THE CHINA MAIL, WEDNES
ARCH 14, 1956.
TRADE and COMMERCE SECTION
Page 9.
Britain Starts Delivering £7m HONGKONG UK GOVERNMENT
Train Order To Brazil
By Haig Nicholson
Rio de Janeiro, Mar. 13. Britain has made delivery to Brazil, on schedule, of the first of 100 electric train units provided for in a £7,000,000 contract.
The train unit, handed over in Britain, has reached Rio de Janeiro by ship, and will soon be running on the suburban services.
in
The tonirati was oblanned by As the tempo of manufacturing increases, delivery of
Electric the te Metropolitan Vickers tinin maining
will be Expert Company Limited, 814 speeded-up until one to arrivint March 1954, in value $1 is one of
contrarts the com- į each week. Deliveries will cans the biggest time for tin t eighteen pyy
hus ever handled and 13 drons from Britain, the United
onarths.
Switzerland
When all the tram ond are States,
Пл.у. Hand and in operation the carrying capa- | France, Belgium. elty of the Ha suburban rail- Japan competed for 1. ways will be donbird.
One by one they were elimin
the Bol cholce aded until
NY COTTON
FUTURES IRREGULAR
New York, Mar. 13: Cotton futures today moved irregularly in to derately active dealings.
lny between three thems, frum Britain, the United States and Switzerland respectively.
Metropolitan Vickers won and the continet was signed in March 1954
Manufacture began in Septem- ber of that year, and the dest train wilt (consisting, as all of The do, of a motor teach and Ewo trailers) was delivered to- wards the end of January to the Central Railway of Brazil
Repayment
H of
entenet After Bee-sawing over 2
Financing of the ነጉደ done to the extem bale the list range of $1.50 u
£4,000,000 by the International clost 4 points lower to 7 points were
Bank, and £3,000,000 by Metro- prices higher. Opening unchanged to off 0 points. New poiltan Vickers themselves,
will be Repayment
made to Orlemis clowed off 0 to 7 points.
Vickers Taly Metropolitan
over While
arby
The sub- DIY period of ve years. deliveries opvated a position The March
contact, secret repayment to the Inter where dealing expired in the national Bank will extend over
15 years to 36 cente noon hour, rome
years. high EL new
for
pound,
KÆRSION,
New
crup
sawed narrowly
of
on Congressional
1
the
a
Metropolitan Vickers will sup 96 motor coaches from Britain
Con
coach
ply 50 complete train units and deliveries see-
while 100 waches will be In either side
Brazilian Uy while structed close the previous traders kept attention focused builders.
ын The trains will substantially farmi
relleve the congestion on the contract Central Railway's Rio suburban at 35.05- Vices, electrification of which was completed by Metropolitan pound.
Vickers in 1937 at a cost of 18
£1,500,000.
developments.
The
March went off the board
90-36.00 rtL
M
overnight
mains
points.
At the 36
cerit
un 23
delivery showeri #cumulative rise or 803 points-$30. 15 a bole --Troms the
Inw es- season's tablished at October 3.
FACTORS
May/July with a number of factors. Foremost of these
NUMBER OF
Selling in nearty was associated
1. Recent
redemptions
experla
Spare Parts
has The Railway Company also ordered spare parts valued a: £600,000 on Metropolitan Vickers which is completing the construction at Belo Horizonte, pital of Minas Gerala, over 300 miles north of us, of £250,000 heavy
for electric trac- repair factory Government out of the
Fallway equipment. stock; 2. Lessening
"The
said Mr Jew tions for a tight "free" cotton
Franch
C
General nt the season's end on supply
Manager of Metrovick do Brazi August 1: 3. Expected heavy (Electricidade) Lida, "will in
Government's sales out of the
of technical corporate it for surplus stock
export; 4.
from Improvements filt Farm bl proposals to
the first-hand Joun
guined hove
In Brazil they will have more past two decades. "They to make cenbarking and dis- embarking of passengers caster. The seats will run lengthwise in the coaches, leaving planty room for strap hangers.
to Individuals to $100,000;
6. Slackening textile market activity.
With expiration of the March cortract, some traders looked ahend
Govern lo a possible ment arouncement shortly gly Int delalled terms and cond tions under the cew export pro- gramme. The certificated stock rese 1,223 to 12,544 bales. March delivery notices today totalled 3,800 bales.
NEW YORK
Short-Time Hits British Car Industry
This line of unsold British cars is part of the 80,000 cars in the stock piles of manufacturers, many of whom have introduced a four-day working week to counter the sales drop. In addition. overtime in at an end-and last week 250 workers were dismissed by Mulliners, the body trailders.Express Photo.
Prices Down
New York Turn
VOLUME REDUCED
New York, Mar. 13.
Prices on the Stock Exchange turned downward irregularly today on reduced volume.
