Page
THE CHINA MAIL, WEDNESDAY, NOVEMBER 4, 1959.
Protecting The Shareholder
London Code Of Conduct
Closes Steady
Drawn Up
- London, Nov. 3.
The undertone of the stock i
HONGKONG U.S. Car Makers
STOCK
For 'Take-Overs' EXCHANGE
By AN ECONomic corresPONDENT
London, Nov. 3.
market today remained One of the first things to strike me
sleady in most trials.
indus.
Favourable earnings repris
and good eumpany
sufficient to put some prives to
rise. Stores made
news were.
a good re-
1
covery from the initial casinessS
when I read the new conduct code for Britain's take-ovor bidders the apparently studied
terms
was
non-use
of
"take-over” and “bid.”
cumfess thart
my first be given ample time to consider that as a general rule
but falls predominated particu- reaction was that the top brass offers! larly
, וּשׁ
Our Own Correspondcal
Bustices dona at the Hem-
kong Stock Exchange this morn. Counted to approximately
$1,500,000, Neon quotations nad the mening's tratwacilons:
Buyers Reiters Shares ILK. Back vis 1030 10 1020 Union. XD
组 Wheelock ù co
(23 textiles. electrical, of the city's institutions who offer should be for all of
had formulated the code at the company's share empital not Just Doch
moices and breweries.
6.35
Bater
440 6 0.00
4000 8.00)
10000 $1,05
2000 + 0.65
0,70
100
K. Wharf..
116 BT B
121
100 300
400 50
301
I.K. Hotel.
2 37.
Gold shares were quiet with suggestion falls
of the governor ef¦ part of it; and that shareholders slightly predominating.the Bank of England, were be told fully how proposed com- Diamonds made further good being uncharacteristically mealy-pensation payments to affected | Provident 14.70 14.00 headway.
were mixed i mouthed. Coppers
("Notes on the directors have been reached. but line continued to forge Amalgamations of British Plainly the city men bone phesari. Les
zines were Businesses" was what they call that this new
code will make neglected.
their set of rules).
unnecessary any Government action uvor take-overs. Not, lel hasten to add, for
any sinister rensong.
Oils moved narrowly wore little changed.
Rubbers
strongly.UPL
and
advanced
On a more nature reflection I appreciated that what I took for euphemism
me
Closing Prices
Gilledged Bonds
„Dritidi Transport – 377, 1970-48- - 100%
Consola 21-£2.
Console 45-70-15/10.
Conversio Loatt 3***
£07%
Funding Loan 3%, 10989-elon. Funding Block 1 1D09/2004- 474-7/10.
kd
Funding
921
La
100 (0
£127-3/10.
Savings 9, 1165/65 Savings . 1900/70-6033 ̧. Savings 32, 1965/75-£Th
Banks
Barclay's Bank "A" Ltd and-Gl■
Chartered Bank-618 34. Hongkong--. 50.
Insurance
Union Insurance Canton-£3-7/18.
Aircraft and Molora
Ord-2
Britian Motor Corp.
d.
Ford Motor
Rootes Lid 11 140.
Standard Triumph International— ນ. *!d.
Trewesten
Dialers Co---33 61.
Buliding and Material
Associated
Jd.
Portland Cement-1th
Pineliin Jalinnon Autoclates Ord 205 44.
Coal, Steel & Engineering
Babcock & Wilcox Lid-415 2016. Vickers Lid-321.
Food and Tobacco British American Tob. Co., Ltd- 01 10.
Imperial Tobacco Co., Lid-49¢ Ed.
Miscellaneous
Boardman Marden L4d-3) 10154. British Oxygen Lid. On-70. Canadian Pacile y---$48. Dunlop Rubber Comáis 411⁄2d. Hongkong China Gina-130, Imperial Chemical-54 d. Lyons & Co--80% $7;4. Unilever Ltd-127% 1011⁄2d.
I'nber Bowater Paper Comp Dra-08 04.
