering firm Heat emanates evenly
received an order for planta the whole surface of the panel. worth £83,000 which are now This is achieved by what is being installed in trawlers under known as the Mhogias non-construction at the Gdansk metallic area heating element, shipyards.
has which
from resulted
the The new research work devoted to
order is worth discovery of a method of heat- £90,000 and is for a further ave ing large areas evenly at tem- plants, each capable of convert- peratures
ing between 20 and 30 tons of 250 to up ranging
The C.
Imited raw fish into meal in 24 hours range of non-metallle resistance while at the same time recover- materials for the elements in the body oils of the fish. resulted In the choice graphite.
degrees
The
most
of
ANIMAL FEEDING
The meal is used, for animal sujtable base material for a graphite depositfeeding stuff, and the clis pro-
suitable for use la proved to be a fabric woven duced are from class fibre, the extremelyuch processes as steel hardening And leather dressing. The continuous mono-
can be British-made plants operate on an indirect steam heat drying
to system designed
give high outputs of good quality. materiala.
Anc and Olaments of
which evenly coated with graphite in virtually form,
FILAMENTS
pure cololdal
In recent years there has been considerable overseas demand for Each strand of the glass fibre the firm's plants which have been is composed of approximately sold In Belgium, Canada, 120 of these mono-lamenta, Japan, Iceland, Uganda, India, cach one of which receives its Ireland, Ghana, Uruguay, Chile, individual costing of graphite, Spain and the Falkland Islands, and the resultant element con- Bits in effect of many thousands of microscopically fine conductors in paraliei.
The
coaled glass fabric is bonded with a suitable resin to protect the graphite, the Anish- e mot being thin, ligh) In weight and flexible.
Whereas
the conventional
One of the largest orders was from Russia which, three years ago, ordered 20 fish meal plants, be Installed in trawlers alsó built in Britain.-L.P.S.
Test For Gas
wire element offers apurely Impurities
linear resistance to the passage
of current,
the new element
Asia's potentially richest nation fares an uncertain starred in the rails with a gain offers 'area' resistance ensuring
economic future.
Indonesia.
in
по
of 7% points. Collins Radio was up 11% in a bigher electronics group. Only exception in the Instruments latter was Texas abounding lanesla at a half-billion-ruplahs-
which fell four paints, per-week clip, the highest ever. natural resources that are
The cosi
Drugs continued under pres- of running the
Ameri- There the same.
Bure in most instances. the statistics that demand throughout the world,
is in the midst of a continuing military is has been
significant can Home lost 7 points. Schez- inched up in November was one that should not have been up economie crisis that threatens
before it get worse
gets reduction in military expending, an exception, rose 54. Fire- tures, which have been eating stone gained 8% in the tyres on record sales and earnings.-UPI. by
and better. 300,000 unemployment. It increased in to
Part of the blame can be laid up at least 60 per cent of the November
at the by totalled 3.670.000. The number
doorsteps of President budget. dropped of employed
programme for im 1,101,000 due to layoffs in the Sukarno's automobile Industry and others plementing a so-called "guided Instituted 21 寫 and economy," hit by steel shoringes
Ruided €5,040,000. Another running-mate for his totalled major reason for the drop in the democracy.
dc- job-holders total was the cline of more than half a million In farm jobs as the harvest season drew to an end.
-UPI.
LITTLE PLANNING
19
The value of the ruplah has its lowest constant dipped to polni ever. All of this points to one of the worst years yet for the Indonesian economy in 1950.
ANOTHER BLOW
even heating over the whole of
RESEARCH worker of
the United Kingdom
its Brea without hotspots or Atomic Energy Authority has high-temperature tracks,
devised a method of deter- This new form of space heat-mining the amount of a con-
such ing is claimed to be highly taminant gar, economic and completely safe nitrogen, oxygon, alr even in bathrooms and can be water vapour in a noble gas touched without danger even by such as hellum, argon, neon; anal child,LF,S.
krypton or xenon.
Small 360-Degree Counter Indicator
Competition Fierce In PrintingTrade A
of
the
OF.
Up to now a standard method for detecting such impurities has been by observation of the colour change when the inert gas carrying the impurities is passed through a discharge tube, compared with the colour 360-degree counter-type tained with the pure inert gas Indicator which can be
This method is, however, limited 10 low concentrations. The used to indicate the heading
reason
ct is that in the case information on navigational nitrogen in argon, for instance, the concentration of equipment and has various when uses in aviation, marine and nitrogen rises to above 1,500 the glow discharge remains the industrial fields, has been parts per million, the colour of introduced by a United same deep apricot. Kingdom firm,
There is yet ons more telling : Mr B. W. Bradbury, Chairman of the Local Printing Press Lid, blow to fall.
satisfactory This is the government move spoke
Anances of the Company despite to be allen retailers in rural areas. This ban, which affects flerce competition in the print mostly Chinese merchants, ac-ing business.
at the tually goes into effect
He make his statement at the
The now method is effective end of the year. It already has annual meeting in Caxton
the adulterants are embroiled Indonesia in a force House this moming.
ingenious design makes the where He said the net profit for the counter smaller than others of present in concentrations as high
as 20 per cent.-L.P.5. dispute with China.
