1954-02-23 — Page 9

THE CHINA MAIL, TUESDAY, FEBRUARY 23, 1954.

TRADE AND COMMERCE SECTION

MALAYA'S EARNINGS FALL

IN 1953

Result Of Lower

Prices For

Rubber And Tin

The continued steady decline in the market prices of Malaya's two principal commodities, rubber and tin, is reflected in the figures of the colony's foreign trade during 1953. This showed an adverse trade balance of £38m. compared with the previous year's defleit of £6m.

Washington's Anniversary

All Commercial mar. kets and the New York Stock Exchange were closed yesterday for the birthday anniversary ol

George Washington.

HONGKONG SHARE MARKET

(By Our Correspondent)' Business

done on the Stock

The average price of rubber during the year was 1/8 per lb and of tin £731 per ton, compared Exchange this morning amount. with 2/4d per Ib and £965 per ton respectively, in to $303,000 Noon quota-

1952.

Malaya's total foreign trade amounted to X718m., compared with £891m. In the previous year. Imports were valued at £378m., and exports at £ 340m., against £449m, and £412m. in 1952.

The game at rubber deelned i fall in expoils to the U.5. from steadily from 2 24 pv Hr at the Bre In 1952 to £58m. beginning o 111

contil wom Imports were valued Orlober, when the miter reached £1mm, against 321m. 421 the 144

I

༡༩,༢༦-༧༠』

Drivhus yang, when the toyour- 1950

able trade balance was £50.

American Advice

At the close of the yea

exteri

The pute was 15e pey to

The tot d quamtals 847,211 tons, value i

Was the lowest 1

1148

V Pak

since 1946 and 155m. lower in

Tiene rid the morning'a

ings-

deal-

NUARES BUYERS SELLERS BALEN

BANKS

IK ok XD 1375 1508

#

INSURANCES

Busterta

SHIPPING

Asha Nav

DOCKS, ETC K Wharf Dock

133

#10 20

Sbd Dock Wacek

to

LAND, ETC #X Bote Sthal Lood Humphreya Xu

New York, Feb 21. The world's major tu pira value thon 1852 exporte Ship | ducet Bolivia, Indonesia andi mends to the United Kingdom. Malya-were urged today * 1, worth £30mm.. againe exceeding į cut down voluntarily their out- put as the most effective remedy mounting surpluses and possible price declines.

Those to the United States,

Exports to the thisted States for were valued at £32m.. and

"Other exports tu

American Accoun: Countries" earned an- other € 2m, In dollars. The decrease in value of exports to dollar countries was 23m.

The New York manager for Nathan Trotter & Co., metni brokers. Mr Russ Clark, rai! production controls especially The price of tim fluctuated on mefficient producers offered

from its highest level of £900 | the best long-range stabilising per ton In February to £588 in force for the industry. June. Af the eluse of the year

1. per wel 2080 per ton LOWEST SINCE 1949

Toini 61,753

He stressed the importance of production cutbacks at this time in view of the US-largest buyer of the mutal--having had already on excess of 38.000 There 40.000

Lons uf Un མཾ3ཝཱ༔།༦ག its

this

exports amounted to

£40m ton, valued at the lower are 1949.

110

UTILITIES

Traits

Light 10

C. Light (N)

Electric

Telephone

INDUSTRIALS

אל חי

MINING

to

.....

20 # 1000 30 x 1685

31584 $0 1805

34 11 10 341

21 40 310

$1,000 m

C

B3310 2,000 d 1.03 ! 10

320

Russia Wants To Trade With

West Germany

Moscow, Feb. 21.

overn.

Russia hopes to establish trade and cultural relations with Western Germany although the Bonn ment of Chancellor Adenauer continues to be the target for sharp attack. in the Soviet press.

ionrad

Diplomats in Moscow noted with interest that Mr Vyacheslav Motolov, the Soviet Foreign Minister, told the Berlin con- ference that abrence of relations between

Moscow and

Bonn "does not at all exclude the Possibility of appropriate contact and the establishment of relations between the Soviet Union

and the West German Federal Republic."

Mr Molotov said attempts at

establishment of relations had already taken place, but they were insufficient and have not yet given the proper results." The Soviet Foreign Minister referred to the desirability of

not only business connections, but cultural relations between Russia and Westem Germany.

Diplomats considered that "Mr Molotov's statement was more thann passing reference and that more might be heard on the same theme.

