TIME CLOCK

RED CHINA AIR ROUTES for U.S. airlines will be urged by Washington Democrat Warren Magnuson, Senate Commerce Committee chairman, who proposes that resumption of U.S. passenger and mail flights would be good first step toward opening trade with Chinese Communists. Pan American World Airways and Northwest Airlines hold certificates to fly to China, but cannot do so until State Department drops travel ban.

HOWARD HUGHES plans to manufacture French twin-jet Caravelles for T.W.A. at his Hughes Aircraft Co. plant in Culver City, Calif. He will also buy 15 British-built Vickers Viscount four-engined turboprops for T.W.A.

NEW SEC BOSS will probably be Edward N. Gadsby, 57, Boston lawyer and former chairman of Massachusetts Public Utilities Commission, who is in line for post when J. Sinclair Armstrong moves on to become Assistant Navy Secretary.

WESTERN EMBARGO on Communist trade is easing fast. From list of exports that need separate licenses before they can be sent to U.S.S.R. and satellites, U.S. removed 200 commodities, including non-strategic manufacturing machines. Italy, West Germany lifted restrictions on exports to Red China of many strategic items, e.g., ships, generators, steel tubing, scientific instruments.

GERMANY'S ALFRIED KRUPP will build a $4,000,000 synthetic-textile plant in U.S.S.R. His industrial manufacturing and construction firm (yearly sales: $3 billion) got first large plant construction order placed by Soviets with West German company.

REVLON INC. will make bid for voice in management of Schering Corp., a top maker of Pharmaceuticals (annual sales: $55 million). After secretly spending $12 million for 150,000 shares of Schering stock in recent months, Revlon, whose cosmetics sales have almost doubled in past two years (1956 total: $86 million), holds an estimated 9% of company's widely distributed shares, probably the biggest block.

BIGGEST ANTITRUST FINE levied against single defendant under present laws was slapped on Safeway Stores Inc., second largest U.S. grocery chain (after A. & P.). Federal District Court in Fort Worth fined Safeway and its executives $187,500 after company did not contest charges that 150 of its stores in Texas and New Mexico sold groceries below wholesale cost to run out competitors in 22-month price war.

CUT-RATE JAPANESE IMPORTS of sewing machines are grabbing almost 50% of U.S.-market, says Cleveland's White Sewing Machine Corp., which lost its major customer when Sears, Roebuck switched from White to Japanese machines priced as low as $37.88. Fighting back, White will cut its domestic output, expects to start selling Japanese-and German-made machines for prices "considerably lower" than its U.S.-made machines.

FIRST INVESTMENT will be made by International Finance Corp. from its $92 million bankroll supplied by 49 member nations to step up industry in underdeveloped areas (TIME, Aug. 6). Agency will buy $2,000,000 worth of 6% notes from Brazilian subsidiary of West Germany's giant Siemens, electrical manufacturers. Money will help Siemens build electrical-equipment factory near Sao Paulo.

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