1955-09-09 — Page 9

THE CHINA -MAIL, FRIDAY, SEPTEMBER 9, 1955.

TRADE and COMMERCE

SECTION

SHARE PRICES MOVE UP

World Rubber Turnover climbs to $8m

Markets

Singapore, Sept. 8. The rubber market was easier

on boiler oversens advices with moderate trading. Futures:

Na, rubber per . Sept. 14594-145%

Oct 1455-14523

Nav. unqu»tect

No. 2 rubber per tb. Sept. 148-1401

No. 3 No. 4

**

++

1970 131-1:2

243-14012 102-111

14810-14615

Spot rubber unbated .... Blanket crego ........

No, i pole crepe

NEW YORK

Futures today closed 75 lu

100 points higher with salts of 239 contracts,

and buyers return

SPOTLIGHT ON WHEELOCKS

By A Special Correspondent

TODAY'S

SHARE PRICES

(From Our Correspondent)

Business done on the Hongkong Stock Exchange this morning Noon amounted to $1,800,000. quotations and the morning's transactions.

SILARES DUYERS SELLERS SALES

HK k., 1735 1730

After a quiet start at the beginning of the week, shares prices led by ANKE Wheelocks began an advance on a wide front yesterday.

There appeared to be much more confidence in the market, buying London buying on arbitrage inquiry was reported "persistent and widespread" and yesterday's volume

of business - $2,690,000 was the biggest for about a month.

operations joined with short covering and commission house buying imparting a note of

The outstanding share strength after a

this " quiet start. But the spot market remalne week was Wheelock Marden. I with factories marking rose from $0.40 to a new high slow, 'time.' Small

sales included at $10.70. Its rise, which began

well Munday, may

have Borne one sheets for December lan

cents

for a pound, with triggered demand

Other at 47% further bid going unflfled. stocks, Spot No. 1 Ras were offered at 48% cents a pound. Futures:

Sept.

Dec,

Mar.

May

July

Sept.

LONDON

49.60

47,70

40.35

44.96

43.65 42.35

The market was steady with Spot No Has quoted at 417 pence per lb. Prices:

un.

1

East Asia મ INSURANCES

Union..... 1000 100

Lombard ....

Aala Nav. DOCKS, ETC. K. Whart Dock

Provident

17 1738

51730

10 1740

1 që 1750

10 1010 #4 u 1000

5016

D&c. 1000 1

70 7100 7015 30 20 2016

(Old)....

10:20 101 2040 67 1130 Wheelock .. 10.40 10 60 3100 p 10,50

LAND, ETC.

BURMESE RICE SALES POLICY

Rangoon, Sept. 8. Burmese Trade Develop- ment Minister U Beschld today said that Burma has adopted a vigorous sales policy to meet the bayers marked in rice, and thumb the present position is difi-

but by

critical.

means

Tho Government is alive to the fret that today there is a buyers market in rice," he told a meet- ing of the British majarity members of the Burmede Chamber of Commerce,

"Accordingly

adopted a

wre Have males vigorous polley and our approach to the price

question realistic "Facilities for paddy rice storage. Hilberto

ski.

satisfactory, are being im

especially

wilk engagement of the United -Nations Food and Agricul- tural Organisation storage expert, We have greatly reduced our stocks of old

and making every effort to ensure that within this year we shall have no old rics feft."--- United Press.

rice, 2000 10.30

3000 * 10.40

0200 @ 10.30 3300 o 10.40 ·

UK Hotel.. 79.19 19.40 1000 sp 10.70

HK Land Humphreys

(N) Inalty RUBBER

A. Rubber

*314

20.30

10.00 .2.325

3.178

Trust .... 315

UTILITIES

The week's turnover of $8,060,000 was the biggest for three weeks. SHIPPING

The really pleasing develop- signs. I hesitate to any that a complete recovery is assured. Itinent in yesterday's business was remains to be seen how much lie why in which Utilities res- more money comes into the Ex-ponded to the better sentiment. change. Until big operations re- Only Trams were steady at $24% turn again in something like full of the closing bell of yesterday's coll and the others force, obviously there can be no afternoon

were vil I said last week a display of complete recovery, confidence was badly needed

But for those who took my tip Lights old are up 80 cents to and that investors seemed to be fast work to place their orders while news are up 40 cents to $18.19. Yaumatls are up $3 to waiting for a buyer to start the immediately there is a good deal

5110. Elcetales are up $1 to bali rolling. That

That seems to have of consolation

in yesterday's 5424 and Telephones are up 75- About appened.