NO

OBSTACLES

A few days after the speech. 200 215 1,000 or 2 133 "Izvestia,"

20.00 500 4 2811⁄2

500 at 20 100281 500 of 1846 1500 18.40 2150 18.30

13140

12 01.100 m 12.30

3 200 er al

20

300 m 33%

the Soviet Govern- ment newspaper devoted a lung article to opportunities for trade between the Soviet Union and Western Germany.

There were no obstacles for tles economic development of with Bonn, Izvestia salti.

Soviet trade experts and re- presentatives of West German industry met in Copenhagen ing

2040 20.00 100 20 1982.

124

Metti indusi. STORES, ETC.

Dairy

Crawford 25.00 COTTONS

Textile Corp. 711⁄2

$15

was a considerable increase in stockpiling objectives, the vaule of exports to the

Mi Clark declared that Grated States Trom f 181. in

surplus has neted as a depres MISCELLANEOUS 1962 to £22m. Exports to the

Influence on lin prices, The Yangtze Bolled Keigdons

word, sive int

announcement by

Yaumati American 110 £5m., ogninist £19. İzl

adviser

The recent inter- previous year.

national τέρι conference 11 of this surplus raised the ques- Geneva confrming the existence

Hons whether the US Govern. ment was planning to re-enter

IS 11 seller na the market dispose of its surpluses.

The United Kingdom tained her position as Maluya's best customer with a total trade £134m. Mainyan Importa From the U.K. were valued at

£7.

d in 115 11

Exports worth £57m.

Malaya again made a

vain- alde entribution to the sterling tre's gold-dollar pool in 1953.

27-

SOME ARSURANCES

Commenting on the report

favourable Trade halance that the US and Turionesia were

with the Vinterd State. Wit 1' 48m

24

27.30

145

1.000 20.5

* 007

2.10

and this meeting Wan followed by the visit of Wen German businessmen to Moscow. Several contracts were signed and there are renewed indica- 200 6. 27.40 tions here that West German are continuing to be companies interested th the Soviet market. British businesmen in Moscow reported that the Russians told hem West German firms were giving lower bids for certain goods. China Mall Special.

London Metal

Market

The were

London, Feb. 22.

market

the

Jeal und

steady in very noring and afternoon session with turnovers 100 tons and 180 tons respectively.

Plecs closed today in sterling per long ton were:

buyer seller 2:35 230

nearing an agreement for the puretuse by the US of 13-20,000 tous of tim under the existing Copper pot and in ipments resulted in a three-yea pect, Mr Clark sug-

The town value

kubber

Labour Unrest Atelier of "if the 20.000 tou

3-menth

Lead Feb,

May

Zine

Feb. Moy

210

216

Egypt Outbide

British

Cotton Buyers

London. Egyptian merchants are BIJ 814 believed to be behind n

£1,600,000

coup in Sudan cotton aimed at embarrass- ing the busy cotton mills of Lancashire.

012 22 724 30+ 70% United Press.

should Rock gested Indonesia "some assurances,"

He sold toneslo would be

TIN MARKET were sold through regular mar-

London, Feb. 22. ket chanel: at favourable The in market was firmer in London Docks

prices. By selling to America the morning session with spot

assurances that this marked up 5 sterling to £008% without Concern would not be sold again, Indo- Causing

marked up | 241⁄2 sterling to £639.

Closing prices. in sterling per long ton were: Spot

neslu "simply will" be adding stocks to the overbanging sur- Labour unrest ht London plus," and, in effect defeating docks is such that the Port Em-its desired purpose of promoting ployers Committer, reently held price stability.

A meeting to discuss it.

After

Lin

Most Amerkan Un buyers

an unusually long period of would oppose the international peaceful aclivity, minor dis-

agreement colling for a putes now make a general stop" | "buffer" stack" of 25,000 tons page a daily possibility, reports aimed at stabilising prices be- from London state.

tween 80 cents

The most serious threat

lics

and $1.10 a # pound. Opposition to such buffer plan was exprefed to be

±ሆነ -

in the efforts of 30 striking tally made at the forthcoming clerks to bring out their fellows dustry conference in Washing- in the Royal group of docks.

ton opening on Feb. 25. The clerks are key men in ns much

Mr Clark cited two impor. as they check cargoes.

tant considerations which made Without them work can be

the ogreement indestrobio for brought to a stands. Lase both the US and Amerlean

"If our government is willing

scrlous, but symptomatie of the

general malaise. is the bon on consumers.

overtime by 7,000 stevedores and dockers, now in its third

week

Three-month also

buyer zeller business 3-munth

buyer

Kellor

business

The coup has just been carried out of a cotton auction pt Port

Sudan. It has caused the big get sensation ameng Liverpool cotton men for years.