The retreat was mild. Wall Street decline quarters generally expected a today. They pointed out that prices were due to some profit taking because of the recent advance which pushed the industrial average above the 500 mark, a historical peak.
the
1st Chrysler Motors
Colgate-Patrolive Co Commercial Credit Commonwealth Elec Consolidated Edison
Losses throughout were limited to small fractions. Only a few issues were down i point or belter.
new
WORLD RUBBER MARKETS
New York, Mar. 13. The No. 1 Rsa rubber futures
STOCK EXCHANGE
STOCKS OFF
London, Mar. 13. Stocks moved irregularly in active trading on (From Our Correspondent) the London Exchange today, finally closing with Business done on the Hoog-blue-chip industrials higher and British Govern-
ment stocks off as much as £3⁄4.
kong Sleek Exchange this mom.... ing amounted to approximately $320,000, Noon quotations and the morning's tranmctions: SHARES DUYERS SELLERS BALES
DANKS
Bank XD
INSURANCES
Union Lombari
DOCKS ETU
Dock Provideni (O
351
30
1480 30 1070
DUS 5 900
30 1000 or 3375 14.40 2000 414.20 600 14.10 Wherlock . 35 40 29 0.35
LAND, ETC.
JIK Hotel XD HK Land XD
11.20
60+ 01
Humphrey,
18 20 20 10
XD
RUBBER
• A. Rubber
UTILITIES
Tram XD
170 175 3000 1,70
27.00 23.10
Stor Ferry
XD
Y matt Ferry
100 or 21.10 1098 ur 23
Britain's Improved trade bolanco for February sparked Optimism which pusher selected Industrials gally" nhead during the forenoon. Then profit taking pulled some of the leaders back from their highs just before the close. The group showed numer- ous net gains of a shilling. Unilever was a feature, closed more than two shillings higher. Selling on a inafor scale hit the "ilts." Old Consols and Daltons skidded about 15 shillings, while
War Loan fell more than 12 stullings.
1000
23
139
104 105 130
193
quiet.
21
1. Light (C) 2070 21.10 1000
Light N 18.30 18 70 Elee AL 29.00 20 Tel. XALI, 23.20 23 50
INDUSTRIALS
Cement XD
STORES. ETC.
Dalry
34 24
200
200
100
Oils Affected
NOTICE
THE HONGKONG ELECTRIC COMPANY, LIMITED.
Notice to Shareholders
NOTICE IB HEREBY GIVEN that the Sixty-Third Annual General Meeting of the Members of the Company will be held on Thuridny, the 15th day of March, 1956, at 11 a.m. at the Company'a
Olis, too, felt soiling pressure, Royal Dutch closed about £ Registered Office, 4th Floor, lower, and Burmah and British P. & O. Building, for the Pelmicum both lost more than transaction of the buainese of shilling. Trinidad Issues firmed.
an Ordinary General Meeting Foreign bonds were mostly
German 6% per cent including the following:- Polash Theria cased 1 And
(1) To receivo and consider
the Reports of the Direc tors and of the Auditors, and the Profit and LosA Account for the year ended 81st December 1956, and the Balance Sheet as at that date.
21 20 speculative buying appeared in
and defaulted 21.30 Russian
East or 18.00 European bonds apparently on 23.40 rumours that the USSR might plan to pay off the arrears,
Gold
lower shares drifted with Orange Free State issues Coppers leading the downside.
17 17.30 1200 17.20 cased in quiet dealings, and lea
800 17.30 shares were neglected. 2000 17.ZD
Dollars stocks closed higher- 2004 10.00 United Press.
101
24
5.40
1,70
Watson XD 1. Crawford COTTONS
Texille Carp Naryana.. MISCELLANEOUS
Yangtze IJ.K. & F.E.
Invest.
100 11.30
contract today Exchange Rates
sales of
New York Foreign
Exchange
England official
New York, Mar. 13.
$2.50-8/16
30-day futures .. 2.79-13/10
in the local South Africa market 289
closed 20 to 40 points lower with contracts.
No. 1 standard contract closed 25 to 45 points lower with sales of 18 contracts.
Almost half of the futures trade was represented in an ex-
change of contracts for physical rubber, reportedly between denters and possibly against some London transactions.
of Balance was made up dealer exchanging of May/July contracts Around 120 points difference, plus seine scattered
house nad commission
tmnde cooperations.
7042
4322
Continental Oll of Del.
J12
it
fow
Crane Co. Crown Zellerbach
Cuban Amer. Sugar
10
Diamond Alkali
49
20%
Dupont de Nemours
Eastman Kodak
2421
El Paso National Cas
434
2111
Dow Chemicals
Erle Railroad
Railroad shures rose ¿ents,
to move that enough average to its best level since 25. Villites November were down a few cents.
or the 1,230 issues traded
496 closed lower, today, advanced and 280 unchanged. New 1950 highs were registered and 15 added 172 stocks new lows.
