1960-06-06 — Page 2

Page Z

THE CHINA MAIL, MONDAY, JUNE 6, 1960,

Weekly survey of American economy

STEEL OUTPUT DECLINE

VERSEAS

HEPORTS.

London, June 5. The Steel Company of Wales has spent £20,000 on a complete closed-circuit telovision system, compris- ing 15 camergs and 50 'monitor viewing screens. They are used for 0 variety of purposes, in- cluding 'peeping into the heart of red-hot pre- heating furnaces, to en- sure that they do not stick together.

At another point, a controller is able to watch red-hot ingots,

tons, weighing many

being for shuttle cars loaded into

dls- fransport-from the safe tance of 400 yards away,

These processes were des etibed by Mr W. E. Davies, electronics expert at one of the company's steel strip mills, at a conference in London held in conjunction with the Instru- ments, Electronics and Automa- tion Exhibition.

He said the cameras were AL one shown

mercy. no

almost point, the camera is buried under 20-1on slabs of steel, glowing hot at a tempera- ture of 1,700 degrees eight thines as hot as boiling water.

week.

·

CONTINUOUSLY

Prediction of NEW YORK London market New development

further drop

in earnings

New York, Jung 5.

The steel production curve dipped were further this week and there

steef corporation predictions that earnings in the second quarter may suffer a drop of 15 to 20 per cent.

in

The sharp decline in the steel | pared with 53.4 million in the marke: may place many steel same period of last year. companies in a squeeze between continuing the rate of dividend payments and keeping up with capital spending plans.

The production drop the 11th in twelve weeks

and scheduled this week at only just under 62 per cent of operating of a canscity-is something paradox In an otherwise stable Car production and recnomy.

high consumer sales are still

Dending is up and the money markets have cased consider ably,

in

Experts say the steel in- dustry is bearing the brunt of a series of oscillations la demand which Inventory started early last year with the well-adverilised steel strike. The advance warning of the walkout tourbed off general inventory accumula- tion which culminated in unsustainably big annual rate the of $10,700 million in second quarter of 1959,

Strine result

20

COTTON

MARKET REVIEW

New York, June 5. Cotton futures drifted list- lessly in holiday- shortened week of four sessions.

a

ends week

in paint

on firm note hardener-resistant

London, June 5.

The stock markets climbed out from a sharp down- A SOLVENTLESS liquid resin hardener system

turn mid-week tolend on a firm note after a busy pre-holiday session.

Feces that the sterling area's

gold and reserves for May would At Friday's close the list ruled show a reverse, weakness in

renewed talk of lower to 12 points higher, or sterling and off 30 cents to up 10 cents a bale future credit curbs to check the caused the dip and compared with the preceding economy

brought on small-scale nervous week.

Routine evening-up operations selling. in the old crop deliveries pro- vided most of the interest, with adjustments in the July delivery reserves mostly involved.

Some future slowdown criginal capital spending by steel companies is indicated as mast

But by late Thursday the of them churn about in a state

showed an upward of profitless prosperity, others

Irend, the pound mined new are taking jobs at cost (with no

a market thinly proft) to keep their work forces

were vigo and in deliveries New crop

with good stack intact and overhead paid, while stil cthers are

under pressure neglected most of the time, but supplied

in the absence of selling pressure widespread gains often ran into from dealers to lower prices.

The result may well be ac-that sector was sensitive to small shillings. Iron Age Magazine, buying orders by commission

the technical Dealers said cording to that second quarter earnings re- houses.

show drops of be- Washington dispatches brought strength of the market, bolstered ports will

little news concerning chances by plenty of excellent company tween 15 and 20 per cent.

