1960-04-11 — Page 2

THE CHINA MAIL, MONDAY, APRIL 11, 1960.

Weekly survey of American economy

SCIENCEEA

INDUSTRY FEELS THE PINCH ENGINEERING

London Harwell scientists

Much depends HONGKONG New York market London

on consumers

future buying

༡་

STOCK

EXCHANGE

by

New York, Apr. 10. American businessmen again this past week looked to the consumer as they tried to road the immediate future of the U. S. economy.

And there were first indica-weeks and there was some new And again there frons that the consumer, Indeed, spot ordering.

was the good news from the car may make up with comlog war- mer weather and save the day, showrooms. or suine of It Dayhow.

The motor industry described stif as "stunned and pleasantly surprised" by a 30 per cent jump in car sales during the anal ten which gave it days of March the best March ales figure since the incmerable record year of During the March 21-31 1935.

Americon car's period

were

selling at a daily rate of 20,000, a five year high for the period, es compared with the daily aver- age of fewer than 30,000 for the previotis ten-day period.

Car sales

that

Another indicater gave sup-

consumer

Our Own Correspondent

Business done at the Hong- Stock Exchange this kong morning amounted to approxi- mately $2,100,000.

rallies in week of good trading

New York, Apr. 10.

Noon quota- Stocks rebounded this past week from the previous week's session decline, scoring gains in four out of the five trading days.

tions and the morning's transa- lions:

Shares Myers Heitres BANKS

AK Bank.. 1270 1200

Fast Ana

INSURANCES

Union

Lombard

SHIPPING

Wherlock..

port to the consumer buying hopeoing further back, slätis

cally speaking. instalment credit in February DOCKS. ETC. showed its biggest monthly - crease in four months.

Dock

Balco

DEVELOPMENTS

prices dull

London, Apr. 10. Budget threats of an

specified form of credit squeeze to keep the brakes.

on inflation and not actual

tax changes sent prices drifting this past week in dull markets.

experiment on

theory of relativity

A TEAM of scientists in the Nuclear Physics Division at the Atomic Energy Research Establishment, Harwell, using gamma rays from a source of radioactive iron, have completed two ingenious experiments which appear to confirm a in-basic premise of Einstein's General Theory of

Relativity.

Activity-picked up from the up 1.33; utilities 89.12 up 0.70;

In pre-budget dealings Monday 129 previous week's 1000 low, but and 655 stocks 207.23 up 3.17.

the list buying wave boosted Bec Many brokers was not enough to indicate the

dustrial sloe values to push long awulted spring rolly was resuming its slow upward move-

the inde, up some eight points. nation's underway. Brokers said the newsment 'next week as

But by the weck's close this up with the im-

The Harwell experiments | U.K.A.E.A. at Amersham. Tire background will have to improve business picks

was wiped out. The index end-

tho substantially before any such proved weather and the favoured at 323, one point below the were planned by Dr T. E. Unal processing of both

absorber was Cranshaw of Southport, Lones..source and the ablo March quarterly reports rally could be launched,

previous week.

ob-and Dr J. P.

an Schiffer.

performed In the Chemistry stalement continue to flow In.

The budget

who is spending Division of A.E.R.E. acured investment outlook and American

scarce, buyers were

Selling year at Horwell under a GuR-

Seleniisto ini several other was never heavy but more stockttenhelm Fellowship. Their colla-

laboratories in England and the U.S.A. are working on similar was available than recently,

experimenis independently. The Harwell Group hove to repent their measurements with greatly improved vccuracy in the next in order to give Tew months added weight to their conviu- sions-UPS

7.13

7.20 1000

1000

120 720

100

$13

200

300

100 20

Providen!

-

10.00 10 4000

Talkus bogk

54 1414

LAND, ETC. HK Hotel..

30 361

KK Land

L.

5015 $715

The early advances were said to be only technical following the six consecutive sessions of 10.10 declining prices, but the spurt 2000 16.70

on Wednesday was attributed to 500 16.70

the report on auto sales picking up substantially Inte in March.