10,000 movements, and they should be

conts to $34. Wheelocks changed hands this showing small but welcome

Cements, an old favourite of this share

pront week and although

already. began rising on Monday, the rest

and with prospects of good of The

smiles market did not really Yet, lee tause Street is all mine, are up from $334 to $35 this week. Yesterday's

orders from the two companies to stir until Wednesday. hegi

stimulent seemed to have

building the new Kal Tak air- Also I think that Peking's slightly intoxicating effect;

strip these shares

are worth announcement that 28 Americans

in mind, red considererl chasing quivering spirits slightly.

Now Fanling to

interview some $10.60 buyers to $17 yesterday, the hope is that it will not be broker friends on the fairways. Dairy Farms are 50 cents better

But long before China frees the rest.

catch a few at $23.80. I managed to

Mela Industries are busily them in their Obviously this is an essential of the

offices ously up from $24

to $2.45. Perhaps prerequisite to any detente or signing piles of contract notes.

think people

Meta) way the rise in Wheelocks? Industries settlement of Fur East problems,

Involved in the Pleasing Signs I had been predicted for some prospecting for beryl. The market was steadier. No Although yesterday's rise in time in this column, of course, changes quotations since share prices and the bigger but recently

the Yesterday-United Press. volume of business are pleasing rumours in the market that

getting better returns company is from Es loans to Japanese ship Wheelock group, and the Press

This was con- conference ping interests.

given by Mr E. G. fumed by a spokesman for the Smith-Wright should have been company who told me yesterday malicient to dispel any illusions that as a result of the recent about Hongkong making millions rise in freight rates there had out of beryl. been a revision of contracts with

and

40-40% would be released has restored many went off to celebrate nekong Ropes are up from

Settioinent house teran:

October

4134-42

November

December

October/December

Jentinry/March

April/June

July/September

September

October

November

thick September

415-41% 41-43 404-401 3042-2845 374-373%

414-411 41-41 unquoted

4214

AMSTERDAM

General markets, cif basis, ports:

Estate crepe this and nurl

New York

Stock

Market Prices

New York, Sept. 8. Rail shares surged ahead on gains ranging over 2 points today while industrial shares marked time.

Demand for rails has fentuerd recent sessions to the delight of those traders who see real confirmation of the industrial rise as essential to a prolonged market rise.

10

Today individual gains ranged

2 points or more in. Rock Island Delaware & Hudson and Kansas City Southern: a point or more in Chesapeake & Ohio, Nickel

Brick

Pacific..

Northern

Plate

Santa Fe bad one of

the few losses-a drop of more

than a point.

Trading continued

better pace of recent with 2,380,888 yesterday,

at

the pessions

Special Stocks

Special stocks among the in- dustrials were strong per- formers. Hertz Corp. gained nearly 4 on a two-for-one stock split announcement and held 2 points.

Carpenter Steel points,

Wooward

Eastman Kodak

Eric Rallroad

General Electric

I

out to

some

pre

Actually this work is being. For Eastern by the

and Development

there have been. Lid.,

another of the

the Japanese resulting in higher returns to the company.

Beryl Problems

I gather that not all the old Mr Smith-Wright told me yes contracts have expired yet terday. the main dimculty is

that freight in the extraction but presupposing

of bery! rates continue at present levels, crystals from the surrounding the company should benefit from quartz and other material. A revised payments in due course.present there is no machine that can do it and it all has to bo done by hand, which is quite a laborious prÚCESY,

Wharf Bonus

But as far as I know there has been no speciile development to cause the sudden sharp rises of 441% this week.