Manufacturers orders fot for new cotton legislation at this news and coupled with the stock April (the jast

month session of Congress. Meanwhile, shortage helped Friday's jump. available statistically) again the Textile Workers Union, in But the outlook still is obscure fell behind sales to provide convention at Chicago, resolved and with several new issues on another example of inventory to ask Congress to establish a the way a period of sensitivity "oscillation.” New orders in single price for all cotton, equal is foreseen. Apru totalled $30,300 mmfillon to the world price level, and to (at an annual rate), un-furnish producers compensatory! changed from March, while payments.

la April sales amounted $31,100 million (annual rate),

$300

million, above March levels.

some

Biggest drop

་

Infilled

orders of

POLICY CONDEMNED

The Latin American countries,

LACK LUSTRE

Gilt-edged securities proved at the International Cotton Ada Lack-lustre market, Sterling's visory Committee, meeting in recovery, failed to give them a

worthwhile

Government Lt. New Mexico, condemned the US policy of subsidizing raw bonds were off as much as cotton exports and the elimina- 13/18ths sterling over the week.

bonds Foreign metal tion of a free world markel.

Domestic crop news was most-

the weak, off sterling. California and

summary said

in

saw

scant

mixed

Cotton

goods

market

which enables paint costings of 0,010 inch to 0.015 inch thick to be produced in a single applica- tion has been developed by a British manufacturer.

The coatings can be applied to structural

steelwork,

most

metals wood andonarete. Fewer accidents

Pigments can be incorporated

in the system, and tests have

shown that the hardener oures in UK factories

the resin under widely varying conditions of temperature ind

RITAIN'S factories are

humidity to yield tough, and BRI Lafor.

getting

and chemically resistant alms.

surfaces

Ou

vertical

This

the trend is illustrated in a re- minimum amount of drainage

OCCUTE. Films incorporating the port issued by the safety new compound will hardien over-department of one of the night under nemal atmospheric country's biggest industrial concerns, Imperial Chemical Industries.

conditions.

New York, June 5.

The result is achieved by the

The report "Retrospect and says that. In 1945 goods developed at less firm's particular mixture of a New business in cotton grey

employed when the company than a routine pace this resin mixture with a hardener, Prospect

but an important point to re- week.

member is that once the two 62,293 people, the accident fre- The spot position on two key have been mixed the pot requency rate that is, the num

the with es

conventional ber at cecidents a payroll em- epoxide ployee might expect during Buyers paid fuli, or foivent - containing tight. print cloths fabrics continued premium prices for quick del-coatings is comparatively short; 100,000 hours,

the mix must be used within working life with ICI was be- veries on the 39-inch 80-square1⁄2 to 3 hours depending on the tween two and 25. and the 41-inch 78-square prints. quantity mixed and the ambient

Buyers making cursory tests temperature. Arst quarter (1981) dellveries. of the market for the fourth and and probing for anxious sellers, suggested prices 1⁄4 to 1⁄2 cent a yard under current mill levels. They found out that most mills were not interested on that basis.

It is buried in this position so that it can "watch" the un- derside of the slab, which would ordinary be invisible to any operator. In this position, and subject to constant vibration and

The prolonged strike resulted producers showed the biggest heat, it operates continuously,

Some business for first quare Liquidation of protective 24 hours a day, for six days a stocks. After the resumption of declines as steel rallied exten-ly favourable. The Government business and Greek issues were

Dollar stocks rose by the end ter (1961) delivery was worked out on print goods mostly in of manufacturing acreage Inventories steel output the inventory build-sively on accumulated stocks. Weeldy

volving the 41-inch 78-square described up again reached an unsustain firms as a whole increased $300 Arizona developed satisfactorily of the week after

construction. Mr Davies piso

Lended

Quietness in the apparel see nucleonic and electronic "pin-ble annual rate of $10,000 million in Apr compared with In Arizona, sest populations showing earlfor.

to decline 8 plants In were squaring. hole defectors for inspecting million in the first quarter of an average monthly increase of

Prices fell in the gold mining tion was duplicated in the in- Now this oscitation is

Texas, warmer weather pro- sector through declining buri-dustrial goods. Buyers of cloth- steel sheet moving at speeds of 1960.

of a mile again carrying inventories back $600 milion during the first generally

moted good development and ness. The counters showed a ing materials were encouraged up to a quarter minute. A blemish as small as to a neutral--and in some lines quarter of 1980.

On the other hand, automobile brought on blooming in the low frmer tendency towards the by production Sgures from the

close but the volume of business car industry. 1,000th of an inch could ruin a negative-position.

assemblies in May set a five Rio grande Valley.