Radio and Electrical Associated Electrical--04a 80. Electrical & Mur:cal-81 34. English Electrie Co-429. General Electric Đ
Shipping
Bleam Nav. Co. PO Steam Navigation def and
Indo-China
and - 329,
35% 11.
Atores
Great Univerzal Stores "A"-67
44.
Marks & Spencer L4d-75% Cd. Woolworth P. V. & Co-tin d. Textiles
Coats J&P Ltd-339 7d. Courtaulda "Lid=124 öd.
Miner
Anglo-American
Afriņā—1978 0.
et
Corp of South
Cone Coldfields of South Africa
Con, Zine Corp. Ord-743 DJ. De Beers del-10m
$350.
Free Sinte Development & Invest- ment- 4ld.
Hengkung TB-89 1ad.
bd
Tine
Rand100%
d.
Union Corp-70% 10%.
West Driefontein Goldmining-1864
West Rand Con-23s 'od.
British Borneo Petroleum Syndi- cate-63 d
飯
Britial troleum
od
Durmah-4.
Co., Lld
Royal Dutch Petroleum-15-8/18,
Shell Transport & Trading--149 3, Beuler.
sence.
นะมะ common-
Harmless
"Take-over" and "bid" essentially harmless terms.
HK Land .. 371, 379,
68%
Badly Affected
By Steel Strike
New York, Nov. 3.
Unemployment benefits for the steel strikers and for those in allied industries affected almost immediately by the strike will soon he running out. To workers in other industries, especial- ly the enormous motor industry, unemploy ment has come more recently,
In the last two weeks, the will begin for all workers mexi Teries have been dosing empidly. I month. It has laid off no men The worst hit of the Detroit Digso for, but some iny-offs are The is General Motors, the įregarded as likely before Christ- world's biggest motor manufac-mus,
500 STIL turer, Alor among the Big 500 0 14.80 Three, GM did not lay in big 200 32 251)
100 ur 32.25 supplies of steel in anticipation 200 m 22.25 of a long drawn-out strikes and 500 4432 has no facilities like the Ford 300 & 37.8
its own. Company for making 200 37.23
Motors has now vir- 300 3:25 General 500 i 37.25tually halted all its production
Humphreys
1.55 1.975 6000 67 1.65
For their own good name city Really men would rather be
to order than have a large slice of have put their own house it:
population believe Phot had to do it for
But the their use in lurid contexts has Government given Chem #+ hostile natum. Sinixler connotation. Thus they
have cone-in inition--to Fallen Short
Rack of buccaneering and ark. ploitings.
Now it is a well-known fact that you need only give a dog a bad name in order to hang it.
The "lake-over" or "amalga mation" 13
dog which businessmen believe contributes {largely to the progres of an expanding economy and there- ifore a dog they would rather
remained unhung.
Understandably then they have been at pains to let the public see that the animal at issue is a useful dog and not a slovering wolf and that their sole concern is to see that he tomports himself properly,
ACABER Amsig
of
3000 1.015
2000 - 1.63 20000 1.03
50000 + 1:55 10000 1.6
325
3500 3.3%
250)
1700
3.75 3.75
1000 47373
A FO
ནོ
303
TIES
.....
3 31.75
Sangala Trust XD A. Tawan
200 311⁄2 1000 31.25
123 50 125
133 334
124
20.40 2012
Where I feel the authors
in not hammering home the fael the "holes" have fallen short is
that they began their work as far back as July and that their efforts are not a panicky cover-1 Feat un as the result of more recent Star Ferry affairs.
guout! In other words that they saw C. Light the need for a code of conduct before the trsue becante popular.
of the widespread | Elecizie ..... In view misconception of business affairs this is not a frivolous point.