This is also the opinion of the company.

Hongkong and Kowloon Whart announced this morning that it 2291% is paying a cash bonus of $9 a share to shareholders registered as from September 28,

كن

Continental Oll of Del. Corn Products

20

Crane Co.,

34

Crows Zellerbach

84

Cuban Amer. Sugar

10

Curtis Wright

23

Diamond Alkali

43%

Dow Chemicals

58

Dupont de Nemours

80

El Paso National Gas

014

2115

Fruity Finance Corp.

241

6312

General Foods

HJ

General Motors

120

Gen. Pub., Utu

2012

Gillette Safely Razor

Glidden Co.

Goodrich (B. F.) Co.

73%

Goodyear Tire

012

Heyden Chemient

103

oinstake Mining Co.

37

Ingersoll-Rand

.B4

B

60 slacks in

400

Ju

fuland Steel Co.

interchemical Corp. Int'l Business Machines Int Harvester

International Nickel

international Paper

ron Iron

up

more

5

Int'l Tel & Tel

than 3 points and Republle Steel

added nearly 2 points more on Its hugo expansion programme. Non-ferrous metals were

under leadership strong aluminium shares.

Aluminium and high-priced Reynolds rose more than 3.

John-Manville Co. Kansas C. Power & Light Kannecolt Copper Lockheed Aircraft Loews Incorp

Lone Star Cement Co. Louisville Nashville R. Lowenstein & Sons. Mesabi Iron Corp. Minnesota Mining

Mission Development Monsanto Chemical Co.

Motors were neglected with Montgomery Ward Chrysler and General Motors Motorola Inc. both unchanged. American Vis-National Cash Reg. "A"

National Dairy Prod.

hut by realising, declined National Distillers only 3, and Distillers Corp National Lead Freeport Sulphur, Owen-Illinois National Steel Corp. Glass lost a point to more than 2 points.

Of a total 1,183 issues traded,

532 were higher, 408 lowes.

New York Central

On Mathieson Otis Elevators

Owen-liliants Glass

| Poellic Cộn & Elec. Packs Western Oll Pen American Airways Paramount Pictures

Bond volume on the New York Stock Exchange was $5,270,000.

Volume on the American Parke Davis Co.

Permy J.C. Co.

Stock Exchange was 680,000 Penn, Salt Co.

shores.

Closing Prices

Alden Ine, Acy, Allied Chemicala Allied Mix Inc.

Allis Chalmers

American Smelting 'Am, Sugar, Ret. American Tal & Tei American Tob, "B" Anaconda Copper

Philip Morris Philips Petroleum Procter & Gamble Co. Pittsburgh Plate GloS Publicket Industries Pure Ott

DSPAR Radio Corporation

234 Reo Motors...

Republic Steel

7041 | Blandard Oil of Ind

A comparison of yesterday's elazing rates with those of a week ago show that of 24 issues traded, 16 are higher, three are Steady and five are down.

do not think there is any

Demand for beryl does not scom to be particularly heavy in the world markets. The price, nelivered in America, is between US$300 and $528 a ton, not US$50,000

14 some people In Fleet Street seem to think,

Allieds are sleady at $5,80, Yangtsze Finance are five cents Better at $8.20 but they should rise next week following the

advances made by Wheelocks.

Tram ....470

3000 10

2003 10.10

100 10,20

1000 à 10 30

500 € 74

↓

12,000 2375

2014,500 ₪ 18 29,000 je 2.175 3.20 10,023 40 0.16 20,000 se 3.1735

Y'mati Ferry '119 120

1000 24.20 11002480

C. Light (0) 2340 23.70 0700 @ 231s 500 ** 18.30 C. Light (N) 18.10 Electric......

20043

1300344

43 43% 2000 43

Macão Elec, 11.DO Telephone ..33 3414 7000 34 INDUSTRIALS

Cament. 3315

17 Rope** Metal Indust. 2.40 245 3000 @ 2,45 STORES, ETC.

234 10002330

Dairy

Watson

14.80

La Crwford 37 CUTTONS

Textile

30 2780 381

1100 35.75

13

1300 @ 23:40

6 1000 4 000

... 0.83 Nanyang 840 81 4000 8.45 MISCELLANEOUS

Entertain-

ment ..... 10.40 10 80 Vibra

2314 24 1000 ₫ 23.80 8.50 840 1000 8.30 Yonglaze

12.003 Med

WORLD COTTON MARKETS

New York, Sept. 8. Cotton futures trading to- day flattened out after a short-lived spurt of activity following the Government crop report.

