THE CHINA MAIL, WEDNESDAY, FEBRUARY 29, 1956.
TRADE and COMMERCE
SECTION
HONGKONG SEASONAL EFFECT ON UK WALL STREET
STOCK EXCHANGE
From Our Correspondent) Business done on the Hong-
kong
Exchange this
morning nmounted 19 np-
Stock
roximately
$UB0,000.
Noun
quot itions and the morning's
ti ansaction
BANKS
SHANKA BUYERS SELLERS SALES
1720 1740 23 1730
240
BK Bank
East Asia
TEERANCFA
Union
SHIPPING
Waferlal
VTA
21
At Na
1073%
DOCKS, ETC
34
KWh rt Dock
dad dentro 13 40. Ww
.
14
M4130
10
14 א¥
US Announces
New Cotton Programme
Washington, Feb. 28. Secretary of Agriculture Mr Ezra T. Benson today
MARKETS
POSSIBLE
London, Feb. 28.
WORLD
COTTON MARKETS
New York, Feb. 28. Cotton futures today sharply in
Malaise in British markets may be not much more than the normal perplexity of backtracked a transition and of a time lag while active dealings. sale of all
cotton measures are taking effect.
announced A now gramme for government-owned
at
110 abroad
world prices,
71
25
35
1:35
500 e 13 p
13th
טל ח 030 -1 קוליה
10 20 13:40
{q· ',
PK Long (NI 201
וז
19%
14.3
+3
147)
PTLITIES
די 4: "י'
14: 7000 or 133
211132 23
24 70
Yat: Ferry 104 100
IN 1 BO
יתיות 11
124
L
23 18
421 42 75
120108
43
仁コ
1290 42,
F. 1(21
53 80
#130
31. 37
320
PIC INI Teles
INDUSTRIALS
<
STORES, ETC
Dairy
⚫ Wate
__L___ Crawford
MYPTONS
Nonpvens
10
I 20
מל 31
31
**
50% of 31 75
500
pro.
competitive
*he
Losses ranged up to $3 a bule, widest setback registered Bession in six any one
merely for A contributory factor may be seasonal: the Treasury's peak tax quarter and the weeks. Mr Benson sald none of the blue-nosed February blues familiar from some
cotton cold uncer the comjet 1- Live programs will be exported! before Aug. 1, star of the cot- ten marketing year
A sales, Mr Benton old news conferenze, will be made radically and in an order Itiner to avoki disrupting world market prices ad impair.
De tenditional competi v pation of friad y countrie
He announced the programine et this time so that the domes e ection inciustry as well as foreign users
will know America's expect sales polley and can begin (to make forward sales and par-
chases.
No Specific Figures
He put no aperiße Agures the mungunt of enton the govern, 324, ment hopes to sell. In
ויך י - ו
500 * 17 m)
-* 173
HE
30 121
5 20 345 3000 m
MISCELLANEOUS
Allied
1000
040
230 40
5 44
700
yra
past the United States and x- ported mere than Ave milka bales of cation annually. Export
s this year are expected to be iv about half that
"We hope to sell a rubstanti: 1 omount," Mr Benson saiti, "WE want to recapture our lost world aza cott: market "United Press.
Wall Street
Stages
Late Rally:
Wiped Out
Losses
New York, Feb. 28.
Stocks staged a spirited rally in the late dealings today wiping out early small losses on increased activity.
The recovery, it was said, involved some covering by shorts in advance of President Eisenhower's press conference tomorrow morning.
Turnover, jagging behind-ollaled Edmon yesterday In curly
dealings.
totalled 2,540,000 shares for the day, 100.000 over yes'erdiy,
Industrial and rall stocks showed average galus for the dry while utilities
both
Challerntal 01 of Del Crane Col
Zetterbach
Cuben Amer Sugar Diariend Alkalt
earlier postwar years.
The end-season July delivery Anished on the day's bottomm price, but other deliverien showed n moderate from the extreme.
SEAT SOLD
The
New York, Feb. 25.
New York Block Exchange announced today one of its memberships has been sold for $103,000, the highest prico in nearly
19 years.
A "weat" on the world's biggest necurities market now is
quoted at $90,000 bid and none offered, only the second time in 25 years this situation has existed.