Coppers Large. Raw cotton exporis for the

was never the finish of a steel sheet that

season through May 31, as re- wore frmer and tins advanced. may well have been designated

year high for the period, spurred to become a highly-polished cor-

by mounting production of com-

With compacts ac-ported by the New York Cotton totalled 8,083,580 pact cars.. body panel-LPS.

counting for 27.3 per cent of the Exchange,

Cotton sales yarn spinners re- total, May output for the industry bales against 2,451,301 bales re-marked oils which closed lower.

time last Rubbers and toas notched up ported 4 sporadie buying in-

small gains-UPI. as a whole climbed to 811,210 ported to the same

terest, mainly from the knitting units, almost five per cent ahead season.-UP.

trades, but weavers and other of April and almost 12 per cent

consumers were rather slow; above May 1957. In June, the five major U.S. producers expect

Since there are no fears of shortages and little anticipation of price increases or of labour strike, available supplies, though not excessive by any means, are considered ample.

the current week, steet For mills are scheduling operations at 1.9 per cent of capacity, with Landon, June 5.

output indicated at 1,785,000 The formation of two com- tons. This would be more than

panies, Costain & Press 100,000 tons below last week to turn out 623,080 cars, which operations averaged also would be the largest for the (Overseas Services) Ltd., when

Last week's output despite and Costain & Press (Over 65.6 per cent, Production cut-month since 1955."

backs have resulted in total lay-

short holiday week →→ seas) Ltd., has been an offe by stool companies estimated the

They amounted to 142,456 cars and nounced by Richard Cos-at more than 60,000 men.

This tain Ltd., and William have also brought a revival of a 20,814 trucks and buses.

United discussion by

Steel-

compared with 154,975 cars and Press & Son Ltd,

workers Union of a shorter basic 28,382 trucks and buses in the Total car-bus- The new firms are to under-work week as a goal in future previous week.

truck output so far this year take constructional projects in contract negotiations.

(calendar) was 3,779,853 through All parts of the world in which

May 28, compared with 3,211,509 the civil engineering and build-

for the same period of last year. of Richard

The

well production ing experience

car Costain can be allied to the

matched sales which in the ten- mechanical engineering pipeline construction experience

day mid-May perlad climbed 6.6 of William Pressi

and

Upturn expected

Steel Magazine predicted steel operations in June would hit the 10 per cent level and maintain

It at least until July 4 when a per cent ahead of a year ega. small uptum is expected. The carrying the daily selling rate to Generally the new companies metalworking weekly said steel the highest level for the period will offer greater facilities for production in May averaged 71.5 suce 1955 daily average of ecastrucional projects for the per cent of capacity compared 22,050 ulje.

oil and chemical Industries, with 80 per cent in April. May although contracts in other output of nine million tons felds will be undertaken, brings the year's total output to date to 53.6 million tons, com-

LPS.

ORIENT & PACIFIC LINES

R.M.S. "CHUSAN"

HONG KONG/MẠN LA HONG KONG EMBARKATION NOTICE

Reflected

On the other hand another barometer of business activity ral freight loadings-reflected

Erratic,

narrow movement3

Industrial shares

halt declines

on Wall Street

New York, June 5. Industrial shares rose to a new high since April 18 and railroads broke a long string of declines in a moderately active holiday week on the Stock Exchange.

Rails moved higher by 0.79 shares, against a daily average the downturn in sleet and the point in the Friday session after of 3.195,193 in the previous week inevitable accompaniment of declining in six previous sessions. of five seasons. slackening coal output with a Their Improvement reflected an

Measured by the Standard & decline to 638,808 cars loaded in apsitation pay award to railroad the week ended May 21. This engineers which is expected in Poor's indices, industrials gained was trail of one per cent below set a pattern for settlement of 57 cents a share, rails lost 50 the previous week of 72 per cent other rad wage disputes, thus cents and utilities gained 40 below the simfler week of 1850. gyerting a strike. The rad centa, a share, rails lost 50 cents Regular rail freight loadings have average closed at 199.66 off 1.46 and utilities gained 40 cents. The 500 stocks in the three indices been declining throughout Mey points on the week.