40084

400 6415

819 ז מ

1000 4

200 11 20057

-2004

500 25 400 64 24.BO 1000 24.80

1,775

5000 1,773

ENTHUSIASM

This report

quite some time.

As has been the case thus far this year, most price movements reflected Individual · corporate developments rather than any the general improvement In

STEEL SUFFER Steels suffered through hinte the government plans to speed UP de-ationalisation of its re- maining holdings which could bring an issue werth 40 million pounds on the market for the state-run Richard Balwines and Thomas Steel Works.

Many blue chips lost on the Dunlops week with Unilever,

the and

among

Bowaters

exceptions,

burators were Dr A. B. White- head. a Canadian, who holds an appointment 13 a

Research Fellow of Harwell, and Dr 11, J. Hay from New Zealand, a mem- her of 'the Harwell staff.

Ever since Einstein announced

Rolls-Royce's

Hield of a star it any fuel' engine

Wave-

news. The exception this past improved sentl-week was the car sales report. ment somewhat and even brought The motor business barometers some institutional investors into were mixed. Steel production

In the earlier pari of the century, the market. This type of investor continued to decline and some of

his general theory of relativity have looked for has been on the sidelines for the experts see a further dip.

evidence confirming his predic- Despite the rise in late March

scientists tions, One such prediction is The enthusiasm carried over outo enes, the auto industry this into Thursday's market. But past week hil a 1960 low in out-

the so-called "red shift" (when out from tho light posses 175 prot taking set In late in the put, and has scheduled further

gravitational session to pare the early gains.cuts

Increase in suffers an Railroad carloadings improved 1.775 The profit takers continued their

length, i.c. Its colour becomes operations, but some late support | slightly; construction dipped a

the term rod N engine under develop- ran ahead of a lifted most prices from their lows little but still

Gold shares staged a recovery redder-hence

shift) arising from the effeci at

mont by Rolls-Royce but many into higher ground. year ago; electricity output jump- early

developments

and all other ed 17.3 per cent above a year South Africa. brought out the gravity on light

fons of electromagnetic radia Ltd., primarily for whooled In all, the list moved higher ago; retail sales ran eight to sellers and fresh sagging. The

Light from the sun and combat vehicles of the Bri- average in the Brst four 12 per cent ahead of a year ago Financial Times gold shares sessions, and down slightly in as delayed Easter chopping be- index dipped to 70.1 against other stars has been examined tish Army incorporates an for evidence of the red shift but adjustment which enables it the results have not been clear

to run on a wide variety of cut and it la generally agreed thob the

from fuals, including such crude evidence

Es fuel as kerosene, measurements

24.40 24.90

Realty

1.75 1.775

3000

1000

10000

4.00 10000 4 019

2000 0.00

20000

$

2000

0.00

3000

4,50

0.30 5.40

3000

0.40

5000 1 5.40

5000 3.40

Ainala

Instalment debt

Reserve Board The Federal reported the outstanding con summer instalment debt increased $108 adjusted It consonably milion during February, a slightly bigger gain than the $393 million increase reported in January and well above the December Increase of $270 total of million. It The March soles

way the sharpest Bumphrey's gain

October's 515,847 which for the first time monthly

#lace reduced substantiali the bulging increase of $12 million.

have been The total instalment credit Inventories worrying new car les pe extended during February was formance, was quickly labeled $4.1 billion. Repayments de- RUBBER

about $100 million. by zone as the consumers' showclined

to $3.7 nation's dropping ar the

billion In of confidence

This left total instal- Despite the buying February

Detroitment credit outstanding at $394 however,

billion at the end of February. Trust up $5.4 billion from a year ago. business- Also in February, men added $300 million worth of goods to their Inventorles, a smaller amount then in January. The total for the first two months of the year was $2 billion re- Necting restocking of steel and durable goods. Retall, wholesale und factory stocks totalled 591.5 billion at the end of February, billion trum a year up $5.4 ngo.

economy. splurge,

pinned a cautious 13 per cent reduction in its second quarter output. The car makers planned to produce 1,731,500 units in the CESTY - April-May-June period

Orst-quarter with คู่ parist assembly of just over 2,000,000 unils, the highest since the first quarter of 1955.

