1960-03-14 — Page 2

THE CHINA MAIL, MONDAY, MARCH 14, 1960,

Weekly survey of American economy

SCIENCE SAND

OUTPUT BEGINS TO FALTER ELETİNE

Slight case of consumer resistance

New York, Mar, 13.

As the U. S. economy neared the end of its first quarter this past wook, the buoyant New Year pace of production faltered a bit. A slight case of consumer resistance and bad weather were to blame.

cur

London New York market Malaya's A new British

suffers

setback

London, Mar. 13.

Wall Street's weakness and

failure to hold a mid-

week rally was the potent

rallies to

cottage industries

|

device to

wipe out losses HK methods help bee keepers

New York, Mar. 13.

factor driving down stock Industrial stocks broke below the 600 level in the to be used HE “Apidictor" electronic device patented by a

ол

British bee expert is already helping honey producers overseas to cut production costs and raise output.

cuting Corporation engineer More nylon in

at least 15 days' whether or not a hive of bees is about to swarm.

Mr Woods, who is a Fellow of the Royal Entomological Society,

conveyor belting

FROM GORDON HUNG Kuala Lumpur, Mar. 12. The device, invented by Mr Hongkong methods used toE F. Woods, a British Broad-

develop cottage Industries

of are to be introduced into Malayan villages by the Federal Government in the very near future.

has spent 14 years investigatingONSUMPTION of nylon The proposed industry, which

for only the habits of the honey bee and yarn

conveyor cost householders

out his Apidictor Is the result of ten belting during 1959 Was about HK$1,000, will turny

throw times as plastic article.

At the beginning of the year,

"With it a beo keeper with a during the previous twelve of the discriminating car can the deputy chairman

announced Rural and Industrial Authority

time inspecting hives for in months it which is in charge of a multi-

pending swarming by at least 50 in London recently. economic deve-

per cent," Mr Woods said. milion dollar lopament

programme for villages. Mr D. J. Staples flow to

mako Hongkong to

Awesliga- 901 on-the-spot colony to make cottage in-

exchange prices this past

Dow-Jones average during the week and then week to put the Financial

rallied to wipe out most of a wide decline. Times industrial index 10 per cent below the year's

Rallroad shares outbid the In-】 At the close Friday, the in- high point.

dustrials for a change and after dustrial average was at 605,83 Doubt on the domestic front touching a new low on Tuesday, of 3.00 from the previous week over prediellons of a tight April since September 18,1958, came but up 11.68 points from, the

and expected curbs Inventorica rapidly restocked the first two months of last year budget

buck and closed the week with low. Rails finished at 143.17 up car industry's

A small not gain.

134: utiles 80.28 off 0.25 and on signs of inflation helped the following last year's steel strike, which was the

In lateralt

which moved the index 17 Trading in the market as a 65 stocks 200.00 off, 0.32. These were pling up as a result of the third best sales effort,

7.3 points Cown to 307.9. The whole ruled light, The, week's averages showed losses from o durious production rate during February and early March U.S. to the highest sales rose

to 15,980,084 shares, year ago of 5,00 for the indus-wilk tolal ran January and February-particul-

Steading returned with the daily average of 3,190,013 trials; 20.57 for the rails; 0.08 arly in steel and cars. A curve level of the 1960 model year January peaks was 342.0.

rate of 21,070 units-- of the production of consumer daily

weekend

ExTali

buying shares. These figures compared for the utilities and 10.05 for gods and another, depicting the bringing up the rate so far this volumes of sales steel shares with 18, 230,095 and 3,247,930 the 65 issues.

per cent above a

news of record respectively buying potential, year to 12.6

previous consumer

At the lows set on Tuesday, yeur ano showed the production line way

The new compact improved after

week. cars which now represent 25 production in February.