They expected to buy ble at up to 39. 43. o ., or 2 to 4d GIT% more than at the last sale. 010 But every bid they made was always capped by the Egyptians. who snapped up 20.000 bales at around 49. a 16.-equal to £12

hale

the This

put

cotton high above what Liverpool's buyers

11.

639

048

United Pres.

a

Singapore Rubber could pay.

Singapore, Feb. 22. The rubber market steadied on some short after opening covering. Thereafter, it fluctu- ated narrowly throughout the diny. Future closings— No. 1 rubber per iu.. Mareli 6415-8134

April 842-84 May 2435-541

33-2-5319 03-521

to support prices of commodities No. 2 rubber per Ib. March 541-54 produced in foreign countries

No.

NO 1

So although Lancashire needs it thoy had to come away empty. handed.

cotica

One big cotton Importer said: "It looks like a deliberate at- tempt by the Egyptians possibly inspired by the Cairo Govern- ment to prevent the coming to Britain."

Sudan growers still have an other 200,000 bales to put on there is no question but that they Spot rubber untaled 5514-351 sale.

to withstand

LONDON MARKET

cotton buyers Now British would be able

the same for

London, Feb. 22. wonder what will happen then, demands to do

The rubber market was very They fear the

Whi cotton ciomestic products, particularly

steady with No. 1 Res spot either be offered in bulk at

10% penco per ib. quoted at

ground 13. 1b. cr than effort to speed up the work.

Pricts:

continue buying The ship was boycotted and

Egyptians will several hundred clerks refused

No. It spot.

1032-1034 to keep the price, out In addition, he said, tho

Settlement house term:

Lancashire's reach. work on learning that that n Eisenhower 'Atministration was March

...: 2014-189% condition of employment

10-10 was committed to a programme of April/June

July/Bapt.

16-10

The tally clerk?" dispute start- ed when office staff helped to check the loading of the Bel

tish ship Port Chalmers in lead and zinc,” he said..

on

FREE ENTERPRISE

that the Port Chalmers should promoting free enterprise, citing oot/Dec. be worked first.

the Randall Economic Report an General markets, elt basis, opposing international”"ngree-

ports: Feb.

After being addressed by their ments. union leaders, all but 50 of the

"The law of supply and de- March

men agreed to work other ships. mand should be sufficient," he Apti

The default of the 60 held

Ave ships, and 300 dockers,

Some tally clerks belong. to American publie.”

Up said, and high cost producers should not be subslülsed by the

Mr the National

Clark Amalgamated

anticipated no tin affect" ... On Stevedores and Dockers Union "pronounced

prices and denund in the event

London Foreign Exchange

1816-18 16-1/10-4815 10-3/18-1815

United Prezi,

New York Montresi

Amelétőlem LONDON WOOL

TOPS

··London, Feb. 22, 2 and offers to the Transport and peace In Indo-China and The wool tops Futures market General Workers' Union.

continued cotation of hostilities today closed barely studdy. The N.AS.D. Is the union in Korea.

Turnover was 88 Jots. beliind the ban on overtime, Im Commenting on fears that US {Closing="Pridea-** pored not because the men ob- was heading for a slump,

ho Maran jest to it but béreltso they want gald that ovón a five percent the employers to agreơ it is drop in / Amèritat" deomomi voluntar in 1981 the moved activity in 1954 would have dores supported stand by tha Ji Cheet on the UK RAKAL lightarrows or thi", l'ells. Now $id placed, then stimated US the lightarmen jare appar

they shoul

Blocked Mark- Hamburg Copenhagen Paita Reberchalmi Zerich

Exc

Werb

London, Treb,

7/10

1/10

Page

A dopÿ of [his Prokpokića naj boeri duly delivered to the Registrar of Companies for registration.. The subscription in will open at 10'a,m, on 10th February, 1884, and close on the same day, ¦ Application has been made to the Committee of the Hongkong Block Exchange. Ltd. for permission to dent in the Ordinary shares of the Corporation,i!.

ن أحد

ALLIED INVESTORS CORPORATION LIMITED

Anthorhed.

(Incorporated under the Companies Ordinance, Chapter 32).

Share Capital

$60,000,000 in 12,000,000 ordinary shares of $4 each

Issued or to ho Issued.

| $6,000,000

ISSUE AT PAR OF 1,249,993 ORDINARY SHARES OF $4 EẠCH.