Various surveys have indi- exted recently appliance dealers were moaning they were being "murdered" by the bed weather. In some sertions, such as gos ap- pliances, sales were running about five per cent below last

even worse year, others were

On the whole, first quarter retall sales were up against the same period last year, especially in department stores, but it was not considered enough.

The car sales were the Orst break-through and the first uf earlier reports confirmation

that the consumer would be in a "buying mud" this spring.

resor cars

Steel output

Sales of manufacturers, whole- salem and retailers rose to 562.2 $600 bilior in February. million from the month before. Both the increase in Inventories Just under one and sales was

UTILITIES Train

Star Ferry. Yaurnatt C. Light

312 3134 1903 1 31%

850 31 300 & 314% 2 314

100 or 3

200 153

500 23.10

150

23,10

ROTO

300

23.10

1500

200 23

Electric

271 27.60

10.12

Telephone.

38 34

per cent frons January levels- Gos not nearly enough comparti with earlier expectations.

Inventories

Thus business inventories re- mained equal to about one and # half months of sales, un- changed from January anal about the same as a year ago. This was

21

A

silution that worried businessmen until the first signs inven- of improvement in the tory-sales ratio began to appear INDUSTRIALS at the end of March.

200 1 27.00)

300 un 27, 1000: 271 10627

000 30 100 m 30)

100 un 33ta

500 - 36%

14.30 14.40

13500

300

However, production did not

immediately. As in the

trimined steel mills further. Steel production 100k its sharpest drop of the year and scheduled an last week even bigger decline this past

Car loans, significantly, took Mills were planning to the largest share of the instal-Dairy27.10 weeli

cent of per

Commercial #perate at 85.0

ment credit boost.

Cu. Credit

uf Wilmington, capacity this past week-down the almost three points from

Delaware, one of the largest in

salci auto previous week's 88.7 per enthe country.

tal past output. In tonnage.

Joanna

141

14.30

200 « 14%

100 141

200 IN 11.30

4210 14.20

2500 - 1434

2000 # 14.50

200 + 14.48

2780 2 14 20

1800 60 14.43

2000 ir 14.49

490

14.30

the last. The Dow-Jones in- dustrial

the average Anished week at 828.10 up 12.12 points from last Friday's dose. The raifrond average closed at 144.06

Annual

trade

gan.

+

CLOUDY OUTLOOK

The outlook for the economy for the rest of the year continues cloudy, Govament economists Bay business is good. But they admit privately that how busi- ness are in April and May will make or break forecasts for spring spurt.

A steel magazine survey had

in

Diamonds

87.0 one year ago. shared the downward treat and De Beers were again losers to end 1389 9d. Affected both by racial tension in the union and the lower diamond siles in the first quarter, the copper market was dull.

BONDS FIRM

Tins made the bright spot en- 45 economists predicting a restor-couraged by the stable price for ing of business confidence later the metal and higher dividends. in the year.

Government bonds Armed at the week's and on favourable comment and the Chancellor's opinion that further heavy bark selling was unlikely.

astronomical ambiguous.

GAMMA RAYS

A

The company reports that it may later be developed for use in civilian vehicle and marine craft but it is likely to be severit years before these engines aro nvailable for commercial use.