And there is one
point emerging from the "notes". of whieh crities of the city and its Electric Nis 13.70 1430 affairs should take note: that bacao E.11.20 Four Guides throughout there is emphasiset Telephone 20.83
the ultimate sovereignty of the Plainly realising that much of shareholder, the ordinary man. the popular suspicion of take-London Express Service, over bids stems front much- publicised
whore a bid
Capes
has been opposed by the board of the company at stake or has been made over their head direct tu shareholders, jauthors of
conduct have laid down four guiding principles;
the
the code
• There should be no inter- ference with free market in sharos and sccurities of com- panies.
It is for a shareholder to decide for hingeif whether sell or retain his shares.
to
• To enable him to come lu
a considered decision the share holder should have in suitable form and at the right time all relevant information and it is The duty of the boord of the company to make every effort to ensure that such information Is provided and to their advice,
give him
Every effort should be made lo irvoid disturbance in
Rubber
Experts
To Meet
Kuala Lumpur, Nov. 3. The International Rubber Study Group will hold its first conference in Malaya
in September next year.
2000 or 2002
1000 23.5
200 23.49 500X 299.50
2300 a 20 40
24.80.20.10
2729 & 30,30 20 23.20
300 W 23.2
ANDUSTRIALS
Centen ... 30 36.75
Ainoy Can STORES, ETC. Dairy
Watson Lane. Craw. COTTONS Texlifes Nanyang
20.30 20.00
1000 + 25
200
500
33214.10
30 100
200 6
200 30.25 3000
1500 30
10063;
200 36.75
100 30.73
200 60 36.75
200 +4
237 14 3715
500
500 20.40
500 120.40
10 00
24.30
9.60
14.80 15.40 2000 21 13.60
200 or 15.50 2000. 15.40
MISCELLANEOUS
INVESTMENTS
Int.
0.85
4.025
of Trade and Commerce
A spokesman of the Ministry Vibro..... 14,20
said that the dates and venue of the Allied meeting have not been fixed.
More than 150 experts from
the normal price level of shares 22 countries were expected to
until relevant information has discuss been made available.
Other Points
duction
natural rubber pro-
Next year's conference will be the Group's 15th erszdan. Other points made In the Malaya attended the group's "notes" are that a bidder should conference for the first time supply evidence that he has last year. In the past, Malaya money to back his offer; that it formed part of the British dele- is advisable to make offers galion to such annual meeting. direct to boards of directors and The spokesman said that the
to name the principal behind meeting had a special signife. the bid; that whenever bid is ance to this country because of made shareholders in the "bid Mniaya's position as one of the company should be given leading producers of natural all the information they need rubber in the world today- that secrecy should be observed UPI.
for
during talks likely to lead to a
bid; that shareholders should
U.S. Not To Remove
Restrictions On Agricultural Produce
Tokyo, Nov. 3.
The United States has rejected appeals from other parties in the General Agreement on Tariffs and Trade to remove or reduce her present restrictions on imports of agricultural pro- ducts.
A spokesman for the 15th
Session of Gatt parties
In this case no change had
requested.
Cormities
are con-
said been today the Unice Slates waiver of the 18th Session
agreement tinuing their examination of un other problema restric-
of the rules of the
remained unchanged after a tals Bession today of the conference's Primarily involved are Working Party on the General flans applied by members under Problem of Waivers for fann the escape clauses in the ruler.
products.
· PERMANENT
The Balance of Payments Committee today continued its
work and a conference officer
The Committee, he said, to- sold it was expected to report to
day completed a hearing of the a plenary session of delegates
United States report
on its to-morrow, Committee meet-
Yesterday's Closing
1000 15,49 500 15.30 500 15.03
115.20 1000 15.10
NO LONGER MADE
Only a few Chevrolet Cor- vairs, the company's new bid small car market are for the still rolling oll production lines. Cadillacs Pontlács, Oldsmobiles and Bucks no longer being made. Altogether the great corporation has inld of more then 180,000 workers In its fue- tories all over the country.
