THE CHINA MAIL
THURSDAY, MARCH 15, 1956.
Pare
TRADE
COMMERCE
COMBATTING DISHONEST SALES
HONGKONG STOCK EXCHANGE
From Our Correspondent!!
Business done on th. Hong. Exchange this
kong
Stuck
ma ely $200,000
mvening amounted in approxi
Noon quota- As at the morning's Transac 110018:
SHARES
BANKS
IK Bok
KD
BUYERS BELLEDS SALEA
INSURANCES
Ubyto
Lombard
SHIPPING
Waterbest
"KAR
DOOKS, ETC.
K Whart
1
Provsteal (0)
Wheelock
LAND, ER:
PER L
XD
RAVEN
A
TIUM XD UTILITIES
Tram X
Star Ferry Yasmati Ferry
4. Lucht 10,
لأني لا
PRACTICES
Three Organisations Set Up In West Germany
Bonn, Mar. 14.
Three organisations set up by West German industry and commerce are trying to combat dishonest trade practices and discourage unfair sales methods.
Germany has had a "Fair Competition" Law since 1909, but in the chaotic conditions of the years immediately after World War II, competitive practices often got out of hand and a number of "get rich quick" dealers made their way. into the business world.
The notes
NYCOTTON FUTURES STEADY
New York, Mar. 14. Cotton
futures today maintained an overtone of steadiness amid a series of alternate rallies and de clines.
Prios aco-sawed while, traders followed Washington farm bill developments or
processes with routino adjustments in old crop deilveries.
the close the list ruled up AL 13 to off 6 points. The market opened up 12 to off 20 points.
Orleans closed up 10 to off;
7 points.
Nearby May showed relative steadiness
shipper reflecting covering against Export com- mitments to the orient or Yugo- value 2.5 pfennigs (half ponnyalavia and investment buying on sterling), into each packet of theory the spot month might
Ho maintained that cigaretics.
inherit some of the strength this was perfectly compatible "Thefts as
shown in the, recently expired such March delivery. law governing with the
of negligible It was
name which bad existed from 1032 until 1045. Dr Greifelt's urganisation now also bas office in West Berlin.
an
4 established, Jaal trading practices flourish- d in the "tuom years” which llowed the currency reform in 1948 Courts were' swamped with
statutes declare: Ity Law studs until arrenca piled up (centre is a non-profit organisa- und rages gunetimes caine up tion alming at contributing to valua
honesty in trading practices by talting part in legal
research. by enlightening education and combating
competitive with
con-
17,
71 32
1440
350 4000
200
DI
100 ...
AU
13
Cast
1975
It was
ther that
2000.
1
jut
1971 72 7000
20
130
LIFE
102
*1 201
Light (N
TO CAR
Eleolite X Fakt
Macro
Maca
Elve 101 .. 4x7
Elec Ni
Tetepine
X Al
INDUSTRIAIS
Cement XD
bol so late that the plain
HT was no Frger intert sted i
unfair business
and industry manufacturus' associationa
dividual large firms,
or-
A simple calculation, however, showed that an average smoker smoking this brand would never need to buy another razor blade in his life and that a heavy
Jagannations, such as chambers | practices in co-operation The judicial Authorities Commerce,
smoker or one whose wife also smoked would be able to furn- and {cerned.
and rointives ish his friends revived
The second fur trading
with razor blades. "Gutachter
The manu- The Karrisation,
facturer stopped giving away WettbewerDA-
razor blades because this would
firms hurt other
legitimately
to the law.
having recourse
Legal Research
Fur
Impersonal
2000 21 20 4ke den of setting up voluntary
Crouties to try to prevent unfair äusschuss
14c1ers or arbitrate in distragen" (expert committee on putes wilitat
competitive practices in Bonn) has different aims. It is a loose-dealing in razor blades. ly organised body of experts delegated by the too organisa- lions of manufacturers, dealers,
league The Bonn anli-graft The first, the "Zentrale Zar craftsmen and others, which is 3003315 Be-kumpfung.