It As into a year was $1,613,900 and pro- the same type.
the payment of $2 a space 1:20 inches high, 1.33 posed
inches long and 0.81 inch wide. share dividend.
This proposal Incorporated in "the adoption of the report and H. J. Tebbutt and carried
goverment
Operating torque has been New Soldering
kept
10 旮 mininuta.
This
Indo- Like many things in nesla, the programme was im- As for the personal income plemented with little planning Basically, the plan is design rice many pointed out it should
to bring the nation's not be taken at face value. The c
economy directly under late thing to realise was that while American per capita income control,
"Socialism D this year is some 63 er cent
in Indonesia," higher than ten years ago, less | Sukarno termed it. than half of this rise represents But the government actual buying power. The real seriously laciding in know-how gain is only about 24 per cent,
and capital in its plan to im-
American officials In the according to most calculations, plement a gulded economy.
The boldest and probably Indonesian capital regard it as A real economic garnble for most damaging-stroke in the
Indoncals. guided guvernment's
ceonumy
If tho
goog series of programme
A WDZ economic reforms which through devalued the ruplab, reduced inglets It will most American money in circulation and froze oficials there prodict a dies- trous drop in the value of the most of the bank accounĖS,
One of the most serious rupiah, edecta of the reformne was to As the deadline for the ban force hundreds-perhupa thou- approachés, and passa,- €00- sands of small and medium nomir experts in Djakarta pie- businence to close because of diet a sharp effect on the en- lack of capital. This was a tire scotomy The Chinese de- direct result of the government's mand for hard currency is ex- London, Dec. 10. freese on bank accounts.
pected to bring a stendy drop Bellalo's car industry in Novem-
in the rupiah value, prices - aro
Canadian Dollars 10 1/2 bor set a new monthly pro-
expected to rise and goods be- (Maximum Selling); 10% T/T, what to do with figures of the Middlesex. duction record.
Many, if not the bulk, of the come short,
16 13/18 O/D (Minimum Buy- middle drum above five, has Total car output for the nation's businesses are sull-in
been In spite of the pominięte pro- | iog), month was 117,314 units or an dire economic straiter because of dictions for the Indonesian average of 29,325 cars a week, the government actions
acmomy, most foreign observers
Record Output For Britain's Car Industry
DIRE STRAITS
with the bar-and it account was seconded characteristic makes it suitable Process Developed.
as a remote indicator operating Mc D. Benson, retiring on from, for example, a servo loop. rotation, was re-elected director. At room temperature a force of Fest, Marwick and Mitchell 10 g/cm. only is required to were re-appointed auditors,
Agreed Merchant Rates
elange over the counter. CLEAR NUMBERS
NEW soldering process
A NEW
spreads more smoothly over a wider area with scarcely Large, clear murabere and 1⁄4 any spattering of the metol degree divisions make it possible has resulted from experi- to read the Indicator to an ae- ments carried out at the Tim curacy of one
quarter of ons Research Institute ja, degree.
The old problem of
simply, overcome. two layshafts are used.
Only
Exchange Rates
The Instrument will function
the highest Weekly Digire Ever · The money is girmilation was mand especially the Amgrieting reached. The previous bent was reduced. But only temporarily. do not expect “the bottom to 27.568 cars a week in October. It is rapidly approaching the fall out?' me one Uil, economist
In the first 11 months of 1989 peale figuro of more than 30 put it..
as in the days. Because of the nature of her car manufacturers turned out billion rupiahs total of 1,080,069 pawenger cars, preceding the monetary reforms. economy und, because of her tre- Production of buses and com- The government is printing mendous natiual -weaking theso mercial vehicles of $2,811 vehi- money faster than ever. Infla-s observers Indonesia cies in November was up by tion is once again · growing, weather a seveda sounomic siden over £1,000 compered with The government is borrowing and still maintain a plodding, it | vines, acute per 100) Noverber 1959--UPT,
money from the Bank of Indo= {@haky BOUDARJAH JENN
this
Mr Lewis, Assistant Director of the Institute, conducted the experiments and used poly- ethylene glycol in place of acidi-
satisfactorily in the range of God water as a vehicle fór ácid temperatures between-40
grees C and +10 degree("'") and }" Business was done to the local is not permanently deranged at He reporte a “virtual absence" mometal change market morning, at the following ratovi- U. dollars (per B] Ten Starling noted (per, RS).
noben. Ezer £1). A pinagpur 100) **
..
extreme temperatures of 80 of 'spattering compared with a 5 degrees C and + 100 degrees C. fux based on water and no. 1. The counter will withstand a violent boiling when the fuk 124fore and art acceleration of 25 come into contact, with a bot 30.10. “I without breaking loose from soldering bit and molten städer.
its mountings
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