REDUCED WEEK
Chrysler, which had big steel reserves, has only laid off 3,000 workers so far, but many plants are already running n reduced week and company officials will not predict regular production
Pago 9
Shipbuilders In Europe Now
Rival With Japan
HIPBUILDERS in Europe have caught up with
SH
Japan and in several cases are now able to underquote Japanese builders in tendering for new contracts, according to British shipbrokers Harley Mullion & Co in its latest ship sale and purchase market report.
It said: "This is true both is to price and delivery and even.! In some cases for delerred terms of payment. Particularly signi- ficant is the realistic attitude of
Tug's Engine
NE of the latest tugs to come into operation on
the 10051 competitive. Deferred ternis for 10 years for up to 75 per cent of the pur- chase price can be secured at the river Thames is a 100 ft. prices which compare favourably vessel powered by o Mirrloes six-cylinder diesel. The tug., A combination of factors, aids Sun XXI, is owned by the report, has caused a slightlyW. H. J. Alexander, Ltd..
with any others on this Con- dineral."
beyond the end of November. Norwegian shipyards, who of all Control System Original estimates called for European yards are now prob- 630,000 cars to be built duringi ably November.
Industry experta yesterday rovised this estimate to less than that
gure and it is
further expreted to drop were
the next few days.
American Motors and Studebilar-Pacicard, the com- panies already specialising in
smaller
in large supplies of steel and have said they can last with a full pro- quellon schedule at least until the end of next month.China Mall Special.
The situation for Ford and Chrysler is only a little brighter.
Despite
the fact that "Ford miker 50 per cent of its own
it steel, announced yesterday that a three and four-day week
care, ild
Australia's Bid
To Achieve
Price Stability
Canberra, Nov. 3, The Australian Treasurer, Mr Harold Holt, said here today that because of world supply and demand, countries producing primary goods might have to face a long period of relatively
unfavourable terms of trade.
cuse
Addressing the Common- Mr Holt said that Australia
worried la wealth Parliamentary Associa- | was
there flon Conference, which had its should be an intensification of first ful session today. Mr Holt "protectionism"
mem- among said Australia was actively en-
ថវ
economic Europorn aged in seeking some practical communilles in favour cf pri-
of achieving
products from Those mary prze stability for primary producis,
areas. Commonwealth countries, 05
means
500 4.25 parties to Gatt, could combine to make it more effective in the promotion of fair trading prae- Lices,
U.S. MARKETS
CLOSED
New York, Nov. 8. All markets except Chi- grain and foreign exchanzo
markets were closed Lodzy for obser- vance of Election Day. — UPL
NO RESTRICTIONS
In his speech, released
after
bers
Ausarai, he sak, lavoured
of a the creation
European cecnomic community with the "widest baels of membership,"
INTEGRATION
He went on, "I believe must do, all that
we
we can
to-
the session which was held in gether to prumute closer in- serrer Holt oled that integration of trade in Europe" as Commonwealth well as to discourage any form recent
moving of protectionism which violated gradually away from discrimina-principles embodied in Gatt. iory restrictions on trade and
yeas countries had been
Australia was concerned that
bayments and said that so per the six nations of the European
cent of Australian imports were
Common Market were apparent- now free of such restrictions. ly unwilling to be associated "We are aiming at getting rid with a wider European economle of discrimination allogether community. quickly as possible," he said.
COMMODITY PRICES
COTTON
LIVERPOOL'
Closing pricus all in pence per
lb.:
American
March/April July/Aug.
Dec./Jan.
May/June
Oct/Nov.
No. 4 Nov.
Spot rubber unbated
Blanket crepe
20. 1 pale crepe
LONDON
132-134
Copper
Spot
-month Lead 1st half Nov.
Feb.
Feb...
Closing prices all in penco Zinc Ta half Nov. per Ib.:
No. 1 spot d 3814 nom.
Bettlement hours term:
331-34
Doc.
Jan./March
July/Sept.
April/June
Oct./Dec.
Jatt./Mar
unquoted
General markets, eit, baris, posts;
Contract
21.30
21 30
22.06
Nov.