In the first of the Harwell ex- periments, the team of scientists Used clectrcmagnetic rudiation in the form

rays of gamma produced by a radioactive

In Ns military form, the en- Isotope of iron. These have the

gine is claimed to be lighter and ex- advantage of having an tremely precise wavelength and more economical than the petrol Sales this past week totalled 14,938,070 shares, or an average

on therefore serve us a high engine it is designed to replace. of 2,927,614 shares per day, as

precision tool. By allowing the Three types will be product, shares against 12,207,550

or

gamma rays later to be absorbed the four-cylinder "K.40" deve- by the same Isotope of iron, very lophane 160 bhp, the five- 2,441,510 daily the week before.

small changes in the wavelength cylinder, 200 b.h.p. "KO" and of the total 1,421 IssueN traded this past week, 825 ad- Foreign bonds were mixed of the rays can be detected and the six-cylinder "K.00" with a shift in wavelength power output of 240 bhp. The vanced. 418 declined and 178 | with Japanese non-assenied

predicted by Einstein, anall as three engines will employ méry and Greek sours see- held unchanged. There were 101 | weak

common parts and all will be it is, would become measurable new 1900 highs, and 132 new sawing. Dollar stocks weat

at heights over 30 ft. approx- capable of operating on fucks lows.

belter on balance on Wall

earth's gravito-likely to be available in quantity American Motors led the list Street's better trend. Olls moved mately In the

from military supply lines. tional field. in volume with 803,000 shares narrowly and finally cased on changing hands, followed by small Belling despite higher edition of the Hongkong Phuco 187,900 abores, Stude- dividends from Shelf and Brilish | well, the three physicists, Drcings of the "K" range are of Exporter and Far Eastern baker-Packard 170.700 shares, Petroleum. Rubbers

journal issued

1240 14:30 The thirteenth postwar

1000 14.40

150 14.3

5010 14,40

140 1440

Cement

43 43%

·300 04:15 500434

STONES, ETC.

500

27.20 1000 6 27 34 27.30

1000

volume rose 10 per cent in the L. Craw week's oulout was scheduled at arst two months of this year as

Ingot tens as against compared with a year ago. 2,447,000 previous week's 2,827,000 tons.

Coinciding with this trend and if the scheduling is kept 12 would mean that this week's reflecting the generally casier operating schedule is 5.2 per cent money situation, the nation's major banks showed peak proat below the rate of two weeks gains ranging from 18 to 40 DCT ago-91.7 per cent. That would

decline that cent in the first quarter of 1960 exceed the entire took place

gradually over the This, many bankers sold, might cally be the best quarter on

of previous nine weeks, Steel ex- perty warned that April would record from a standpoint

for the operating prat, once all the carnings reports are in. Opera-

be a decisive month industry. Unless the prezent

rate of orders is reversed, they ing earnings in banks are Kross said, the industry may have to income less operating expenses, The principal factor lifting bank make an even further down-

was increased revenue ward revision of estimates for gains

from loans

the year.

There were improvementai have slowed

a few signs of Cancelations down in recent

Construction

NOTICE TO CONSIGNEES far. The Commerce Department

"POLYPHEMUS"

Damaged cargo ox this versel will

DIY

Using a watertower at Har- The compression Ignition en- tended Cranshaw, Dr Schiffer and Dr vertical, in-line opposed-piston, Importer covering Hong-Universal Oil Products 177,900 quieter at the close of the week Whitehead, arranged for gamma two-stroke type and are liquid

shares, and RCA 138,800 shares. | and some teas ended kong's trade and industryUFI.

in 1959-60 has been published.

Publisher, Mr C. M. Wolosh, 27.20 Writes in the foreword that "

107 27.29 la satisfying to record that Hong- 1500 21.23kong'a econòmic

position re-

500 27.20

I

400

3314 30034%

mains stable.

"And this is in spite of tremendous problems and the

600 14 demands from certain countries for a limitation of some types of trade....

COTTONS Texulen Nanyang

INVESTMENTS

10

6.40

Allled

7 2017.10

1000 G 7.10

1000 7.10

1000 @ 7.00

IN & FE

Invext....

13

LONDON MONEY MARKET

"Combatting conditions such as these call for the highest de- gree of effeleney and the use of the most modem kinds of technological alds and automa-

Lion.

"Materialism is an essential component in an eficient indus- Ictal community, But vision and research must also be present it progress is to be con- tinuous,

easier.-UPI.