The official estimate showed a small increase, but the figuro. was about in line with general expectations and had been dis- counted

With the report out of the

way

traders turned attention back to the continuing un-

certainty over disposal of the

raw cotton surplus.

Crop

market news,

developments, textile ws, loan impoundings and first notice

the day for 4.00 5.36 1000

1000 595 October delivery are expected 3000 590 to occupy the main attention i

the immediate future.

Singapore

Stock Market

Tin Smelters Ord. Froger & Neave Ltd. Ord. Fraser & Neave Lid. 75%

cum, pret.. Hongkong

Shanghai

After swaying within a ten- point range the list closed o to points lower. Opening prices were off a to 6 points. New Orleans closed of 8 to 10 points.

First notice day will be Sept. 20. The open position in the spot

month totalled 270,000 bales.

The certificated amount. ed to 24 bales.

Singapore, Sept 9. Brokers today quoted the following stock prices;

Opening Co. Batu Lintang Tibber

Ltd.

The Sept. 1 crop estimate for ****** $1.03 British Bomeo Petroleum,

balca 12,873,000

was 145,000 Syndicato

45 Gal bries

bales more than a month ago Consolidated

29 and compared with last year's $1.75 Anal production of 13,890,000 bales. Traders said the in- 36.10

crease simply meant a little B010 more cotton will be added to the already large surplus. With $1.80 futures selling below the aver $2.38. $3.45

rate at the 14 $ge loan

spot markets, traders were hesitant 14.50 about pressing offerings after

the

volume and open in-

Banking, Corp. Hongkong in L. Kempaa Ltd. ... Lunas Rubber Estates Ltd. Malayan Brewerles

Rubber

In the cottons group, Nanyang's are steady and Textiles are up New Serandah 45 cents on a sale at $5.85.

Rubbers have been Lairly

particular significance in the fact steady this week, rising slightly that Banks and

Unions are yesterday.

Glit-edged

Raw material prices among the "downs,"

London, which those five cents up to 147% Straits Hongkong and Shanghai Bank cents a lb.

hold in common with all other What happens next week? The 85% British banics, are still weak emens arc good. Confidence

it 30% and while

some concern to economists few are

100

B6

40

301%

21

Ltd. Petaling Tin Ltd."' Raffles Hotel Singapore Cold Storage South British Insurance Co,

Ltd. Straits Trading

Steamship United Engineers Ord. Weame Bros.

$1.65

cum "divChina Mall Special. Mar

may be causing seems to have returned. There New York Sugar

buyers-and

plenty

of

"small" shareholders need worry | money--about. There is there- About 200 fore no reason why the recovery 15 about this aspect.

shares wore traded yesterday should not continue but it will 834 between $1715 and $1720.

07

2011

3012

10316

304%

Excellent Prospects ·

Unions feil $5 on the week to 45% $1005 but they are still at a 40% comparatively high level and the 39 fall is really only fractional

40%

In the dock section, Providents

a nave risen 50 cents to $10.30

13

68 while Docks are up 20 cents to 4744 $28.20. Providents are one of 6014 my three choices at the moment. firhey have excellent prospects 122

524for this year, so I'm told by an 43 Ice House Street man who has 1014 made

close study of the very company's affairs.

41

00

47

probably be very gradual at

Arst.

Market

New York, Sept. 8. World No. 4 sugar futures Prices are still too high, | closed today unchanged to you think? One broker's answer 2 points higher with sales of to this question yesterday was five contrasts. "Prices are always too high."

in the Exchange today

P&O B.I. E&A

COMPANIES.