were up 49 cents a share. But "piggyback" loadings--the

Industrial gains amounted to comparatively new use of metal

While the main list moved in containers for consumer goods 4.20 in the Dow-Jones average which can be easily shifted from which closed the week at 828.80 a narrow sten generally, there rail cars to truck trailers and and were at their best after the were many wide changes record- than 11,000 cars in the same serve Board move to ease mones, which were in a decline as the EMBARKATION: The ship will be berthed at No. 1 even plana-amounted to more market guessed a Federal Re-ed in some of the wonder stocks

Pler, Kowloon Wharf. Passengers week of May, m, mirtase of 28 The FRB. cut the discount rate week closed. Many

at the San Francisco and Phile went through wide ares, should embark between 4.00 p.m. and per cent over a year ago.

delphia. Centres from 4 per cent Home building so far was, to 3% per cent and other banks 6.00 pm. on Monday, 6th June. The

shown to be lagging further were expected to follow, ship is expected to sail at Midnight

behind last year's pace than on 6th June, 1960.

was originally

BAGGAGE:

Passengers are requested to sand all haggage for Hold and Baggage Room and as much Cabin baggage as pos sible to the Hongkong & Kowloon Wharf Co.'s Godew Entrance at No. 2 Gate, Canton Road, between

long-awaited revised comit still is expected, possibly 10 as

The revision actually involved low as 50 per cent.

Bruce, which

showed work was started on

1.494.000 priste dwellings in

UTILITY STOCKS

BONDS RISE

COTTON SHARES

CT his

Dorme

Last year, with 73.174 em ployees, the rate was just imder 0.5, And now the company is

A spokesman for the firm says

drive and a target of 0.25-Or thone appears to be no drawbackcoing ahead with a new stety to using this particular system one accident in the working life

every four employees. Among the 9.9 accidents in most countries throughout the

the which occurred in 1959 among world,

and Both the resin

1,000 employees; 1.87 every hardener are comparatively new meterials and it is not possible were due to faulty working con- at this stage to specify shelf life,ditions, 1.20 to faulty opera- but they expect this to be tional conditions, 0,72 to faulty

other causa. approximately one year from direct supervision and 0.85 to the time of manufacture, in

But the remainder and by abroath. including

far the greatest 5.46 accidents.. countries

were due to hamen fallings. those with hot climatic condi- tions.-LPS.

Heart viewer speeds diagnosis.

AN

To combat this, ICI and many other British firms --- employs posters, films, lectures, courses and journals.

The IOI also presents a cup to the division which has shown

Im the greatest percentage provement on its previous rate and a plaque for any works electronic X-ray which achieves a run of one man - hours without million machine which pro- scsident. There is also a direc- duces a picture of the tor in charge of Safety sitting on a television the organisation's main board.--- Hard fibres were softer all patient on along the line, Burlap followed screen has been produced in LPS." the lower trend at Calcutta, Britain. It is now being used where "bal" liquidation was for cardiac catheterization reported in the wake of benef-

cial rains in the jute-growing at the King Edward VII Light plastic areas, and because of the off- Memorial Chest Hospital, cial

taken to curb near Warwick, England. Epeculative excesses in the raw

stops

jute market

Spot and afloat

The first overseas order has

binding device

prices burlap at New York been received from the Toronto A

showed a cumulative setback General Hospital, Ontario,

NEW plastle binding designed device

of 1% to 1% cents a yard from Canada. The machine will be primarily for use with cable

the 7 year peak prices set delivered later this month.

three weeks ago. Sisal and The Marcon X-ray Image looms, but which can be. 49 is called, was used for any tylng-up_ap- hemp sellers contended with a Amplifer, shrinking demand,

developed from #prototype plication, has been intro- made by Dr George Simon, radiologist, and his colleagues at duced by a United Kingdom

Bartholomew'sTM Hospital, firm. St

Although some re-selling was noted in some rayon grey goods ed steady to firm-UPL fabrics prices generally display-

Tight London

money market

London.