U.S. worried

silghtly rays from radioactive iron to coolo Bore is 3.438 ins. (0,73 "fall" through the earth's gravi-cma), atroke of each piston is tional field down an evacuated 3.000 ing (9,14 cm). tube for a distance of 40 ft. The The stroke/bore ratio rela- rays were then absorbed in Iron tively low for the engine type,

very of the same nuclear dructure as gives

compart layout. There are two crankshafts, con-

over Common

Market tariffs

the source.

roy's

mea-

By an ingenious experimental ected by n gear train at the 19ar of the engine; the output careful arrangement.

shaft is driven of 150 times surements showed an alteration crankshaft speed from one geår in the wavelength of the immeof this train. The upper crank- close to that predicted shoft is driven by the pistons by Einstein. As expressed in which control the niet poris, more scientifle terms, the mea-

the lower by those which con- the surements showed that

trol exhaust,

12 probability of there being no red shift is less than one part in Scavenge air is provided by o Roctes-type blower driven sixty.

through a Guill shaft and fig termediato gears from the main train. Auxillaries' Will bu powered from a subsidiary gear of train mounted at the front of that there the engine and driven by

CRAVITATION New York, Apr. 10. Officials of the Department of Agriculture, says In the second experiment the

sought confirmation the New York Times, are worried that Ameri-team

Einstein's prediction can farm exports might be a victim of the is no way of detecting any dif- transfer shaft connected to the European Common Market.

Market

uniforṛn matu gear train.

1 between ference gravitational Bold and the force

The Times said volees of these are not threatened: but other of aplegation. >Officials Aro not heard very important items are said to be

This means that people corn- the US. Govern- facing trouble.

pletely enclosed in a spaceship Remote control "It would be dangerous to much, since

Tariff discrimination, Hongkong if its performance in ment-led by the State Depart

the with no way of obtaining In- the outside from A lot in the econoinle picture

any one sphere became second- mentis "armly committed to Times said, "can happen even if formation

door system depended on construction. The

rate. Fortunately men of ability supporting the Common Market, the Common

falls to could hot tell from any measure- and ideas are not lacking. an political grounds as much na adopt a sweeping, new internal ment made inside the spaceship trend has been disappointing so

farm policy, as it intends to do." unything.!! London, Apr. 10.

"Given malor responsabilities, of bath The reported the value

caster conditions

which

with the dignity of But, said the paper in a front private and public construction

followed the beginning of the together put In place Juring March

month persisted for the first position and financial apprecia-page analysis, men in charge of

tion, they con meat totaled $3.7 billion-up five per

opy promoting Ainerigan farm pro- three days of this week challenge. There

auch duct export are concerned De cent from February but the gain

Funda were la ample supply wealth of inventive genius and they study atollstice and the than the usual

and borrowers were readily talent among our scientific and fine print of common market re Recommodated with over technological experts,"

gulations proposed for night loans at rates ranging

future." from a high of 4% perount at A wide roge of articles on the opening down to 3% and various subjects, concerned with on one or two occasion to Hongkong's trade and Industry, three percent,

be surveyed by More Wood & Browne at Holt's Whart from 10 was smaller

time of the year,

a. cn Apeti 14. 1909 and con- seasonal rise expected at this siges are requested to have their representatives present during the

survey.

BUTTERFIELD & BWIRE, Agents. Hongkong. 11th Apr. 1900.

