"Take-Over Bids' For Shares ROYAL INTEROCEAN LINES
MARITIMES Take-Over
M
Leaving
..Feb. 24 Feb. 21 ...pt.
Apr,
* Mir. 32:02, 2 Mar. Apr. Apr.
7
JARE. 20 Apr 20
For passenger and freight.
Outward Yor
Yokohama & Kabe Japan
Flameyard For
N. Africa Europe Marselles via Manila N. Afiles de Europe N. Afiica & Europe
For freight to Saigon, Marsellies, Algiers, Tangier, Casablanca, Havre, Dunkirk, Antwerp & Rotterdam,
Accepting cargo:
-via Martelles to all Mediterranean & West Africa Ports. -via Djibouti to Madagascar.
Hubjrel To Change Wilhost Nolice,
CIE DES MESSAGERIES MARITIMES
P.O. Box 53, Hongkong
Queen's Building (gr. floor)
E
Tel. 26651 (8 lines),
EVERETT LINES
EVERETT ORIENT LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo. China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"NOREVERETT"
Arrives
Sails
Feb 22 from Singapore, Feb. 22 for Kolie
"REBEVERETT"
Arrives Svila
Mar.
Mar. 2
Yokohama
Calcutta,
cem Manila, for Singapore. Penang Rangoon &
(Accepting .cargo for transhipment) Kobe/Pusan And Robe/Oklaawa)
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Sian, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports,
"STAR ALCYONE”.
Arrived Salta
Feb. 20 from Japan.
Feb. 21 for Simpors, Port Swetten- kom. Perang, Madras, Co- Tumbu, Bombay, Karachi, Khurramabahu, Disrah & Bahrein,
"NORDSTJERNAN"
Arrives Sails
Mar. 4 Mar. 15
from Japan
for Singapore, Fort Swetten- hain,
Aludros, Colombo, Bombay, Karachi, Kharram- shaler, Basrah & Bahrein.
(Accepthig cargo for transhipment) Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION 5/A Queen's Building, Telephone 31205, Chinese Department:~TelephoneTM28293.
NOTICE
JAPAN/PERSIAN GULF/JAPAN
CONFERENCE
Printed Tariffs covering freight rates from Hongkong to Madras, West Coast of India ports, Karachi, and Persian Gulf Ports direct, and indicating the terms and conditions of shipment by vessels of the Member Lines, are now available from the under- signed, at a nominal fee.
The following
Conference:—
Member Lines are
American President Lines, Lld.
British India S.N. Co., Lfd..
Evervelt Star Line
Maersk Line
Mitsui Sempaku Kaisha
Nippon Yusen Kaisha
Osaka Shosen Kalsha
Peninsular & Oriental S.N. Co.
Yamashita Kisen Kaisha
.
of the
MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD. Branch Secretaries.
Japan/Persian Gulf/Japán Conference, Hong Kong.
THE HIGHEST
THIS YEAR
Wellington. Feb. 18.
The highest price for New Zealand wool this year was paid at the Christchurch sale today when eight bales were sold for B4 pence a pound,
Probe Into “Dumping"
Washington, Feb. 18. The Senate Agriculture Com- mitter may try to and rut whether imported New Zealand beer in being "dumped" on the U.9. market.
Mark Knoop, legislative re-
NYK Reopening
Another Line
Tokyo, Feb. 18. The Nippon Xumen Kaisha, Japan's biggest shipping company, will reopen its pre-war monthly cervlen between Japan and New York vla Central and South American porta in April, it was reported to- dar.
The first vessel to sail on this route will probably be the 9.700-ton Kokoku Maru. Ports of call on the routa will be Acapulco, Cristobal, Barranquilla, fa Guaira
and Hanavs.--United Press,
Phenomenon
On
Appears London Market
(By Norman Crúmp)
London. During recent months a new phenomenon has appeared in the shape of "take-over bids” för shares in various companies.
Such bids, with their attendant rumours, have naturally created misgivings, and at times there has been a danger lest they might create false markets in the shares concerned.
Once the directors of a company hear of a bid, they are on the horns of a dilemma whether or not to inform
The Rubber their shareholders at once.