Inlauteren acting
last Christmas urged business- ly
2171 advisory
men not to give valuable in Walthewerb" Centre to Bght: capuelly.
this could buyers The third organisation, the
since unfair competition), was sel 1230 in Frankfurt in 1949 by Dr "Veren Gegen Das Bestechung-amount to bribery or attempted bribery, in issuing Its warning, Greifett, who had been chief of swesen," (lengue lo combat
grafi) was founded in Bonn luteibe league complained that such gifts had become so widespread last year and devotes itself ex-
a habit that they clusively to fighting bribery.
business morals. Arbitration
30
Xatu
500
1000... 14
Hope
STORES, EN
07 40
456 .. 17:20
1 Ku
050 610
Daly Wating XD 10:30
MISCELLANEOUS
Yaugler
צינג
an organisation. w『 the same
NY INDUSTRIALS PUSH INTO HIGH GROUND
New York, Mar. 14. Prices on the Stock Exchange pushed higher again today, moving industrial shares further in new all-time high ground on increased volume.
The upsurge moved the industrial average to 503.88, up 4.55 on the day. Railroad shares also rose smartly, moving that component of the averages to its best levels since October 22, and utilities were down a few cents.
Guins throughout the list than a point issues
showing
ranged to more
with
tow 1
wider improvements.
The market opened with
11
flurry. In the first hour, the reporting tickers ran late OIL
two
list.
different
Recuiions. The
Amemenu Airline American Smelting American Tel & Tel
American Tob. "B"
Anneunda Copper Armeo Steul Arme
Baldwin-Lim-Ho Baltimore & Oliko
Bendix Aviation Corp. Benguet Cons
however, made its bestBethlehen Steel day when Bioeing Airplane
showing late in the
prices
* Case (J. L) Co.
were bid up sharply
Chase Manhat. Bank
All departments joined in the Chrysler tolera
advance. At the opening, there
werd a number of large blocks
Colgate-Palmolive Co.
Commercial Credit
Commonwealth Elec.
appearing on the tape, A few Consolidated Elo7
low-priced -dealings.
Issues
dominated
Favourable News
Market news continued on the favourable sido. Corporate re- ports for the year showed good results. Economists painting an optimistic business picture alan bolstered the market today.
Of the 1,208 issues traded, 405 finished higher, 309 declined and 271 held unchanged, New highs were
registered by 196 stocks and 19 new lows.
Transactions totalled 3,140,000 shares, compared with 2,700,000 shares yesterday.
In the main industrial group motor shares displayed a don- derable amount of strength. Chrysler ran un 24 points to
$78
Kennecott Copper sparked its group. It moved up 44 points to $140%
Chemicals moved
Crane Co...
Crown Zeliczkach
Cuban Amer. Bogar Diamond Alkali Dupont de Nemours Eastman Kodak Ford Motor General Electric General Foods General Motors
Gilden Cu
Goodrich (B. F. Co. Goodyear Tire ileyden Chemical Ingeroll-Rand
In Business Machines Int Harvester International Nicker in Tel & Tel
¡Cantas C. Power & Light Kennecall Copper Lockheed Aircraft Loows Incorp.... Lone Star Cement Miss Development Minnesota Mining
National Casts Best. "A" Nalinnni Lead... New York Cenumi Olin Mathilegon Olle Elevators Pacific Gas & Elec. Pacita Western Oli Pan American Airways Paramount Pictures
higher Penn, Bait-Ce.
under the leadership of Du Pont Pittsburgh Plate Clare
Which Jumper 2 points to
$231%.
Stadio Corporation Repubila Steel Reynolds Melal
Bethlehem Steel highlighted Sinclair Dis.
in its sections, rising 1
to $108%. US Steel
more than a point,
Dow Jones closing
were as follows:
að industriele
20 rails
16 utilitie
00 Oc
40 bonds
Comm. future price
Comin, spot price, index.
was
points Recony Mobiloll up Standard Brands
Alandara Oil or Cal. Standard Oil of Ind
averages || štandard Oil of Na
Closing Prices
Alden' Mr. ÁRY. Allied Chemicals Aille, Chaimora
Sterling Drug_Co.