The Directors aro nĺrendy aware of applications for 650,000 shares which will be made in terms of this Prospectus, and these shares will be bilöited in rill,

VOTING RIGHTS: Every member has one vote on a show of hands. Every member has upon a poll one vow for every share held by him.

1

GEORGE ERNEST MARDEN, M.C., Chalkhan

HAROLD JOHN ARMSTRONG

HON. CEDRIC BLAKËR, M.C., E.D. HON. CHAU TSUN NIN, C.BE (#14)

HO SIN HANG

BIR ROBERT KO TUNG,

(卿县齣)

KL., LLD, COM.LEGJION. (#T *)

MOK YING KIE

WILLIAM ALFRED STEWART

TUNG HOK NIN

Directors.

14 Shek O. Hongkong. (Chairman of Wheelocks Marden &

Co., Ltd.).

561 The Peak, Hongkong. (Solicitor).

12 Shek O, Hongkong. (Chairman of Gilman & Co., Ltd).

9 Garden Road, Hongkong. (Chairman of the Hongkong &

Yaumati Forry Co., Ltd.).

10 Dragon Terrace, Couseway Bay, Hongkong. (Chairman of

Hang Seng Bank Lid.).

B Seymour Road, Hongkong,

4 Dragon Terrace, Hongkong.

292 The Penk, Hongkong.

Co., Ltd.).

23 Caine Rond, Hongkong.

Bankers.

THE HONGKONG, & SHANGHAI BANKING CORPORATION

1 Queen's Road Central, HONGKONG.

Solicitors.

JOHNSON, STOKES & MASTER

1 Queen's Road Central, Hongkong.

Auditors.

PEAT, MARWICK, MITCHELL & CO. Chartered Accountants

Alexandra House, Hongkong.

(Financier).

(Stockbroker), '

(Chairman of Davle, Boog

(Partner in Dao Heng Bank).

Secretaries, General · Managers & Registered Office.

WHEELOCK MARDEN & CO., LTD. 701/7 Edinburgh House, Hongkong.

PROSPECTUS.

PARTICULARS: The Corporation was incorporated on the 27th January,4, as a Private Company and converted into a

the 38th February, 1954, Public Compan

OBJECTS: e Corporation has been formed with the objects set out in the morandum of Association, which forms part of this Prospectus, and in particular to carry on the business of a Finance and Investment Company and an Isking House by-

(a) the profitable employment of Its capital in selected invest- ments, provision of additionst capital for selected enter. prises and in other forms of financing.

(b) the promotion of companies and underwriting of issues in connection with new and established businesses in. the Colony.

(c)" giving advice in respect of and generally assisting Anan cially and otherwise amalgamations, reconstructions, reorganisations and Company "affairs in general.

(d) to participate in underwriting in copliai markets abrond. (e) to receive and turn to advantage options on shares and

other secu itiés.

(1) to purchase or otherwise acquire whether in concerns domiciled in the Colony or elsewhere, blocks of shares and to dispose of them on the market as suitable oppor- | tunities arise.

and generally to act as on Issuing and Financial House in Hongkong.

All propositions put before the Corporation will be studied Individually and will be supported when, in the opinion of the Directors, prospects are sufficiently promising to warrant the employment of the Corporation's funds for such purposes,

It anticipated that the Corporation's functions will be recog and its facillies called on by other capital markets andĮ the existing connections of Messrs. Wheelock Marden & Co., Lid. will be made available to the Corporation and will be utilised lo that end.

Arrangements are under discussion for the profitable use as an interim measure of a substantial portion of the funds which will be made available to the Corporation as a result of this present issue.

MANAGEMENT: The Corporation has entered into a contract (Contract No. 1 below) with Messrs. Wheelock Marden & Co., Ltd. to act as Secretaries & General Managers.

AUDITORS REPORT: The following is a copy of a letter received by the Corporation from its Auditors, Messra. Peat, Marwick, Mitchell & Co., Chartered Accountants

The Directors,

Hongkong, February 10, 1954.

Allied Investors Corporation Limited, Hongkong.

Gentlemen:

In accordance with Part II (1) of the Fourth Schedule of the Companies Ordinance (Chapter 82) we report that no accounts have heari made up and ng dividends have been paid sines the incorporation of the Company on 27th January, 1954.

Yours faithfully.