Markets
763-77
Singapore, Feb. 18. Prices of rubber futures closed today as follows:--- Number i rühter, per is,
March April May Sumber 2 rteber, March 724-4 Number imbiber March Number 4 rubbện, March Kpol, rubber, naled...
anket crepe .. No. 1 pale Prepe .........
GO-GO! 00-6 -United Press.
LONDON MARKET
London, Feb. 18.
Prices of rubber fatures closed today as follows:- Number 1 rulaber, fiz pence
per Mr.
April/June
Aily, September
October. December
United Press.
NEW YORK MARKET
New York, Feb. 18. Prices of No. 1 rubber futures rinsed today 10 to 19 points higher with sales totalling 12 contracts. The steadier prices reflected the forriga market
and reports of dealer covering in the spot market, coincident with the development of a bet- ter demand fram smaller factorles,
When
the bid takes definite i shape, shareholders in their turn do not know whether or not to accept I.
Two general points can be macte.
First of all, there is nothing fundamentally wrong in making а целите und honest bid for [skóres, any more than In my uffering to buy my neighbour's house or 310)
suntor car.
Next, the reason why such tills are being made at all lies in the dual valuation which taxation and fulfation have combined to impose on the capital of must companies.
Is the basis of valuutton to be
HONGKONG
SHARE MARKET
i
tance on the part of many directors to increase dividends when they can, all have the effect of creating a low valuation.
Or is the basis to be the current value of their assets, to- gether with their earning power in easier times? This sets the sights for a higher valuation.
BUGGESTED TESTS Those who make bids have to a large extent their eyes on the margin between the two values. Up to a point, it is dimcult to say that they are wrong. Yet certain tests can be suggested, by which to judge such bids.
JAPAN AND TARIFFS
AGREEMENT
"TJLUWAK"
"BOISSEVAIN"
“TİİBANTJET"
JIHODAN"
BAILINGS
Fab. 10
Feb.
20
Feb. *1
Feb. 21
**TRAAT NGENDA" MAT, 1
**JIWANGI"
Mar.
TJPONDOK" "ZASMAN"
LUWAN"
TJISADANE" "STRAAT
То
Bingepare, Djakarta, Remarang,
Surabala & Macauar Penang, Ningxpare. Djakarta, Matel«
tlus, 8. Africa à 8. America Biskarta Bemarani, Surabaix de
Macakár
Manda, Singabode, K. & 8. Atrica Yokohama, Yokkalchi 4 Koba atogapare. Dinkaria, Hemarang.
Hurabala
MAY. D
Mu Mar, 18
Mar. 17
Surabala & Macassar Djakarta... Beitrant.
AATRAST
Bakassan" Atar. 17
Dutch Advocacy Of "ANTJET"
Admission
The Hague, Feb. 18. The Influental Liberal paper Nieuwe Rotterdams Courant, commenting on the question of Japan's inclusion in the Gen- Tariffs and eral Agreement on Trade
(GATT). said keday facing difficulties. Japan is facing
By the cold war she lost parts of her pre-war markets, while after the war the country's In- dustrial structure changed from the manufacturing of consumer goods to that of capital goods.
The paper thought Jepan, as to her cheap producer-duc low living standards - would indeed be a competitor to be
both feared, but
for humani- reasons it torian and politier1 was advisable to admit Japan to was ad
this
The first is that no board of diktends and yield? If so, high ircelors and no shareholders, taxation, heavy ceplacement for that matter-should take any
In some respects an advantage eests, mud, be it added, a refug-notice of a bid, unless they know
who is the
attached to Japan's admission to real purchaser,
organisation, the hat he can implement his bld.observed, since
pape: the agreement This rules out all tentative, sug-
provided means, to counter dis- gestions made through nominees. honest competition.
Next,
any shareholder who receives a bid should begin by asking himself three questions,
The Brst is. "Am 1 content with the
present board of directors and management?"
The second is, "If the bid goes If I still wish to through, und rotain an interest in the com- pany, who will be the new board and management; and what do
think f
of them The third is, "Will the new comers give the same time and
those now is
(From Our Correspondent)
Business done on the Stock Exchange his morning amount- ed to $449,203,40. Neon quota- 20.00-22.05 tions and the morning's trans-energy to the company's affairs
Prices closed as follows:--- March
27 30
20.20 bkt
Lretions:-
20.00 nominat | Saas BUYERS SELLERS SALES
May
July
September December March Spot
25.80 nominal
25.80 nominal
27% nominal
United Press.