003.00 Blokeay-Van Comp.
100.45 Biudebaker-Packard: Corp.
7.43 Hwitt & Co.
101 Texas Co.
60.65 United Aircraft
181.41 US. Corpsum 109.05. Tubber
US. Being UA. Bol
Winner / Droi
a 214, | Wostimglotes Fleetrid
Woolworth
19
the During 1054.
Frankfurt centre dealt with 4,968 cases of alleged unfair practices,
Of these, 140 were taken to court and 106 avere settled by while : "arbitration committees".
most of the rest were settled iamenbly and some carried over inter 1955 No Agures ure yet available for 1955.
The centre always tried 16
submitted settle
it anienbly and without publicity.
Cases
10
threatened
SECTION
Harsher ·
Stock Controls
London, Mar. 16. The British Government today | Impored barber controls
op
DOW stock Issues in a further step to tighten the domestla money market.
Chancellor of the Ex- Ar Herold Mac- announced In the House of Commons con- trols will be extended to capital Jasues
or more. The
minimum
all
capital controll
£140,000.
The measure
of
UK
Government
Stocks Improve
London, Mar. 14.
on the London
Stocks moved narrowly but closed generally on the upside in quiet trading Exchange today.
British Government stocks found support after opening on the casy side. War Loan jumped 15 shillings, and several others posted gains up to 12 shillings sixpence.
Industrials also eased at the opening, then turned Gains soma Issues
for
WILS
six
de-
signed to glyc the Govern-
ment control
over mors
Investments in
domerilo
Industry apd strengthen lia hand in the moncy market.
Last month. Briisia
raised the bank
rato
and imposed
disconní
stronger.
on invest-
Singapore
Stock Market
Brokers
or ninepence ment buying, bu motor and following stock prices: radio shares continued soft and closed with numerous fractional Batu Lintang Rubber Co. losses on the day.
Oils Mixed
were of
Singapore, Mar. 15, today quoted
the
Ltd.
Opening
$1.55
Brish Comeo Petroleum
Byndicate.
41/03
Consolidates Tin Bmellera
Ord.
27/08
Fraser & Nenve Lia Ord. ... 111.70 Fraser & Neave 75 cum.
pref Hongkong
$5.00
Shunghal
mixed through
flanking Corp. the session, But Hongkong Tin Ltd."
Oils controls
most instalment on buylog
managed a it
effort to
firm appearance at Kempas Ltd. ST prevent runway inflation. the close, Trinidad issues and
British Petrcicum were strong New -United Press.
spots, but Royal Dutch skidded about &.
Lunas Rubber Estates Ltd." Malayan Breweries
Lia,
Berandah Rubber Co
Petaling Tin Ltd.'
Nafles Hotel
Cold Storage
Parliamentary manoeuvering New York Sugar Japanese bonds highlighted a South Erlush insurance Co.
on the farm legislation kept
degree
or
traders in on unevitato trame of mind, although Bellars showed the greater caution until the tegislative picture clarifics.
SCATTERED BUYING
Maintenance of
high ຄ
Market
quiet foreign bond market. Ltd. advancing LEA much As £1. Straits Trading Greek and Peruvian loans were United Engineers Ord.
Straits Bisamahlp Arm.
Wearno Bros.
gle.co
$3.00
in
Gold shares posted gaina toppers eased.
Dollars stocks
quiet dealings.
“sexdiv., {-cundle": "f-oxali. —paina small Mall Special.
and
were
down
LONDON METAL
con-Press.
New York, Mar. 14. The world No, 4 sugar futures elused today unchanged to 2 points higher with sales of 41 contracts.
The domestic No. 0 contract domestic consumption rate dur-closed point lower to 1 point actionlly at the close-United ing February brought scattered higher with sales of 71 buying.
tracts legislative
Mixed dealings between trade
delivery. dominated the expected Government announce in both contracts. ment on the interim loan rate
Contract No for tho next crop. News along May that line was unticipated at an July early date because of the fact t
In addition
the uncertainties some
The May
trade NEW YORK METAL
FUTURES
to
traders gwalled the long-interests, chiefly in
* (world)
3.56
3.31 3.30
that the Industry is nearer to Mar. the average planting date for May the new crop.