Railroad and industrial shares the lows of the week, industrials ahead nt núd-Mandir. '

LOSSES Trimming of output in steel per cent of now car produc-

suffered declined on Monday when the were at their lowest since Feb since Sept. 18, blue chips Most and ears and high-pressure safestion in the United States, were

suffered from news of 19. 1950, rails selbacks: und shares market

culbacks and 1968, and the 03 stocks in the met inds were again the order the best sellers-some 32 per minor

total sales.

Current normally attracting American proposed auto

offerings, three Dow-Jones averages, since of the day.

same big secondary are that

between Investors scored heavier losses, estimates

including one of 270,417 shares Dec. 24, 1958. 1,200,000 and 1,400,000 of them

Dollar stocks fell back across

of Standard Oil (N. J.). board led down by will be sold in this model year. the

oft over Chrysler 64 points

Ave the week and U.S. Steel points lower,

stored bonds

Car production was down to the 154,000 weekly level after hitting 175,000 in late January Dealer February. early and

cars neared of stocks 1,000,000 at the start of March. With some 125,000 imported ears on hand. the total inventory syns 1.1 million unite-a record high.

Steel output Steel output in the past week was at about 93 per cent of capa- mid- lowest since clty-ibe

This rate of capacity, January, trade magazines said, was likely to decline to the 80's or lower by

Cent

Expectations fail

The

week

In the

At the lowest levels the in-

dustrials showed a decline of IMPROVED REPORTS

90.50 points from the high sel But Thursday's market found Jan. 5 and rails were down Industrials off and rails up, help-23.37 points-UPI. ed by improved earnings reports. Natura Icatured that day with a volume that amounted to about id per cent of all the business done on the market. Friday wllnessed gains

the

pre-

As doulers failed to meet ex-

Government bonds con-small the pectations whether

Losses. Foreign was weather lacked are. Two German issues sumer resistance caused or not--they were

firmed but Greck seven per beginning, but only In rare

cents fell back 21⁄2 points to 38 resort to

of Instances so far, lo

eenis sterling, and six per methods, they learned in the so- 1920 dipped 19 to £31.

averages on government called slow moving years:

the Oils ended

thedictions corporation outlays for more attractive package deals,

and eic. There weakest section of the market maintenance

expansion higher trade-Ins. overe predictions that more of on persistent continental seling might set a new high in 1900.

inspired by political

Leadership lacked the calibre come. The hard believed

Wall Street likes. Natus Corp., A great factor in the slucken- faet remained that while produc-fears.

the most active Josue, had ing of buyer interes! was the ittun was up 27 per cent from

turnover

sharco of 640,500 lute winter storms which have 10, sales were

four per cent of all the trading. teen hitting the US, from custper cent.

Il rose 3% to $20%. le coast.

spring.

Whatever the reason, layoffs in the low thousands have again

occurring

cur been

In the industry as production schedules were being readjusted to i the new picture.

examples: To quote a few Chrysler laid off 1,000 in Detroit; General Motors Hulck division Jald of indefinitely 1,700 men at its Flint, Michigm, plant, Ford's Malawah New Jersey, assembly 1,200 at te Springßeld, Illinois, plant machinery construction and 500 more at its farm tructor works in Wisconsin.

this was to

Diamonds shared the duliness only to 12 and De Beers slidded some 185 despite better dividends and last year's record profits,

Coppers were weak but ting fared better.

Rubbers held up well but ens kept on the dull sidn UPI.

The same situation existed in steel where mills were slepping up sales effort on most finished products. The competitive race even to products now extends which everyone had thought would be in short supply for There lave months to conte been cancelintons of orders of cold rolled steel and galvanized building products sheets from companies and some farm equip- ment manufacturers,

As things stand now, steel production experts say, ingol will probably fall below 90 per

Bank of England statement

£2,123,037,158

London, Mar. 13. The Bank of England state- cent of capacity at the end of ment for the week ended March, March, level at about 85 per cent, reads as follows through April and May and Noter in circulation possibly drop to 75 per cent in Public Deponite ......