Dec.
Mixed Contract
22.15
Dec/Jan, March/April
May/June July/Aug
Oct/Noy.
RUBBER
*1.10
SINGAPORE Closing prices all in Strolls
palicice towards farm products. Ings for the present sesalan of centa per lh. Lob. Malayan The United States walver was the Goth parties began
perrionet waiver' subject month end - aro
u
Tast
scheduled
No.
parts: No. No. Do No. 2 Nov. Nov.
Now,
only to change regirented by the contine until November 21 party applyker this walver. - China Mail Special.'
Fatale prope thin
Nov.
thick Nov. 331 AMSTERDAM
Closing prices all in guilders
per kilogrum, elf. Nov.
No. 1 rubber
No. 2 rubber
No. 1 rubber
No
i crepa
3.44 nom
3.30 noth
nom
1.65 nom. UPL
METALS
"LONDON
Closing prices, all in sterling
per long ton:
1214--13:44 12035-2213%
Spot 3-month
24235
FOREIGN ENCHANGE
NEW YORK Closing rates: • Canada England official'
"
Australia
30-days
90-dade
New Zealarid South Africa Zodia
Pakistan
LONDON
Closing ratos:
New York Montrast
Brumola Copenhagen Frankfuri
Buyers Bellors | Milan
70315 THE
辣
a
To protect its own interests Britain hod negotiated with Norway, Sweden, Denmark, Portugal, Austria and SwitcT- land which together are to make up the European Free Trade Association.
firmor tendency in the second- hand values of war-built vessels. who have one of the biggest These factors Include: the im- tug fleets on the river. Thats proved grain freight rates flect handles 28 per cent of achieved recently-largely. due the $2 million tons of ship-
to the threatened strike of long- shoremen on the eastern Ameri- ping plying to the Landen can seaboard; the Increased de docks · from all
over the mand for scrap tonnage; and world. the normal seasonal increase in The vessel was built by Philip demand. "The rise in values, & Son, Ltd., of Dartmouth, and However, has been strictly limit-all scantlings are in excess of ed and the freight maritei cannot Lloyd'a clam 100 A.1. remotely be said to give cause
The Mirrlees
diesel type
for any lasting satisfaction," de- KLSSGMRO, is a high pressure clares the report.
Shackleton Sailing
cylinder un!-
charged slx directional
marine
propulsion engine. Fitted with intercoolers the engine has a continuous
On Relief Voyage rating of 100 bhp, at a speed
of r.p.m. The engine is provided with moten driven cir- THE Royal Research Ship culating pumps comprising one THE
Shackleton is on her fresh water and one salt water annual relief voyage to the Drive to the propeller shaft is
unit. Antarctic with staff and through Twiflex articulated supplies for the Falkland type flexible coupling and a single speed Island Dependencies Survey. reverse reduction
all operated gearbox. This unit. She will also have aboard prefabricated building, to be model manufactured by Modern which is the N2 WR Size 7 Brected in the grounds of Wheel Drive, Incorporate a re- Government House, Port duction ratio of 3:1 to give 1,916 Stanley, as the now head- shar: horsepower at the pro- peiler for a speed of 125 r.p.m. quarters of the Survey.
A propeller shaft brake for Falkland Islands De-manoeuvring purposes
Atted on 4 gearbox layshaft, The brake is oil actuated and inter- connected with the engine con- trol handwheft to come into automatic operation when the wheel is turned into the 'stop' position.
The
pendencies Survoy is devoted to exploration and scientife new British sector of search in the the Antarctic. For more than lifteen years the Survey has maintained bases on the
Coast
of Graham Land and surround-
ing islands. At the bases, be- TWO MOVEMENTS tween 80 and 90 sciebusis and technicians spend periods of up to two years, carrying out im- portart purveys, research and meteorological work.