And, finally, the Government was worried by another trend: Corporate tax recripta by Marchi 15 were running faster than ex- poctations. If this continues, the, Government may have to revise

in

the

TWO REASONS

malt, "arg "The stakes," It

whather they were sitting at

MANUALLY operated rest in the gravitational fleld on BIG INCREASE

the surface of Д planer or system designed to Tho Tloses said an ultimate whether their spaceship wasnt pen and close bedry dopre

celerating. For this experiment common tariff of 20 per cent on D H. J. Hay, who is experienced or shutters is to be shown at wheat imports, with none asked with fast rotors, collaborated the International Compress- od Air and Hydraulics Ex- on wheat coming from inside the with the team. market area, "wl, in practice The radioactive from source hibition to be held in London present a hofty Encrdase over was placed in the centre of a

on April 25-19. What American exports are now cylirairical rotor with an absor- paying." The same, it said, will|ber of iron of the same muclear apply to tobacco and some frulle.structure located at the outside But, asid the Washington ar- surfaco. With the rotor spin- up to 30,000 revolutiona

The system is believed to bo the dust in the Unßed Kingdom together with detailed trade

to be adapted for ships' down stutiriles and a classified section

and has been instalted in tho There was no over-abundance of Hongkong business concerns large. In the 12 months ended tlcio, "the thing that really freisin

In June, 1939, farm exports to the Agriculture Department ex- per minute, accelerations were

recently bullt Union Castle its $200 million surplus on the f money, However, and the appear in this 212-pus issue. the clx countries of the Common perts is the proposed new com- obtained up to 63,000 times

Hners Pendenala Castio and the large as the acceleration of (Published by Wolash Enter-Market were, just under $600 mun agricultural policy for NOTICE TO CONSIGNEES budget of $70.6 billion envisaged workly tax payments, although

Windsor Castle, surfaco. January

common market. For many pro- gravity on the earth's and Instead get now on a much reduced scoprises, 8 Daddell Street, Nong- | million) rendy for a $500 million deftell. were mufficient to bring

of the umber of ducts, it would regulate imports | Variation kots).

Further sets are being In- -UPL

A twofold renson was given by a system quite different from churige in the altuntion Inter

gamina raya passing through the

stated in new vizecin o for the importance of this farge, ordinary tarifs, and would in absorber were observed at dif bull in the

then world Money

the United Kingdom V.3. Agure-the became short and the rate fur

government fact replace tariffe."

ferent speeds of rotation and 'thờ

and Belgium. The system" cạn saves money by having to plie In the view of American ex-team cheerved effects consistent

be used for the operation from 'a up haren murplusty In Be ware~} peris, said the Times, this policy with Einstein's prediction.

remote position of heavy door, housen,

i) which differs for different pro- America

The radioactive source

Jurga ventilation not yet been the Inca gently thioresled in promoš- ducis and has

those experiments was prepared batelion, Burkiem we dona in. unolet wetrangs misritet thes ing exports in xydrops the adopted contains wood of on the University of Birming shutters or valves, and is entire- ly Independent fol e external morning, at the following rates:

delict in the oations over-all "Common Blaricut melt-mullicispy ham cyclotren by bombarding ca hundred

power supplies of any kind. sterling now (ver 21 pake

balance of International, puy- that could be e, rigjor blow to Iran target for one Aimirs an Holes (292 £1))) Lov metasta."

Ualled Sinter, exparts-par- | figure with a beam of deuletons. The single control unit la as supiali (per 100)

Italos such a cotton which ticulatly of wheat and thy Load The source wis kurified at the Bikin Gosle (per 100)

sochamical Center of the can enter the maskot nepa Cimgçaya Bingapore (anal

"ANTENOR" Damaged cargo ux this vartet wil be surveyed by Masers Wood Browne at Holl's Wharf from 10 am. on April 14, 1980 and con- signate are requested to have their seprosenttálives present during 'the

survey.

BUTTERFIELD » ASVIMA, Armita Hongkong. 11th April, 1940,

Agreed merchant day-to-day loans hardened to

rates

Canadian Dollars, maximura

DI

44 percent with the authorl- ties giving a fair amount help to cans the position.

There was good bruninos3 in

ond-Junes' and "hola" mold at -percent-Chine Maak wiss francs, maximum selling 4-9/10

Special. 70 9/10.

Exchange rates

selling 10 13/10; maximum buy-bills during the easy phase with dollars (per (1)

lig 17 1/10 T/T, 17% 0/D.

sartă

for

capable of controlling eliber one or two independent actuatorm