The latest price paid for membership was up $3,000 from the previous sale on Feb. 24. It was the highest changed Kinoe "STAL" hands for $100,000 April 27, 1937. United Press
UK Government
Stocks Advance
London, Feb. 28.
Stocks closed casier, except for a continued advance by British government stocks on the London Exchange today,
the
Investment demand pushed Copper drifted after support "ghts" ahead from the dried up, and tin shores deelined. start, and gains al olie tl. ae
Dollar stocits to ten shillings. Then a
sloped with few leaders dropped back from lese ranged to about $1.50. their highs.
ran
industrias turned in a rugged
performance.
Observers
"de-1
scribed them as highly sensitive
to the current
end the group
credit squeeze,
on the whole
| United Press,
NOTICE
moved lewer. But Grent Uni- THE HONGKONG ELECTRIC
recovery New York Sugar trend,
The
ef a Repub'een than government's evident, puspel LAZERS Da, whica also ecu- of Democrat administration.
r bule da th. ml:ise, innoy Bule cheap money and the
At the final gong the list was be excusabak by something inflationary factor is the other off 4 to 00 points. Opening more than the need for the new way round, and there might not prices
2 to off 327 Chancellor to teet his way.
balance.pointe, New Orleans diosed off
31 to 45 points. Hard On Motors
ויו
131
Riven time. existing
In
s are adequate, further 1-sures would! be
real munter of overdoing it.
The credqueeze -s plich- ing fastly hard on motors and other consumer durables.
le f.e
vent sector, the cost of enter diffculty and kering money, whether by new
the by
3059 on
or
by
in
115
he much in it on China Mel Speciel.
WORLD RUBBER MARKETS
New York, Fe 28. The No. 1 Rss rubber today futures contract portfolios, closed eleged
25
65 points to may deflate the boom
sales of 276 thehigher with much as is desirable short run and by more than desirable in the long,
There are some
signs the pubite
responsible bou would
co-operate in Arm government lead.
Repliers to the fatest Gallup extraordinary Poll say, by the margin of 87 to 8, thal
4/11
wages
that
they being would agree to kept stable if prices also were kept stable.
Perhaps they are thinking of everybody else's wages, and of artificial rather than genuine price stabilisation.
Bad Politics
Nevertheless,
67 to 8 is almost unheard-of for any publle-opinion question-people are rarely as positive as that if
them whether you ask
they would like a gift of five-pound notes-and genulpe stabilisation would
ofer would
then something better than the question poses: with rising productivity WILD ought to be ntsocialed with falling and not
stable
307 responsibles may indicate
it
contracts.
The standard contract closed with 25 to 85 points higher sales of 11 contracts.
The terminal market had an overlone of steadiness in face of erratic price changes. most of the
with busincas re-
were up
Farm legislation uncertainties. with the administration's rigid high supports, brought a steady flow of liquidating orders while trade buyers paused.
Market
New York, Feb. 20.
futures World No 4 sugar today closed unchanged to 3 points Jower with sales of 103 contrnets,
Domestic No 6 sugar futures
unchanged closed lower with Bles tracts,
Stores
Imperial Chemicals went against the the former A1ining almost two shillings.
Fords Improve
American Ford Mutors 1mm- proved
for A £% to £114 dve-shore block.
Oils opened lower, then moved narrowly and closed with small losses.
COMPANY, LIMITED.
Notice to Shareholders
NOTICE IS HEREBY GIVEN that the Sixty-Third Annual General Mesting of the Members of the Company will be held on Thursday, the 15th day of March, 1956, at 11 a.m. At the Company's
to I point In pareign bonds, Germans Registered Oflee, 4th Floor, of 202 con- were dull and Japanse lens mostly unchanged In quiet quld trading.
wore
World futures with buyers backing away the market following steadiness.
from Gold shares advanced after un the uncertain opening. Free State
| Geduld featured in the group.
New York Foreign
Exchange
Agriculture Secretary Benson, testifying before the joint com- mittee on the economie report. renewed
the
administration's request for congressional thority to dispose of farm sur- pluses behind the "Iron Cur-
in."
ου
Both Futures:
March
markets were quiet.