Private Deposits Goverment eurites unless there is a However,

O her securities U.S. steel Receipts complete reversai,

Hallo to top their mills are certain

output of 117 previous record million tons reached in 1955, and reach probably 122 million

Instead of inflation, talk swung to stability, even mild deflation. These were the signs: The bearish stock market: stable June.

prices (sane un- commodity changed since April 1958); cost of living up only 1.3 per cent in a year and even that largely In services rather tinn goods. The only inflation, experis said. was in wages.

inj

All

Higher interest

the relegated taik of

tons.

Steelmen hoped that the seasonal upturn in construction activity with Improving weather

higher interest rates an borrow will sustain a large part of their scems to have been production effort. The construe- indenkely postponed. The tion industry takes about 14 per rotes were unlikely Ko go cent of Anished steel shipments

any higher, rather the expecta-while

the car industry takes

tion was that they would ease, about 19 per cent, The signs were here, too: Interest

the

So fan the construction on bankers acceptances-a key industry as a whole was running short term money rale--was at an annual rate of $55.6 billion marked down this past week by as against the $34.3 for

1950. percentage point. The redure whole of

But while tion was the first rale change in private construction of factories a month on this type of paper was up. private residential hours

has been dropping consecutive lng, which and the aird point decrease since Jate since last summer, was some 034 January.

per cent below the 1050 peak Meanwhile the government's month of May. This was ex- term borrowing costa pected to go down still further,

chori

dropped sharply in the latest Public construction "was don weekly issues of bills, haiting a21.5 per cent from February, rise of three consecutive weeks. 1959-UPI.

The new issue of 13-week bills was sold this past week at an average yield of 3.04 per cent. down from the previous week's rate of 4.278 per cent.

There

WETE

indications of

more plentiful credit for residential house building el- though odds were that the pre- high 5% to 6 per cent sent interest rate would be main- tained.

Government experts this 1067 week acknowledged the fact that there is no boom and that none is seen on the horizon, but they

wwarned against alarm. What

U.S. bid

to improve

exports

Washington, Mar. 13.

The company is a hollow shell with assets equal to around $17 a share. The impetus for its de- mand from nothing more than rumours that it might merge with a boat maker,

HONGKONG STOCK EXCHANGE

Our Own Correspondent:

Business danc at the Hong kong Stock Exchange this morning amounted to appro- American Motors sume £12 ximately $2,300,000. Noon quota- second with trading at 313,300tions and the morning's trans- shares and the closing price down actions:

4 at $232. Philco. in third

Sharee $35% on place, rose 2% to 220,800 shares.

Jersey Standard ran fifth and lost a fraction as did General Motors in sixth place. Ford fell 19% in seventh place.

TOP ISSUES

BANKS 10K Bank..

INSURANCES Union Lombard

Sales

Buyers Relleri

3270 1300

100

41

8

SHIPPING Wheelock .. 7.10

7.20 0100 FT.7.10

1000 7.15 Joco 7410

10,103.710 310,164,303

The seven top issues in volume 278,104,000

44.351413 had a total turnover of 1,983,900 | DOCKS, ETC. 28248,300 shares or 12.4 per cent of all K. Whert..

Dock the trading done on the market.

0.3

CANADA'S EXPORTS

THREATENED BY

'SIXES' AND 'SEVENS'

Ottawa, Mar. 13.

Canada's annual exports to Europe, now running at $1,250,000,000 a year, are being increasingly threatened by the "Inner Six" and "Outer Seven" regional trade groups, Government circles reported last Saturday.

$0 17:48

100 + 93.50

172

100

7504 90

2000 100

200 100

500 150

100 100

years' research.

cut his

He stipulates "discriminating" | because in its present stage of development the Apidletor enn

WAR

great

B

Solld-woven belting containing substantial proportion of nylon Is now Brmly established, It has been gradually improved during

tion of the methods used in the only be used properly by prop the past few years and now has

dustries pay“.