The New
Cotton York Exchange service
burcau 03- timated domestic use of all Bepl The league stated that #1 raw cotton in the four-week Nov uften depended on the size of period ended February 25 Spot-price per . cit NY such gifle from which company totalled
bales, 760,000
This
certain buyers ordered their compared with 747,000 bales in goods. Often, companies which | tha péoeding month and 721,000 in principle opposed the prae- bales in February last year. tice are reluctant to seek re- The certificated stock increased dress in court since It might 394 baies to 12,948 bales,
customer
ensily lose A good
forever.
Volume
The league seldom trics 10 were: settle lasues itself. It usually Month the March takes them
Moy
10 court
on
und open Interes!
Volume Opery interest
£2,000 14,000
40,700
303,600
31,200 312,700
15,200
305,000
easily than
an
individual Dee. businessman, China Moll Mar. Special.
22,600
335,400
#000
120 100
May July Total
7,000
06,000
10,000 40,000
grounds that an "Imperson-y Only when the "offender" real" body, it can do this more Det.
mains
obstinate
when or questions of principle are volved. the case will go 10 court.
In the lust two years, the centre has fought two cases
through all courts aight up
lase
the Supreme Federal Court. It won in both cases. The difficulty in taking alleged "unfair" prac- tices to court is the vague
word- "fair ing of the
competition" of 1909, which provide for "actions for com- penalties politve purtxises in busineNY matters, which violate good moral standards."
Not even the courts are ways in agreement on what the "moral standards" are.
Same Advantage
al-
WORLD RUBBER MARKETS
New York, Mar. 14. The No 1 Rss rubber futures contract today closed 15 to 50 points lower with sales of $15 contracts
The standard
150.000 1,000,000 baies NEW YORK
Prices of futures closed today. na follows:
Spot
34.6011
May
July
13.28-20
October
33.32-33
31.71
December
1.50
March
May
1.57
July
11.00
NEW ORLEANS
Prices of futures closed today
contruct closes follows:
Spot 0 to 40 points lower with sales May July of two contracts.
A good portion of the trade December
WIS
dealer
-represented'
in
switching
intra- | March, operations, y involving September-July at 30 Jub
ond
33 points; December-July
it,
at 105 points and May/July at
100 points In addition 70
The most important case dealt with by the centre, though It 671 was not done in fighting
that was
r the "snowball system a few years ago. Under this, manufacturers and dealers 5672 offered otten valuable goods to customers free of charge pro- vided that they talked four other
100% 77% 1544
44
49
302:
34.40 35.72 33 27-20
31.01
SAO PAULO
Futures closings, in cruzeiros
May
July
31.80
Oct.
Dea.
30.36
31.29 12.10
lots of futures were exchanged per kilogram, were as follows: for physicals.
business in- The rest of the people into buying the samo volved speculative Interest on both sides and mixed dealer trading
goods.
These were to get the same advantage if they in turn per-
on.
Mar.
In the US the average price
In the spot market, factories of 15/10 middling cotton at 14 suaded another four people to continued to operate on an "as desiginted spot markets was buy and
needed" basis. Shipment offer 135.30 cents. Salce totalled The Supreme Federal Court
reported in
falr11.218 bales, 04 finally ruled that this was un-ings were
fair, since customers did not buy volume, but were held above a basis. Locally, spot the articles in question because we were quoted nominal-
but quality or price because they hoped to get they 34% conis a pound. Futures:
No. 1 Re
4043
1414
of their
10
19
07
14031
workable
goods free by finding four others | Mar. who would also buy.
May
Rept,
372 Another case was the adver- July otisement of a German wire firm, Dec. 33 which said: "Why wire? Be 401%
wire is a domestle pro- | Mar. causo asdurot, whereas sisal ropes are May 231 mado of foreign materiala. Aly
Bept. 775 court ruled that this was unfair Dec. 134
because it throw an unfair light | Mur. on a foreign product,
4230
03
14%%
30%
48
Detrimental
tu
A building society pasted up posters showing peaceful domestic scene on one side and on the other the ploture at a motorcyclist and his girl friend Crasting into a tree, crption: " is better
with the SONC for your own house than for a
02 motorcycle," Here, 400, a court 734 decided that this was detriment.
al to the motorcycle manufac turers.