Transactions totalled 2,700,000 | Glidden Co.
3,110,000 shares, compared with shares yesterday.
on
Motors Backward
were the most Mutor shares backward, Chrysler dipped 13% during points to $70%. General Motors
of
eased a fraction.
Family Finance Corp.
Ford Motor
General Electric General Foods General Matern Gen. Pub. Uul
MARKING TIME
The spot market ruled dull with factories still morking
time, Reported small sales in- three sheets cluded some May
at 33 cents and April three sheets at 93% centa
pound,
ISH
deliveries. Spot
1 No. locally was quoted nominally
si 34% cents a pound.
DO
Shipment rubber was offered dealers m "good quantities," 40 said, but mostly above workable bavis. Singapore reportedly offered March-April three sheets at 394 cents and March-April four zheels at
Goodrich (B. F. Goodyear Tire
Co.
004%
Heyden Chemical Homstake Mining Co. Ingersoll-Rand
1096
494
4351
Inland Steel Cə. Interchemical Corp. Int's Business Machines Fiternational Nickel Int'l Harvester International Paper John-Manville Co.
doors Electrical equipments were In Tel & Tel
tcatures. Westinghouse In par- Kames C. Power & Light
cular Wis a bright spot It Kemecott Copper moved up 2% points to $8312. Liggett Meyers Tob. Co
A few of the oils were strong. Lockheed Urcraft Southern Railway гап up 3 points to $110. Chesapeake & Oble
was up a point to $00. Santa Fe eased to $155. "But there will be no hangers- 1 General Motory Jed the (a reference to the way market in turnover with 44,200 thousands of cu here travel shares changing hands. It
on
No Hangers-On
Loews Incorp. Lone Star Cement Co. Louisville & Nashville R. Lowenstein & Sona Membi Iron Corp. Minnesota Mining Mimion Development Monsanto Chemical Co. Montgomery Ward Motorola Ine. National Cash Reg. National Lead
cents
D
re-
92 pound, cost and freight,
were Indonesian offerings ported light pending settlement of the Egypt tax question and resump- the possibility for a
the export licensing. tion of
which was abandoned system inst summer, Futures:
**822
55208
No. T
March
May
July
Fent
Dee.
New Standard ContraeL
March May
National Steel Corp. New York Central
July
Sept.
Dec
Mar
SINGAPORE
Prices of colton futures closed dangerously m the outside steps closed with Danished in the National Dairy Prod.
today no Tollows:
Spat
Mar,
May
July
Oct.
Dec.
Mar.
May
July
30.0011 35.77 expirpd 35.19-25 33.20 31.70-73
31.01
31.01-02
30.JA
NEW ORLEANS
Prices of futures closed today
as follows:
Spat
March
Mny
July
October
December
March
May
اناله
LIVERPOOL
Closings, in penco
were as follows:
Old contract Mar/April
May/June
July/Aug.
Now contract. May/June
36.23 expired
35.40-20
31.74
31.14
51.01
31.24
30.03
30.03
of electric trains every day). Win the
and
with
Joss of 4 to $164.
42,100 shares
trams Westinghouse
cction stream-led changing hands. now traks, there is nothing outsido New York Stock Exchange Olle Mothe
for them to hang on to."-China Mail Special
New York Sugar Market
bond volume was $0,240,000,
American
Owen-Illinois Glass
Stock Exchange Pacific Gas & Elec.
volume was 1,060,000 shares,
Dow Jones closing
were:
30 Industrial
20 ralle
16 littles
05 stocks
Poelie Western Oit Pan American Airways Gyürügen | Paramount Pictures
New York, Mar. 13. World No. 4 sugar futures 40 bands
Comm. tures price index closed today 1 polni lower to 1 Comma, spot pileg index .. point higher with sales of 123 Moody's inder contracts,
Parke Davis Co,
499.33 Penny J. C. Co 187.18 Penn, Salt Co. 7.30 Philip Morris
177.40 Procter & Gambie Ca.
9.14 Pittsburgh Plate Class 150.94 | Publiekör Industries 100.0% Pure Oll 100.00 | Itadio Corporation
Republla Steel
Reynalds Metal
Shell Ou Ch.....
40
The
$29982
Singapore, Mar, 13. rubber market sagged during the day on lack of sup-
|port and some selling. There was 101 tle support towards the close and prices were only a little above the lowest of the day,
43%
100 Future closings were:
Closing Prices
$115
31
Balut Reg. Paper
74
Bincintr Ol
"
249
Eocony Mobiloir
7310.4
471 No. 1 Fubber per fb, Blar. 2934-991-
Apr. 084-0075· May unquoted 10
No. 2 rubber per 1b. Mar. 27-01 621 No. 3
South Puerto Rico Supar
ZA
Bouthern National Gar
Bouthem failway (Com.)