Now Mr Staples has brought back to Malaya

with one discrimination.'

a very high reputation for tough- ness and durability. It is, fre- quently used by the UK's National Cost Board as one of the "controls" against which new This is because the only belts are tested."

hitherto microphone available in Britain

In fact Mr Woods at present declines to sell his device to those without the necessary ex- some Hong-pericace and tonal judgment. kong ideas and the authority's Arst move in developing collage industries is to develop the suitable plastic business.

THE REASONS

tended to Manufacturers have devoted pick up noises from electrical great effort to the development the atmosphere and of plied belling containing nylon. "dirt" in this sometimes caused users to This work has been encouraged Introduction by the de-think mistakenly that the colony by the

National Coal Board of !

The reasons for RIDA eiting on Inroducing this in- dustry to Malaya is because of the:

Big demand in Malaya for plastic goods;

• Availability of raw plas tle needed for the industry; and

Small capiton outlay. The first step will be for RIDA to train instructors, who In turn will teach the village make plastic people how 10 household articles, flowers and other articles.

of bees was about to swarm.

But Mr Woods is now teating "Umited approval" scheme under a new microphone and hopes which quantities of about 50,000 that if it is successful the Apidic- to 100,000 feet of promising- tor can be marketed commer-looking belts containing man- ctally.

made fibres are being bought.

for Overseas orders

nylon come from India,

About 50 devices fitted with old microphones are being used belting have by experts in the United States, Canada, Chile, South Africa, Australia, New Zealand, Ger- Malayn and European countries. many and Britain. They work by Nylon producers say there s selecting the frequency of the growing evidence that greater note produced by the bees in the resistance to edge wear and hive so that appropriate action greater can be taken.

The machines are expected from Hongkong by the middle

The Apdictor also eliminates of the month and they are small enough to be put inside homes. opening of hives and a search for queen cells when no swarm "We hope initially to be able

plastics indicated. As queen cells oc- to produce - enough articles for the home market. It the industry thrives, we may also produce for export," sald

the chairman of the Authority; Mr Abroad bin Doud.

Mr Daud and his authority is la charge of the Alliance's pre- election pledge to "wage war on rural poverty where the Ercal majority of Malays in the country live,"

INITIAL STAGE During the initial stages of 300 10.00 the multi-point programme,

Provident

+ (0% 10.00

1000 sa 19.60

Taikoo Dock 0445

LAND, ETC. Mic Hotel

XD

Ink Land

X All ilumphreys

XD Realty

500 ca 19.00.

400 2 $2.50 | NIDA will:

1000 13

300 54

500 541

36% 371

་་ 40

GO 100 40 21.30 2111⁄2 1600 21.30

• Set up two companies with total capital of $2 mil-

Hon to go into the manufactur- ing business;

cur in only three per cent of any bee keeper's haves, labour saving is obvious. The Apidictor provides the information is a matter of seconds.

Honey production is also in- creased because disturbance of hive nciivity is much reduced, At present the device costs about

£45.-LPS.

Automation in the greenhouse

A that

SIMPLE choap device cuts out that to shut or

• Arrange overseas training annoying rush

resistance to Impact damage are resulting in sub- stantially longer service life with marked reductions in costs per

ton handled.

Although ali leading British Conveyor belt manufacturers are Dow producing belting with nylon in the weft improve

ments In lateral strength were the most urgent need — this is

regarded as only the first step.

The second stage is the intro- duction of mixture belts with nylon in both warp and weft and several manufacturers are already producing belts of this type. The third stage will be the Introduction of all-nylon high- tensile belting for long-centre working. This Is still under |development but several promis- ing experimental lengths have been produced.