Mary
of
Liverpool | prices available, United Press.
WCZO
W
London Foreign
34.10
34.00
3255-33.00
抹奶
31.95
Standard Contract
13.00%)
53.70
New York
32,75
03.30
31.70
30.80
SINGAPORE
The market was quiet today. with some renewed buying f terest at lower levels, Futures: No. 1 rubber per lb.
March 20-90% April 9714-07
May unquoted No 2 rubber per lb. Mär. 2014-07 No. 3
20%-90% No. 4 Spot rubber unsated Blanket crepe
No.
pale crede
LONDON
Montreal
Exchange
⚫ London, Mar. 14.
CL0095-2009%.
180-1800
17545-1765
00434-09416 14.5335-14834 -1220}}-12:34 45
United
Mildr Peris Stockholm Zurich
Others were unchanged. Press
New York Foreign Exchange
New York, Mar. 14.
$1,00-3/10
200-11/10 93-94gland official
234-9/14 181-1/16
D-08-
Canedo
114-115
50-day futures Australia South Africa India Pakistan
The market was alendy with spot quoted at 20 pence per lb. Prices: the complaints No. 1 Rm pozzet
2016-201 απ brought before the three
Sellement houpa termi 1916ganisations concern items given Apl
May 4th away with certain goods
160]
100
Buch June as an ackled inducement to buy | Agražau corialnande.
what amounts to a "permissible". Hir
in dimouit la dating, and there. are constant complaints about
sáemingly "immocent?' gl.
A clguratta, mamɗfactu
for
Janu
instanco, put razor" blade, | inele mnajien
108
--United Press.
Exchange Rates
Businen wie done in the 100
BE unofficial, éxchenga, : rhørket *morning, 'as the following ratest- „plerling both Tour "ED MA
3donesian, rupiah (per 100) (
Blám Unst (per: 100)
139
'Now York, Mar. 14, Prices of metal futures closed focny in cents per jb. as follows:
PRICES
London, Mar. 14. The tto market remained stendy while copper, lead and zine were steady but quiet. Prices closed today in sterling per long ton as follows:
19.750 Tini
15,740
100.306 Copper spot
100.00
buyers Liaw 39
paliers
791
423
13014
3-month
3-month 1240b Lead tot balf March 13.43b Lead Int half 52.05 Zine 1st half afarch 0158bZine
June 1st half
July Spol-cents per blob Cuba 331 Leach
Contract No. May Jully
March
April
5.40 TIM
March
April
Zinc
March
5.50
5.45
April
Copper Mareli
April
United Press.
tiated Press,
ex-duty)
THE HONGKONG ELECTRIC
COMPANY,
Notice To Shareholders
June 11861
话
90%
----United PreST.
LIMITED
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 forenoon of the 15th day of March 1956 (or as soon thereafter as the business of the Sixty-third Annual Genera) Meeting of the Company shall be concluded) for the purpose of considering and, it thought fit, passing the following Resolution as a Special Resolution :---
"That the authorised Capital of the Company be increased from its present Capital of $60,000,000 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 85,000,000 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 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 new shares shall as from the 14 day of July 1956 rank for dividend aud 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 or 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 16th day of March 1956 are the registered holders of the 8,500,000 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 1966) so that each member of the Company or his approved nomines shall be entitled to apply for and take up two new shares for overy complete issued seven shares then held by such member, The shares so offered shall rank for divi- dend as from the 1st day of July 1956 and in all other respects PARI PASSU with the already issued shares."
4
"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 it 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."
“.‚
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 cortiflentes 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 ench shareholder is entitled and such offer, if not ne cepted either on behalf of such member or his nominee on or before the 1st day of July 1900 will be deemed to be decilned.
AND NOTICE IS FURTHER GIVEN that the Register of Members will cloned from Friday, the 2nd of March, to Thursday, the 15th of March, 1958, hota days inclusive,
Dated Hong Kong, this 17th day of February 1956.
By Order of the Board of Directors,
F. H. FEEL,