Contract No. 4 (world)
3.20
May
3,20
July
Trade quarters understood A cul-rate colton ex- sweeping
has programme Port under consideration. Reportedly. ali grades and staples from the surplus slock government's would be offered in world markets for the first competitive prices.
Sept.
1.31
Oct.
Caninda
been
March
| 20
England offietas
May
Spot-cents
рет
fab
Cuba)
3.12
Contract No. 6
New Zealand
May
1.44
Bouth Africa
time at
July
0.03
Belgium
Sept.
3.87
Nev.
3.00
Spat-(cents per 1b, ctf NY
ex-duty)
0.40
United Press.
portedly of speculative origin. Pending confirmation of the
In the spot market, factory
report, Graders understood orders and other buying interest re-would be accepted for delivery mained slow. Spol No. 1 Res was after Aug. 1. Selicra reaction quote: nominally at 334 cents a
locally was that such a move pound.
wou'd obviously swell the some wou On shipment rubber,
01 "tree celton, and supply small weights of three ambers intensify the competition,
in March were reported done for March Open contracts shipment at 30% cents and three the start of wading totailed browns for March shipment 486,800 bates. The certifica'ed 30 cents, both cost and freight. stock added 046 bales to 10,004
Offerings an sheets generally | bales. were above a workable basis.
Volume and open interest
Domestic consumption for were:
was
ot
May
estimated January 133,335
ions including 79,048 Month tons of synthe le and 53.087 March ors of natural rubber.
July rubber accounted October Synthetic
December for 50.74 per cent of the total March with 40.20 per cent for natural, May with the latter about one per cent over the December futures, Contract No. 1 Rss
July
Total
Exchange Rates
New York, Feb, 20.
$1,001
Unofficial
30-day futures
2.80-28/22
2.69-2.03
7.00-9/32
| P. & O. Building, for the transaction of the business of an Ordinary General Meeting including the following:- ID To receive and consider the Reports of the Direc- tors and of the Auditors, and the 'roft and LoRN
the Acemit for
year 31 ended
December 1965, and Ine Balance
2.79-3/16 90-day tuluren
2.01 2.01
Sheet no at that site.
(2) To approve the Dividend. 0200-3/19 (3) To elect Directors. United PmK.
London Foreign
Montreal
Frankfurt
Exchange
at
Business was done in the
markot unofficial exchange morning at the following rator: U.S. dollar (per $1) Sterling notes (peraj Ausilalian notel (per £1).
Local this
New York
-90 Lisbon
Milan
12.51
Volume
2,800
Op Interest
70,000
14,000
416,600
13,500
230,300
13,300
230.700
14.100
207,000
1200
50,000
4,400
24,000
€300
24,000
78,600 1,454,500 bales
NEW YORK
Prices of futures closed today as follows:
able prices.
merely with
47%
134
30+
The frostings the
On the whole, the inflationary windly seems to have become bad politics.
Marc
May
July
ir-
Sept. Dec.
33.20 33.15-20 37.33-40 31.78 31.10-30
Spot
that
New Standard contract
Mar.
44
BALA
had
Dupont de Nemours
Kedak
2203
0311
El Paso National Gas
40
El he
Erie atirond
2112
Family Finance Cur
24
General Electric
50%
General Funds
$2
the
and.
So much
104 they know the game is up.
y
will the credit squeeze not, have to be intensified, and re- Inforced by other
measurea. of in- her way, the basis
and of investment
healthier
March May
32.05
May
33,03
July
July Bept.
32.23
Oct,
31.60
Dee
Dec. Mar.
31,00
Mar.
30.24
May
July
in
401
3012
30
minor loss, of a total 1,191 Laurs traded. 643 were higher on the day, 368 lower.
Copper
stacka fentured
оть
the upturn with guins ringing
to 3 points in Auacondu on the Bullock for stili higher prices for the metal.
Kennecott, selling ex-dividend, and Americon Smetting each more thin a point.
Motors Rise
Mo'or chares had a
Bing
Daw (benticals
General Motora
Gen. Pub, Unit Glidden Co
Goodrich (DF) Co.
Goodyear Tire
eydes Chemical
Hom take Mining Co. Ingersoll-Rand
Inland Ster! Co. Interchemical Corp. Int'l
In the necessary
SINGAPORE
The maritet advanced today
to spite of report of high pro- technical duction figure. But it only went to 庭 necessary up slightly and there was no 831, adjustment
monetary policy gilts
further selling pressure, Futures: could perhaps go still lower; but their No. 1 rubber per ib. whole range is doubtless below their
equilibrium long-term levels.