Grain Prices
In Chicago
Chicago, Felz. 18., Chicago grain prices firmed trday. Wheat closed 14 to 234 higher and soybeans 11⁄2 to 23 higher. Prices closed follows:-
Wheat-price per bushel
March
BANKS
IK Bk XI 1363 1383
1240
East Asia...
145
INSURANCES
30
107
3.30
1000
30
1.63
Uzion N
Underwriters 5.39
SHIPPING
ATC.
DOCKS.
K. Whart
.PL Whirl 0.40 0.50
Provident
Provident
(New)
.. 12.70
13
11%
500
Shal Dock Wheelock ........ LAND, ETC. Hic Hotel JUK Land BK INI She Land
UTILITIES
03
Tram
I
Star Ferry
-228ły nominal
2.-
KRUPPALE 2.327.-2.33 2.3614
Spol~~ March
Alay
Jaly Septentr Decemilur Corn
Spot
1.60%
1,563
Мих
July
September December Kye March
1.59!!
1.007% 1.37
Buy
1.00 nominal 1.73%-%
Oats
March
May New
baib, Sack.
York Hour-per $13.00 nominal.—United Press.
Pepper Market
New York, Feb. 18.
Pepper prices déveloped д definitely firmer undertone to-
Up
1.05 1.70
21 40
eight 10-20 9
313
10.40
as is given charge?
رنا
THE BUDGET There is one further point. There is a chance that in the 800 forthcoming Budget the Chan- cellor will give some relief to the busines world, either by lower taxation or more reasonable des preciation allowances,
765
21.40 1500
300 or 219 200 210 Ce
How good that chance is no one enn say, for the Chancellor keeps his Budget secrets.
Yet if any shareholder en- tertains hopes of this kind he
think might
twice aboul accepting a bid before the Budget is opened.
JAPANESE BONDS
Apart from this aspect, how- ever, the paper salt. It might well be asked whether, through accelerated application of the principles on which United Nations and United States help to economically backward coun- tries is
problem based, this could not be reduced.
method than restricting honest "Increasing markets is a better
the competition."
Nieuwe Rotterdamse Courant concluded,
-Reuter.
Why Iron Project Collapsed
Tokyo, Feb. 18. The Japanese Foreign Minis- ter, Mr Katsuo Okazaki, said to- day that intervention by ຕ third party was partially *C-
of sponsible for the failure Japan-India ironwork's pro-
It is not surprising that the recent fall in the prices Di ject. Japanese bonds should have caused some perturbation among
bondholders.
C. Light (NI 893 0.15 Electric 9323.60 500 23440
Last September the terms of 2700 23.70
800 23.60 the debt settlement were pub- 1000+ 20% lished, and these were followed two months later by Japan's formal offer to the bondholders. At this later date the bonds were quoted at prices offering yields of around 11 or 12 per cent.
Telephone.. INDUSTRIALS
Ceinent
flope STORES, ETC.
Dotty
Walion
17.70 17.00 1000 12.70 1000 # 17.00
1080
19 10.28 1000 m 19
3100 19.10
21
1. Crawford Sinterva
.... 2.70 COTTONS
Ewa
MISCELLANEOUS
Yangiste.... 5.03
24.70 2400 1000284
200
100
1000
2:55 1000
6 3000
205
In view of Japan's unimpeuch- able pre-war record, these yields seemed much too high. Moreover, Japan possesses fairly large Ster
ng balances, and the general expectation was that she would 3.50 begin to buy back her bonds,
21
Firm Trend
In Stocks
New York, Feb. 18.
Nevertheless during the past two months prices have fallen.
Now the various points men tloned above still hold
good, even although so far Japan has bought no more banda than die needs to cover tions.
53.
on
that
4
Speaking before the Foreign.
Committee of Affairs C
The Diet Japanese
the
Foreign Minister said another reason for the abrupt disruption of the much-heralded plan to develop India's re
iron industry was that the capital fund was increased to US$100,000,000.
