1953-02-19 — Page 91

"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