10
64
M
Machines
за
International Nickel
02
1191
317
ሲጎር
Int Harvester
Tylermedicaid Paper In Told Tel actives C. Power & Light
paced by Studebaker Packard John-Manville Co.
which rose Gulf for
turnover.
a point on
featured oils with a gain
of almost 2 and Socoty Mobil
a point.
roic a
Kemecett Copper Ligen Meyers Tob. Co [eekherd Afteraft
Loews Inrere.
Lone Star Certit Co. Loulay lle & Nashville R. In rals Atlantic Coast Line Lowenet-in & Sons 10:0 almost
Wahi Iren Corp. 2 points, Каплав
Minnesota Minne City Southern acxt Union Pacific Warn Deveicument around a point. New York Cen-**-maanta Chemical Co. tral lost nearly a point and Bos-Mentemery Ward ton & Maira fell more than 1.
The latter reflecting its two wrecks today.
New York Stock Exchange bond volume was $4,000,000.
American Stock Exchange volume was 850,000 shares.
Dow-Jones closing averages
were:
30 Industrials
20 rails
15 utiles
di stocks
140 bands
Comm. rutura pries index Comm. spal" price_index_
Alden Inc. Acy
Allied Chemicals
Nattens Diry Prod. Watone Land staraj StuCorp.
Verk Central Mathia
Oui Flevethra
| Oven-1}ne's Class
ße Gas & Flee
Pacific Western Off
Pan American Airways
Morris ...... Procter & Gamble Co. mikerne at Mines
Publicker Industrice
Pure Ol...
Radio Comeration
Honublic Aterl
Kaffirs Rally
Short and medium Kilts
120 already offer some obvious bar-
30.00
34.70
34,30
39.05.07
31.00
31.71
31.40
30.30
30,70
NEW ORLEANS Prices of futures closed today As follows:
March
April
DOIL-053% Mar. 0545-0345
May
unqucted
Bpot May July
No. 2 rubber per ib. Mar. 9315-94 No. 3
Oct
03-0341
Dec.
No 4
02-13
Mar
spot rubber unbated
Dd-9011⁄2
May
·Banket crepe
84-0
July
No. 1 pale crepe
101-100
LONDON
The market Was Arm with
gains; the certainly of substan-ot quoted at 28% pence per lb.
tial tax-free capital apprecia-settlement houre lermi
Mar/April
May/June
July/Aug.
May/June
Oct/Nov.
33.25 $5.40
3490-01 33.20 31.00 31.09-67
31.42
20
LIVERPOOL
Future closings, in pence per
40
2714
tion.
No. It spol .............
April
3:012-2014
lb. were as follows:
RO
May
45
3125
*
477
In equitter the malaise may June be getting too indiscriminate.
It affects s.co enpitel goods whose profits are relatively immune, equally
2814-2814 28-2014 2791-2774
Old contract
25.33 24.75
and ather
April/June July/September
20-2014
24.26
March
April
27-771 October/December
22074-2015 General markets, eif basis, porisi,
23-201 2722-20
New contract
July/Aug.
20.05 31.40 20.00
Dec/Jan
17
#1!4
The rally In Kafirs shows
Egyptian Karnak
Mar/April
01 13
4754
what can happen when
steady.
0:20
BAO THU LO
Futures closings, in cruzeiros per klo were as follows:
March
21.30
May
20.30
July
20.25
37.10
37.77
with the vulnerable consumer Estate crepe thin March.. goods,
Aprit AMSTERDAM The market
Was
market becomes oversold Prices closed today in guilders 314 through undue concentration on per kilogram, cll March as fol-
short - run difficulties and lows! Gansitional factors.
46%
That
No. 1 rubber
2.70 buyers
now
No. 2 rubber
No. 3 rubber
No. 1 creps
2.68 buyers 2.43 buyers 3.00 buyers -United TrESO
the bearishneas has to be supported by trum- pas, pery rumours, including even
the rumour of imminent Ing
201
1F
star- may surgest
devaluating overdone.