He said Japanese business- men who were expected to in- vest private capital towards a quarter of this amount were told the Indion negotiators did not want to give the right of management to Japanese,
The Foreign Minister sold that the Japanese businessmen would not agree to this since the Indion side were using Government monty while they were using private funds.
Mr Okazaki explained that the Japiness would their her sinking fund obliga-own- money If the venture
falled.Reuter.
LONDON TIN MARKET
Again there has been no such clus with dicalers buying Led by railroad equities, setback in the New York prices orders predominating along stocks developed tem tendencies of Japanese dollar bonds. These with inquiry from prluders. tate in the session, almost wip are now 22 or 23 per cent above
Firmness in shipment offer-
ing out all carlier losses in the London prices of the Sterling ings stimulated buying Interest
maxterately active tradings. bonds. They offer yields of 0 to locally but some deniers were
Cealings totalled 1,220.000. Of 10 per cent. They compare with uncertain whether the demand
1,110 issues troded, 306 ad-current London yields of 12 or 13
London, Feb, 18. was to cover shorts or establish
vanced,
401 declined and 319 per cent on nearly all the The tin market was steady and New long positions, Spot material
were unchanged.
bonds. Sterling
inactive today. Tumover was 10 moved
several
Measured by averages. In-
LONG VIEW
tons. Prices closed at the end cents to $1.25. March shipment
dustrials were down 37 cents, was quoted nominally
Why, then, bave London prices of the official morning sezion at
utilities off 10, rails gained
weakened? around $1.20 and Apt $1.10 o
The Arst reason is as follows: cautious Investors were
once the debt settlement spot un, sellers Spot tin, buyers pound, all on an ex-dock basis. -United Press.
the
uncertainty of tax cuts,
Was made, speculators In | Business done at fears of curtailment in defence Japanese bonds had nothing to Three-months un. buyers Three-months tin, sellers spending and fears that business do but to take their profits. So nuriness done at
they might level of.
have been selling, and Settlement aircraft specialties
transferring their activities, to moved higher about a
point. other spheres.
Meanwhile Steels gained a little. Motors
financial firmed,
Institutions have been buying theonly, on a limited scale, while at this time of year. the private Investor needs all his money to pay his taxes.
New York Sugar Futures
World
New York, Feb, 18, sugar futures closed today 3 to 10 lower with sales totalling 428 contracts,
Contract No. 0 closed 2 lower
to 8 higher with sales totalling 194 contracts.
Contract. No, 4 (world)
347-3.48 5.5-548
March May July September October January A total of 23,431 boles was presentativo of the Ohio Cattle
March offered and prices remained very Feeders Association, quoted May firm, according to the official Chairman George D., Aiken, Spot
Vermont Republican, as saying report.
the committee should investi- Centinerital and local buyers, gale whether a "dumping opera- provided most of the compati- tion" la under way. ton, Britain bought sparingly It to, Mr Knoop told re- while American and Japanese porters, Mr Alked said it could prohibited. Associated
buyer showed little Interest,-- | be
Reuter.....
$47
-347-340
3,76
261 sominst
3.41 asked
3.09 hominal
3.50 bid
3.00
Contact No. G
March May July September November March Apot
G.CO
--United Prusa.
·030 bla
5.93 hid
0.95 bid
6.43 nominal
Some
Dow Jones averages at end of the cession:-
30 industrials 20 rails 35 utilities 40 bonds
107.85 52.32 08.11
United Press.
the
DGO
0621
nii
时
046
643
00142
*United Press.
Burma To Buy Taiwan Sugar
Taipei, Feb. 18.
The Taiwan Sugar. Corpora- tion announced that Burma hos signed a contract, with the
Exchange Rates missions have added to the coat corporation for the purchase of
1,000 tons of sugar,
the It also phnounced that may be To take a
production of sugar this year
There may also be some disap- pointment over Japan's falure to buy freely, while last December's increase in Stock Exchange com-
of dealing in foreign bonda.
All theso, Business was done in the local ung ketat exchange market
this lemporary morning at the following rates
longer view is unlikely to estimated at 800,000 tona, the US. dollar (per $1) aut
20.03
wish to see her credit in London highest production target sinet Sterling note (per £ly Indonesian guillers (per 100). 22.30. settle down on no better than the wat-France-Presse.