Known as the Polystrap, it consists of an eye containing.a Dr John Raison, of King keyhole-shaped opening and a Edward's Hospital, said the beaded tail about four inches ranchine would help "to throw long. new light on the wording to the The tall is threaded through have big ap-the larger part of the "keyhole" heart." Ft may plications in the diagnosis and at the resulting loop is of the treatment of coronary diseases. required size of tightness; the tail is then "mapped" into posi- The new machine has eight tion into the smaller part of the main advantages over conven-hole, thus locking the position. tional X-ray screening. These When it is necessary to remove are: doctors and patients are ex-the polystrap the fitting prece

less radiation dure is reversed. posed to much examinations, say, the heist can The device is moulded: In a be done in daylight.

tough thermoplastic material but is light and flexible. It is inert With conventional equipment and will withstand temperatures London, June 4.

radiologist

B maikling Supplies were tight on end. visual examination must waste up to 105 degrees Centigrade. month credit factors early go mates, or more in adapting Various colours can be specified. this week with borrowers his eyes to total darkness, the playing 4% and 4% per-patient is reassured by being in cent for fresh overnight the light and not in darseness, the investigation is speedy; the plc-. money.

finition. more them twice as high.

aliso

-LPS.

MARINE radar simul

ture is bright and clear with do Radar simulator for A small amount was borrowed

ar that of normal television p Nautical College from the Bank of England at The market obtained Uttle ve per cent. Conditions were tures; & eine camera can be used help thom the Industrial reversed suddenly on Wednes- to make a pontinious record of thought i la What the Street really wanted statistics: aince most of them day with the turn of the month the large resic Images and valuable for down 1 per cens and not 13 was a cut in the De per cent showed declines because of the and a large pay-out by the such records re

Leequipment is being per cent as earlier cimated, margin rate in effect slucu holday,

Treasury for the half-yearly in consultation and for teaching, the Census Bureau said in a October 11, 1958. Such reduction

"beld" for ocolonged Ultra Electronics Ltd for 3/29. While stocks profited only tenet instalment on War Let the picture can be massified and designed and supplied

examination: it is possible to the Nautical Department of moderately from the easier

Conditions were easy for the operate additional Independent the herpool College of money picture, bonds generally

monitors and thist moved up, including US Gov rest of the week with money in television erryment Issues, Grains in the excess supply and the At-again is valuable for teaching in Technology. ---

hundred students facilities for training denk off

cers in the interpretation of 8.00 am and 6.00 pm. on 6th June, 1, 1990, simœst 152,000 or 1L5 Deraand developed from neatter amounted to more than a thoriiles seting to mop up the an examination can be shown to The equipment, preziden

per cent more than rimated to time for utility stocks which full point in the Friday session: surplus on three occasions. The several

radar many regard as defence issues Comprate bonds were higher in rate for non-regular money talhered at a distance.

Information display week dipped to three per cent and However, overall construction. Their average closed the Week all classifications for

Dr John Wearing consultant without the expence and härsta So can try a boat 88.95 up 0.52 points. The othe even lower. "A

rachologist at the King Edward of training under #operative leg only ebout two per cerit / average of the 65 stocks used to; The market in May showed a

saiqulate the Dow Jones averago as ad point rise in industrials and Baty cash conditione cured Hosts said time was cut by a cendidos at ses behind isst TeRE. Latest Com

cose 0.18 point to 205.59, medecine Finn and a good binover in August and half sadiation exposure cut by A particularly interesting fea marce Department figures show

gent, up to a third, and risk was re- ture of the Liverpool installation Hint: It includes two owD ad expenditure for new construct Sales for the week totalled utilities. Trading rom over, Apell hot bills at 41⁄2 per tion of all kinds in May totalled 14.901:370 shares for the four but was, sander Mas of last year. There was virtually no change duped Seeded: “12, is radio- 25895,000,000, an crease, of 10 trading daye The week wat Sales to for the pear for the in the Treasury bill rate with groby made This new ship units. All other radir been walloped with one own BLUE per cent prom April but due shortened by the Memorial Day whole market are down about this, work & rate, of 24. 116. mechicos ta likely in the mature simulators so far instated have par son a day la May low. bolidez, This volume worked out 90 millions are crom the 195). Lind păr, omne → Chứng Mail/ty benson pouting in gang?

Speda

and between 8.00 am, and noon on 6th June, 1966,

SUBJECT TO ALTERATION

Agents:

MACKINNON, MA

& CO. OF HK. LTD.

unit