70% that it fa
421
45%%
If "everybody" becomes con vinced that an advance before
Singapore
Budge Stock Market
47% the Budget is impossible,
advance
before
403,71
Paramount Pictures
100.07
Parke Davi Ch
6122
Tranny : 0,
171.00
Pern. Fall Co.
09.21
101.30 160.25
Closing Prices
#21%
Rovnulis Metal
113
Shell Oil Co.
10
Allod Mille Inc.
34%
Ralut Red, Paper
4552
Allis Chalmery
Singlale Olt
Ameeting Kiriton
ZE
nry Vecum
201% adjustment"
American Cyanamida Co.
0911
South Porto Klen Sugar
4th, &rary.
20%
Fouthern National Gal
34%
American Metal
Southern Railway (Com.)
103th
Amortean Bmeiting
(643) | Starıdard Brands
4114
American To! ⇓ Tel
185AM TERRANEA Dil of Cal.
04%
occur is the best
14 | Atandard Ost of frd.
16
against a slump.
going
American Tol, "*" Anaconda Copper Artmco Blewi
Armour
Bildwin-Lia-Itam,
Raltimore & Ohio
Bundle Aviation Corp.
Batiguet Cons.
thlehem Steel
Boeing Airplane Bertien (The) Co. Burrosign And Mechino Clodian Pacido R.
CPI. 7. Financial Corp.
Cat. Tractor Celanese, Corp. Chere Marshal. Hank Chrysler motor veran Colgate-Palmolive Co. Commercial Credit ...
2017
1984 | Mtandard ou of NJ.
Datering Drug Co.
3dj sudebaker-Packard Carp.
would be virtually certain..
In the US the "rolling
TU
which has started Batu Lintang Ruhber Co.
in cars and housing presages no slump.
Allowing the readjustment to
Borneo
Teb. 29. Opening
... $1.00 Lid.
Patroleum British
41/4 Byndicat consolidated. Min
228/0d Ord. assurance
"Fraser &"Neave Ltd. Ord, $1,70
Frater & Neave 711% own.
$5.25 Hongkong & Shangisal Bank-
ing. Corp...
Congress is obviously
A to vote some tax cuts, and the
1014 budget can afford them.
1034 | Mlokay-Van Cemo,
24 Swift & Co.
41
2016
Texas Co.
120
Tan Water Asen. Oil
183
Twenty Century Fox Fin
2012
74Union Carbide
10}%/Union, Perido Railway
United Alterut
28% UB. Gypsum
18UB. Line Co.
17.5, Rubber
#7% 0.3. Bmelling
48150 Wwerler Bros.
Kilk (Wamingħiduse Fleetrio
Confidence Factor
Hongkong Tin Li
Kempan Lia
tamas Rubber Estates Ltd. Malayan Breweries proxe New Berindah Kubber
Ltd.
17091
The odds are probably against retaling in Ltd. 70% sexd President Eisenhower" running | Rames Hotel mi
again, but if he did decide to do': Bingapore Gold Storare sit he could galvanise, Wall Bruth Britan Insurance 67 Street
Atrait The confluence factor, a Straits Essamphip affecting the price-earnings ratio Uned Engineers Ord.
Wearne Bros. 46% at any given level of money
exdiv. ↑ eumdiy. » ed. „ünlad Fr000,
|ratenAls doubtless higher on the
| Wert Va. Filip & Paper
Woolworth
$1.00
Oct. DCC...
In the average price of 15/16 |middling cotton at 14 designated spot mārkets' was 35.83. "cents. Sales totalled 63,879 bales.
BUENOS AIRES
The Commerce Ministry fixed the following prices for cotton from the 1955-56 crop:
Grude
All prices
1,000 peson per. ton 9200 pesos per ton 4,500 pesos per ton 1,100 pesos per ton 7,400 pesos per tan
6,700 pesos per tan are Fon railroad car or lighter for Buenos Aires
--- United Press.
· LONDON SILVER
PRICES
London, Feb. 38.
· The price of silver was quoted | today at 78% pence for spot par. 117,9 || fine ounce, and 78% for forward (against 1911⁄2 pence for both $3,80
positions youterday), - United
Farle Indenestan rupiah (per 100) 10.33 Stockholm Sinin tical per 100)
20.30 Zurtch
1.01 singapore (åtruite)·
Landon, Feb. 28.