34.00 Slam icals (per 100)
10.51 31.078
Singapore (Stralis)
FIC pikatres (per, 100),
Seeds And Oils
A
New York, Feb. 18. Prices in the seeds and olle market closed Luichinged with the rolldiving exception:
Flaxseed, per bushel, 10.b. Minneapolis $3.0 United Press,
how
a 12 per cent basis.
She now has some £70 milion JAPANESE BONDS of Sterling balances, and with
her large dollar balances, she Japanese-
'could easily afford, to use, somet of her Sterling to buy back her bonds and so improve her credit In London.
ו'
London, Feb. 18.
10)-728
bonds "A" (4%..
I can she nỏ.
3 reason, therefore, why this set-back should-frighten Consols holder's into selling!
of 1800) 82
128
"E! (5%m. of 1930) 1564
69 -United Press.
"TJHLUWARI"
24
Singapore, Penang'& Belawan Bell KINKADOTE. Djakarta, Semarang,
Buradala & Macassar
Japa
Maria, Mel, Singapore, Djakaria, Mauritiuo, M. Astien & N. Ametics Djakarta, Semarang. Barabais
Macassar
Japan
Singapore. Djakarta, Remarang.
Surabala & Macalist
Manila, Singapore, E. & 8. Airica Зарам
Alacassar
Vjakarta;. Semarang. Surabala
#N
Bingapore, njaknya, Bemarang,
Subala NATAKAT
Bingapore. Jakarta, Maurities,
8. Africa & 8. America
Djakarta. Semarang. Surabala
"TAKAMPEK”
"TEGELRERO"
Athr.
Mar, 29
23
"TJIWANOP” ·
Apr.
"TIPANAS" "VAN HEUTAZ“
Apr.
2
Apr.
Apri
Apr.
18
"İEGELBENO" *
Apr. 23
*TIPONDOK"
Apr.
23
Macanar
"AUS"
Арг.
23
Заран
"THWANGT
May
Singapore.
Djakarta,
"STRAAT BANKÁ“ **TJIKAMPEK"
"TJÍLUWAN"
May
May 0
atacakar
May 14
Ringapore.
ARRIVALS
From
In Port
Indonesia & Singapore
Τη
Port
Заран
Sm
Fort
Japan
Port
Japan
"TJILUVÄN" "B018SEVAIN" "THBANTJET- "TJBŪDAS"
ม
#
Hemarang, Africa 4
Surabala & CARAT Mania. Ringapore, E. & 5. Djakarla, Remarang, Attrabala
Djakarta, Semarang.
Hurabaix & Machar
KING'S BUILDING, Ground Floor
TEL. 28016/18
CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS, 31190, 2512B.
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA via SAN FRANCISCO, LOS ANGELES AND PANAMA,
NEXT SAILINGS
M.S. "TREIN MAERSK”
*M.S. "NICOLINE MAERSK'
M.S. "ANNA MAERSK”
1
Calling Vancouver, ARRIVALS FROM U.S.A.
M.S. "NICOLINE MAERSK”
M.S. "PETER MAERSK"
M.S.
"ANNA MAERSK”
Mar.
4 1 Mar. 18 Apr. 2
225
Feb. 22
Mar.
1
Mar.
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building.
Tel. Nos. 86066-9.
Dates and rotation subject to change without notice. -At Uberty- to-proceed - via other posts-to-toad/dischargo-cargo,
PENINSULAR
& ORIENTAL.
STEAM NAVIGATION COMPANY
R.M.S. "CHUSAN"
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
SATURDAY the 21st February at 12.00 noon for thhe UNITED KİNG- DOM via Straits, Colombo, Bombay, Aden and Port Said.
ALL passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 Gate, CANTON ROAD ENTRANCE by NOON on 20th February, 1953.
SPECIÁL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Cos Godown for loading onboard by ship's sling only. BAGGAGE COOLIES WILL BE REFUSED ADMITTANCE TO THE WHARF.
EMBARKATION: Will take place SATURDAY, the 21st
February, 1953 between 9.80 m . and 11.00 a.m.
BUSINESS REGULATION
ORDINANCE
1952
Copies of the prescribed Forms 1(a); 1(b); and 1.(c),
Now On Sale at S, C. M. Post, Ltd. HONGKONG AND KOWLOON
TEN CENTS EACH