1100
The domestle No. 6
Sugar
Allied Chemicals futures closed 1 point lower to 1 point higher with sales of 127 Alled Milfs Inc.
Allla Chalmers contracts.
American Airline Evening-up in the May de- American Cyanamide Co. 26.03 livery by tradu Interest domin-Am. Mach. & dry 25.25 fed dedlings in both contracts. American Motal 24.25 Futures:
per lb.
Contact No. 4 '(world) 31.00
American Smelting Am. Bugar Ret. Amertown Tel & Tel
American Tob. "D"
Anaconda, Copper
451 Standard Brands
Btandard Oil of Cal.
1001 Sinikkari Oil of Ind.
Standard O. of NJ, Biokely-Van Camp.
79
7% Budebaker-Packard Corp.
Swift & Co.
Texas Co...
Mân Thanh H. DỰ
3.32
3.33
3.31
Armpo Block
3.20
Armour
Baktwin-Lima-llam
5.20
Baltimore & Chio
Bendby Aviation Corp.
fox Film.....
Benguet Cons.
Bethlehem #teol
147
Union Pacific, Railway
784
July/AuR.
27.38
Oct/Nov.
Dec/Jan
20.10 25,00
May
July
Exyption Karnak Mar/April 49.10
Sept.
BẢO TAULO
OCL
Mar.
Futures closings, in cruzeiros
May
per klio were as follow
July
Batoh
32.42
Sopt,
May
2014
Spot.(cants
Der
30.31
Cuba)
October
31.00
Contract No,
December
22.21
May
In the US the average price of 10/16 middling cotton at 14 designated spot markets was 33.32 cents. Sales totalled 11,859 balos-United Prost
July
BAT 0.32
Sept, Nov. #pots (osts per ib. eif
ex-duty)
medīnited, Prags.
Coca Colauin
Cat. Tractor.
B.48
July...
Twenty Century
Union Carbide
Hooing Airplane
Borden (Th) C
Burroughs Adg Machine
Canadian Pacific R.
.
DET Cal. T. Financial Corp.
Celanese Corp.
Chase Manhat, · Bank
United. Alteraft
G U.6, Oppum
50% 1.5. Rubber. V
-15% 19.3.2 Browling
100%
07-0744 06-07 N
0500 Spai rubber unbaled Blanket crepe
03-9203 No. 1 pale crepe ...... 11919-110%
LONDON
The market was quiet but sfondy with spot quoted at 20% pence per 1b. Prices:
No. 1 Rae spot SAFELIMIREA
Battlement house term: April
2001 201 May
18395
June April/June
July/Sept.
Oct/Doo..
Jun/Mar.
General markets, tif basis
Briar
BALA
- Martsar, § Ménu.
Westinghouse Mootita Woblworth
014 May
Business was done undificlat exchange
90-day futures
Australia
Now Zealand
this Holland
Peili
Badia
211 Indonesian rupiah sper
(PST
100)
18.75 Pakistan
Others were unchanged 12.48
The London 17.00 20.40 rates were Press
morning at the following rich:-- U.S, dollar (per 31) Sterling notes (per £) Australian notes
Stam tical (per 1001 Bingapore (Straits)
DR'
2.78 2.24
3.7945
201
2013
0518
3105
2107
exchange
(2) To approve the Dividend.
(3) To elect Directors.
(4) To appoint Auditors.
The Register of Members will be closed from Friday, the 2nd of March, to Thursday, the 15th of March, 1950, both days inclusive.
By Order of the Board, F. H. FELI
Secretary. unavailable. United Hongkong, 18th Feb., 1956,
foreign
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. & O. Building, 4th Floor, Hong Kong, at 11.15 o'clock in the forenson 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, if 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 6,000,000 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 310 each, and that such 600,000 new shares credited as fully paid be accordingly allotted to such persons respectively in the proportion of one such now share for every complete seven of the sald 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 now shares shall 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 ❤ person or persons to be named by the Directore and such share shall at such time as the Directors think fit ba 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 fall 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 soven shares then held by such member. The shares so offered shall rank for divi dond as from the 1st day of July 1956 and in all other respects PARI PASSU with the already issued shares."
"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 Buch share shall at such time as the Directors think flt 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 auch terms and conditions as they may decide.”
་
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 take advantage of the offer, present their transfers for registration accompanied by the requisite share certificates on or before the 1st day of March 1956.
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 ac cepted either on behalf of such member or his nominee on or before the 1st day of July 1956 will be deemed to be declined.
AND NOTICE IS FURTHER GIVEN that the Register of Members will be closed from Friday, the 2nd of March, to Thursday, the 15th of March, 1956, both days inclusive.
Dated Hong Kong, this 17th day of February 1986.
By Order of the Board of Directors,
PAR. FELT
Secretary