(4) To appoint, Auditors.
The Register of Members will be closed from Friday, the 2nd of March, to Thursday, the 16th of March, 1958, both
2.80-13/10-260-16/10 days inclusive,
2.8015-2.003%
11.7234-11.12% 00.10-10.20 176434-17093
9821-983 14.537-1454
12.2466-12.243
-United Prese,
By Order of the Board, F. II. FELI
Secretary. Hongkong, 16th Feb., 1956.
THE HONGKONG ELECTRIC COMPANY, LIMITED
Notice To Shareholders
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Members of the Company will be held at the Company's Registered Office, P. & 0. Building, 4th Floor, Hong Kong, at 11.16 o'clock in the forenoon of the 15th day of March 1956 (or as soon thereafter as the business of the Sixty-third Annual General Meeting of the Company shall be concluded) for the purpose of considering and, ff thought fit, passing the following Resolution as a Special Resolution:----
"That the authorised Capital of the Company be increased from its present Capital of $50,000,000 divided into 5,000,000 shares of $10 each to $100,000,000 by the creation of 5,000,000 additional shares of $10 each.”
AND NOTICE IS ALSO GIVEN for the purpose of considering and, if thought fit, passing the following Resolutions as Ordinary Resolutions:-
1. "That it is desirable to capitalise a sum of $5,000,000 being part of the General Reserve Account and that accordingly a special capital bonus of $5,000,000 free of income tax be declared and that such bonus be applied on behalf of the persons who on the 15th day of March 1956 are holders of the 8,500,000 fully paid-up issued shares of the Company in payment in full for 500,000 new shares of the Company of $10 each, and that such 500,000 new shares credited as fully paid be accordingly allotted to such persons respectively in the proportion of one such new share for every complete seven of the said issued shares then held by such persons respec- tively and that the shares so allotted shall be treated for all purposes as an in- crease of the nominal amount of the capital of the Company held by each share. holder and not as income, and further that such new shares shail as from the 1st day of July 1956 rank for dividend and in all other respects PARI PASSU with the already issued shares.
"If any member would be entitled to a fractional share the Directors in lieu of Issuing fractional share certificates will cause the whole share to be issued to a person ar persons to be named by the Directors and such share shall at such time as the Directors think fit be sold and the proceeds distributed among the persons. entitled to the fractions making up such share,"
2. That in accordance with Article 11 of the Articles of Association of the Company there shall be offered to members who on the 15th day of March 1956 are the registered holders of the 3,500,000 fully paid-up issued shares of the Com- pany 1,000,000 shares of the Company of the nominal value of $10 each at par (such nominal value being payable in full upon application on or before the 1st day of July 1956) so that each member of the Company or his approved nominee shall be entitled to apply for and take up two new shares for every complete issued seven shares then held by such member. The shares so offered shall rank for divi- dend na from the 1st day of July 1956 and in all other respects PARI PASSU with the already Issued ahares."
"If under the terms of the offer any member would be entitled to a fractional share, the Directors, in lieu of issuing fractional certificates, will cause the whole share to be issued to a person or persons to be named by the Directors and such share shall at such time as the Directors think fit be sold and the nett proceeds distributed among the persons entitled to the fractions making up such share.”
"The Directors will dispose of any shares offered to members in the event of non-payment therefor by members or their approved nominees on or before the 1st day of July 1956 at such time or times in such manner and upon such terms and conditions as they may decide."
1
+
It is most important that any persons who have purchased shares in the Com- pany but are not on the Register In respect thereof should, if they wish to tako advantage of the offer, present their transfers for registration accompanied by the requialte share certificates on or before the 1st day of March 1950.
The offer will be made by notice sent by post to each shareholder specifying the number of shares to which each shareholder is entitled and such offer, if not ne cepted either on behalf of such member or his nomines on or before the 1st day of July 1956 will be deemed to be declined.
AND NOTICE 19 FURTHER GIVEN that the Register of Members will be closed from Friday, the 2nd of March, to Thursday, the 15th of March, 1968, both days inclusive.
Dated Hong Kong, this 17th day of February 1950,
By Order of the Board of Directors.
F. H. FELL,
Secretary