Engineers Exhibition
The handwheel has two move- menta, och representing ap- proximately hel a revolution (one clockwise and one anti- clockwise) from the 'stop' post- tion for ahead and astor run- ning respectivrty. The instruc-
tlon plate, Btted to the hub of the handwheel is marked 'stop' (this occupies a bettem central position and is common to both
E 'Morine Electrics' ahead and astern movements);
When
arc
feature of the 1960 gears engaged: full ahead:' Electrical Engineers Exhibi-gears engaged: full astern.
the speed control and tion in London will occupy manoeuvring handwheel 5,000 sq. ft. This will prove perilloned stop this means the to be an extremely topical verse is in the 'stop pration: feature as
the gearbox the exhibition
is disengaged and period will be near to the shafting are stationary.
therefore the propeller and launching date of the largest i Hetaining gear is incorporated passenger vessel to be built to held the manoeuvring and in the United Kingdom since speed control handwheel in any required position. The sequence "We are disturbed
the Queens. the
tot epereilan is carried out by prospect that this division of
two cams mounted on the shaft. European trade into these two
of
manoeuvring handwheel, powerful groupings will mean an indelinite deferment of the more desirable wider com- munity," he said-Reuter.
ہوتا
Agreed Merchant
Rates
US Dollars, Maximum Selling
Can-
This ship, the P. & O. berra will be the largest British passenger ship to be powered entirely by A. C. current and will include much specially de Eigned electrical equipment.
It will be propelled by 88,000
machinery, having 4 turbo
One cam works in conjunction for manoeuvring, and the other with the gearbox control cock
in conjunction with the cuzino governor for speed control,
shp... twin-screw turbo-electak The engine and gearbox con-
trol alternators giving an output of above ako provides a common arrangement described
megawatts. The exhibition take-off point for the Chadburn
opens on April 5th, 1990,
Highest Powered
17%; Minimum Buying 17% / Marine Diesel
17 11/18 0/D; 17% 80 days;
days.
1.0634 23040
Canadian Dollars,
THER
control equipment installed in the wheelhouse and also on the upper bridge. This is achieved by a mechanical assembly con- neeling the manoeuvring hand- wheel to a clutch mounted on the engine which can be engaged 17 18/10 00 days; 17 15/16 90 гTHE highest powered or diangaged as required, thus allowing remote or local control. marine diesel engine
With the arrangement atted Maximum ever to be built in Britain hus at the present ove only speed 22068 Selling 10 7/16; Minimum Buy- | been installed in the 20,000 control and manoeuvring can be 33067 ing 10 11/18 T/T; 10% 0/D. ton Wear-build tanker Cor carried out from the bridge or
wheelhouse. The engine hampton..
stopped and started manustly in The engine of a completely the engine room. By carrying new design, has been developed out a modification the arrange by the Wears do Ar of Willarni ment pan be made such that the Doxford. and Sons (Engineers) | ensina eauch beetasted and eylinder turbo-charged unit During trials the speed and pumps, static pull of Sun XXI exceeded Dosiba was done in the local without scavenge
designers" undles exchang market this capable of developing 10,480 the
guarantee. A i mortiing at the following rates:- bh.p. at 120 YAM.
stalle pull of over 40 tona wam The Corhampton has been achieved on normal working 13.1 built by Bir James Laing and service without any overload on It is the engine, and within her rated
7.2440 2.7246 Swiss Francs, Maximum Sell-
3:05 ing 75 0/16.
22.80-8/10-2.00-7/16
140.32-140-27 1231-1959 ∙11.00%~11.2014
Blockholm Vienna Zutati
174053-17403
Exchange Ratés Ltd, of Sunderland. It is a six-stopped gun the bridge also.
18. dollars (per $1)_ Bjorling nobya (or) 215- Australen notes (per 411. Indonesian rupia, (per 1001 Biarty liesim. (per 100) Singapore (State)
6.10
1141 Sone, for the Cory fleet.
500 expected to go on trials 15- wards the end of the month,
to continuous power, the free run'- ning speed being over 12 knots.