Once these belts have become established it will be only a short step to nylon becoming adopted as the basic fibre for there's conveyor belling.

in administration and technology open the greenhouse ven for. Malays;

• Bring overseas experts tilators every tima

1.75 1.776 230091775 with managerial and technical a change in the weather has

3000 1,73

ability to Malayn;

Extensively develop the hide and skin industry;

RUBBER Assig

5.60 50000 8.65

20000 6.70 1100 0 1.00

Trust

UTILITIES

7.30 1.25

·

try;

Tram KD

13

300 391

Star Ferry

174

100

The latest reports reveal that, an omelette, In the process Yanosati"... the Inner Six nations are it is quite possible that they tarift cuts may break some of our export speeding up their against one another's products eggs. But if the end result is but they also are speeding up that we share in the omelette,

their then wo may the effective

be date of

more then for common tarlit against compensated planned

any of our egg that were troler." goods from outside countries.

The hope of the Trade and Commerce Department hero Macao E... 11.00 ชาล common external Telephone that

The advaner in the date of the effective common larlit -

to July 1 of next year instead

c. Light...

21,00

Diedric

20.50

170

100 gr 170

700 6 177

GGU 175 1100 173 27 270.67 21.40 2200 1.00 2300 21.po 271073 2034

...... 37% 37%

of December 31 as previously tariff which the Inner Six are scheduled-in viowed by expert aclxduled to adopt may be less rado observert here as equiva-restrictive of trade than the cum lent to o fint "No" by the of the separate national tarifs | INDUSTRIALS

Cement XD 42 "Inner Six" to the efforte of nora in force in the individuai

STORES, ETC.

2200 F 20.00 1000 27 1300 4 27

50000 571%

1300

100 30

CUSTOMS UNION .......

Dain. 27.10

44 1303,43% 1000 34 730-1000

was happening, they said, was The Government announced to the "Outer Sever to work out countries.

thie: The economy

Is rolling

long still at a record rale but

it is not picking up much speed, the levelling-off

than predictexi.

came souser

day a new move in grown "bridge" between tho SWO ing drive to spur exports. It regional groups.

Sa aking industry to help

finance an oversena trade fair

exhibit that will take a "hard sell" approach.

DISQUIETING

Officials point out that under 趁 the provisions of GATT, W

I that a correct inter-customs union such

Nanyang

Alind

7000

10.10 19.30 3000

10.30

1511 10.00 5000 6 1914

0.00

011 1.83 450 ? 6.TD

10.10 16.30 3500 18:30

ng the six Lo Crow, Heavy inventory The U.S. Commerce Depart-retation of the current trend of countries are forming is sanc- corTONS

trade, toned only if Its overall effect Textlin Europlent Inventories, too, were built up ment in past years has used its events earlier. The January inventory trade fair programme to win officials here agree that it raises Is a Uboralisation of trade.

converts in the cold war, Now a disquioling "outlook for the [. Trade, and Commerce offelala | INVESTMENTS level was $39,400,000,000, about $5 billion above, January 1050. It wants to win customers for

future of Canadian exporta. all are hopeful, however, that int..

Tho Government's top ex- the final proposals of the Inner fiK & TE Heavy Inventory holdings were Amorlean goods,

The shift in emphasis han blamed by many for the 1903

perts pay unwilling, however, to ¦ Six' may contribute to the pro- | Invest. recession. Most of the January been prompted by concern over resign thrrasolves to complete notion of multi-laterat trade, Inventory build-up a full one the delfelt in. the U.S.'s balance parcimin in this carly stage of „That comenon external tariff, fflion dollars over December of International payments Last organisation and policy-making Ottawa exports admit, could in was in manufacturing, primarily year's deficit totalled $3,700,- in the part of the Inner Six,troduce a new factor of dis hard good. The rise in retail 000,000,

France, Germany, Italy, Hal-crimination into European trade, Salesmanship through trado and, Belgium and Luxembourg. They concede, further, that the inventories was mostly in cors

Bre done in the topal Car sales were a cono in point fale la just one approach being One Penlor economiat In the tact that the Inner Bix' have

unofficial exchange market which fits the venel mood of taken by the administration. Trade and Commerce Depart- made it plain that the coming 20 morning, we the following rates!-- VB. businenz Třky nice dip

willment summed up the situation per cent tariff cuis will not be Un sollen (per $1). pointing in the sense that at the crud Congress appula mesage, in the following terms