Post, Marwick, Mitchell & Co.,

· MINIMUM AMOUNT: The minimum amount which in the opinion of the Directors must be raised out of the proceeds of the issue is $4,399,872. The amount of preliminary exponses in- cluding the costs, charges and expenses of or incidental to the! incorporation of the Corporation and of this issue including the commission payable to the Underwriters under Contract 2 below is estimated at $150,000,

BORROWING POWERS: The Directors may for the purpose. of the Corporation from time to time at their discretion raise or borrow such sum or sums of money and upon such terms and conditions as they think fitand, in particular, by mortgages or bends or by the issue of debentures or debenture stock of the Corporation, perpetual or terminable, and with or without a trust deed, charged upon all or any part of the property of the Corporn- tion (both present and future) including its uncalled capital for the time being.

DIRECTORS: The Articles of Association provide inter aliatum

The qualification for a Director shall be the holding in his own naine of one thousand shares at the least.

Durling such time as Wheelock Marden & Co, Ltd., remain Secretaries and General Managers of the Corporation, one of the Directors of Wheelock Murden & Co., Ltd., shall be a Director. and the Chairman of the Board of Directors of the Corporation and shall not be subject to retirement by rotation. The Board of Directors of Wheelock Marden & Co.; Ltd., may from time to time nominate one of their number to All the aforementioned appointment.

The Directors shall each be paid out of the funds of the Corporation by way of remuneration for their services such sums as the Corporation In General Meeting, may from time to time determine.

The Directors may be reimbursed their reasonable travelling and hotel expenses incurred in attending meetings of the Directors or of the Corporation, or otherwise whilst employed in the business of the Corporation.

1.

CONTRACTS: The following material contracts have been entered into otherwise than in the ordinary course of business.

Agreement dated 27th January, 1984, between MessTS. Wheelock Morden & Co., Ltd., 781/7 Edinburgh. Houso and the Corporation under which Messrs. Wheelocit Marden & Co., Ltd., nel og Secretaries & General Managers of the Corporation... This Agreement provides Inter alia- (a) Wheelock Marden & Co., Ltd., shall be Secretaries and General Managers for so long as they are willing to net provided they acquire and hold 60,000 shares of $4 each in the Corporation.

2.

(b) The Secretaries and General Managers shill, bé'rev munerated for their services by a commission of 6% of the annual net profits together with ́h, monthly sum of HK$3,000 or such other amount ‘ab may from time to time be mutually agreed. .

Underwriting Agreement' by letter dated 18th February, 1054, bolween the Corporation and. Mesars, Wheelocit Marden & Co., Ltd., whereby they agreed to underwrite 1,248,903 of the ordinary shares to be issued for a com mission of 2% on the pur valuo of those shares.

The particulars of the nature and extent of the interest of overy Director in the promotion of the Corporation" are as follows: George Ernest Marden and Cedric Blaker are directors. of Wheelock Morden & Co., Ltd., the promoters and underwriteri under the above-mentioned agreement (Contract, No 1 above) and also Secretaries & General Managers und the above montioned agreement. (Contract No.:2 above).

The Underwriters will pay a brokerage of a half percent. upon all shares allotted in response to applications (other than sub-underwriting applications and applications in reller of 'subm underwriters) bearing the stamp of Broker, Banker or other. approved Agents pages

The amount payable of application. It bar shard, an a Applications forashares with male besturi 179, AT multiples thereof): should be funds on Une form, chompanyin' thri Prospectus and sent to the Holigkong & Shenanul”, Booking Corporation, I Queen's Road Central, together with remittance for the full amount of the shares applied for "at the rite" at "$4 each,

GENERAL INFORMATION; Wheelock, Marden & Co., Ltd, have underwritten the subscription of the 1,219,993. mares to be, If no allotment is made the amount paid on application will fskund af pår for a commission of 316% (Contract No. 3. below); be returned in full and if a parifal allotment lagmine the baldner Whemelk Marden & Co. Ltd, have entered into sub-inderwriting of the amount paid, will be returned to tip applicant, y ggreements to which the Corporation is not a party and are paying faster

Prospectuses and, forma of application can be obtained at the the brokerage of a half per cent. payable on applications for sharps lted but all other, expanies are payable by the Corporation, and include offices of the Corporation, 2013 Rothburgh House,, Hongkong, and

the Cost of printing advertising and elreulsing, this prospectus from Brokers and the Corporation Bankers, allotment expenses and, all twos payable to the Hong Kong Btook mechanger Bollefiore, and Accountants.

lates

Copies of the Meino Corporation, anxi,of,

HONG)

und Article}bly

+