öxtunded in outalito countries, as sterling notes (per (#1) jun have they

falled to match perhaps this week, proposing a

was the dyno With the first 10 pustralian roles (per 41)... Lederwies ruplall(per 100)... optimistic predictions. Actually broad export promotion drive. "The 'Inner, Bix', would be por cent, is at least ominouse smo tem 147 3001

described as misiding themäelves | UPI, lher are sureinsleby oksid at AP.,

President Eisenhower

Exchange rates

Bingupõrn TableMetn)

..

been put on the market.

The device, designed by a Brillah mm, is a scientifically

Furniture for

Enter the rubber indus-designed with all climates

Finance Malays into the tin industry;

Increase its direct loans to Malay business activities;

Sponsor private indivi- duals into the timber industry; and

• tries.

"My plan is to provide work A more work for the rural people," said Mr Daud,

Develop cottage indus

Ain Important part of the scheme was to "pool small in- dividual capital and resources" into co-operatives, be satik

by an ingenious ther- mostat that opens or shuts the windows of the greenhouse as the temperaturo Inside varles.

When the thermometer rises,

IVING undos ... varying

La climatic conditions in

up and up go the vents to allow differprit finds is leading to

wind

demand for furniture that free healthy circulation of air. When a cutting

sweeps can be easily dismantled for across the spintryside, the win-moving, cleaning and dows draw emoothly in to shel-

ier the growing plante from the treating against. infestation. damaging cold. And the green- This demand is now being met house owner can be enjoying by a firm in North-East England lelane or getting on with other which is manufacturing uphols- jobs without a thought for the tered furniture that can be plants under glam.

quickly taken

"pieces. It is Fitting the device to green-sold either os complete suites or browse ventintors is the work of as separate settees and arm- minution for unskilled labour chairs, with a screwdriver; and owe fitted it needs no electricity, no

Apart from the ease and

World wool topping-up, no maintenance or cheapness with which the furni-

consumption

at new high

today.

checking:

turo Can be, cleaned or re- covered, the. interiota can bo

The cylindrical control unit is disinfected thoroughly without totally cloned, the mechanical the whole chair or settes having operation of the windows is to be dismantled by an expert, foolproof, and once the appro saving both time and expense. printe temperature range hasBoth settees and armchairs Green rol the whole unit can be look like the normal "one-piece" left to work automatically and type, but hidden by the piping reliably..

along the edges of the 'coverings

Washington, Mar. 13. wool consumption World

The outcome of research, and at the back and sides are zip- estimated to have reached ani

experiment in thermo-dynamic fasteners. These allow the outer ba opened up ali-lime high in 1950, the De partment of Agriculture noted applied to practical glasshouse coverings to

management, the device has revealing, at the rear, four small : The Department said con- range of 20 degrees Fahrenheit wing nuts. By undoing these the 3570. degrees or 60-100 de whole back of a chair, or setied sumption is estimated at 3,100grees Falwelt and can be can be pulled apert and if wings 000,000 pounds, clean brats.

daláched. The front seat also This was 12 per cent above 1050 sot, within those limits, to suit are Atted they can be as easily

any crop under glass.

'nisia out. and adven per cont above the 1957 record, it added.

When fell to noch vefitliator, The increase was stitibuted in i constant adjustment of the flow 15.95 part to the relatively low prices of air coineldes exactly with the

pald for raw wool during 1988 temperature conditions- inside tions et Tor handling in con- 2007 and early 1969, as well as to in- | kiegi trgatimetsi (for greentionisè fired spaces or packing for

transl.PS. ventory replenishment,-API::

3.20

When a solteo, or afmellair, is takets to pieces within a TÓW minutes it la thus hi #ma31"see-