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Leaves London Bus lobakong Kallac

Dotwards "CANTON" "CARTHAGE" 14th September

"CHUSAN”

"CONFU"

10 September

17th October

30th September

12th October

29th October

14th November

Via Bouthampton, Port said, Aden, Bombay, Colombo,

Homewards

"CANTON"

"CARTHAGE” "OHUBAN" "CONFU"

Penang & Blogspore

Leaves Hongkong Das London 13rd September 24th October alat October

2nd November

21st November

29th November

18th November 10th December

Via Blogspote, Penang, 'Colombo, Bombay, Aden, Port Said London

Also calls at Malta.

"BURAT"

*

FREIGHT SERVICE

load 26th Sept. for S'pore, P. Swetten- ham, Penang, Colombo. Aden. Port Said, Genoa Marseilles, Havre. Lon- don, Antwerp. Rotter- dam & Lamburg

"SHILLONG” đưa

27th Sept, from UK. via Stralia Ionda 20th Sept. for Jopan With Eberty to call at Belawan before or after Stzalta Ports and at Bombay if inducement offers Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

dus pm 8th Sept, from Japan salis 10th Sept. for Singapore, Rangoon

& Chittagong đuo 13th Sept. fruin Japan salks 14th Sept.

"WARORA”

.“SANTHIA"

for Singapore, Penang Rangoon & Calcutta

"BIRDHANA” due, 130 Sept. trom Calcutta via Ron-

geon & Straits I walls 1410) Sept. for Japan

P. & O./B. I. JOINT SERVICE

"ITOLA"

"ORMANA”

"ORDIA"

"ORNA"

due 13th Sept, from Japon

salls 14th Sept. for Singapore, Madras, Karachi Bhavnagar, Basrail. Abadan, Khot ramshahr & Kuwait

'dae 200h Sept. from Japan

salla 19th Sept. for S'pore,

BOMBAY, Karachi, Basrah, Khor- raner & Kuwait dus 23xi Bopt. from Karachi de Bombay sails 24th Sept. for Japan

dun 1st Oct: from Karachi & Bombay malls And Oct. for Japan

EASTERN & AUSTRALIAN S.S. CO., LTD.

"NELLORE"

due 3rd Oct. loads 4th Ort.

from Australia ter Japan “ARAFURA” – Ford: 9/7th Oct. for: Sandakan, Rabaul, Brisbane. Bydney, Mel- bourne & Adelaide ́All-vessels have liberly to call at any poria on or off the route & the route és sailing are subject to change or amendment with or without notice.

For full particulars apply to:- MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4,

MESSAGERIES MARITIMES

P.O. Box 33. Queen's Building Tel: 26631 | FAST PASSENGER/FREIGHT SERVICE

"LAOS” "VIETNAM”

sailing Sept. 10th

sailing Oct. 8th

Volume

Open interest,

210,000

FAST FREIGHT SERVICE

"MEINAM" "PEIHO"

aalling Sept. 21st

sailing Oct. 18th

17,300

40,300

744,800

350,700

400,100

130,000

2.143,900 bales

27.600

$1.75

$20.00 terest

$24.25 were:

$13.00 Month

$10.70 Oct.

Doc.

May

July

Oct.

8,300 12,700 :

1.300 €1,300

208 2:00

Dec

700

Total

$1,000

NEW YORK

Prices of futures closed today

us follows:

Epst

21.23

Get.

Dec.

Domestic No. 6 sugar futures closed 1 point lower to 2 points higher with sales of 21 con-

Mar

May

July Oct, Dec.

amall predominated

NEW ORLEANS

In world raws, dealers under- stood the German purchases of 100,000 tons of Cuban had not Most sections of the stock definitely been completed. Ger-

mon market marked time today, deal reportedly have not yet brokers involved in the and industrials clinched the purchase of raws

Prices of futures closed today is follows:

Spot Oct,

33.40

33.53

Doo.

33.50

Mar.

33.37

May

33.28.20

JULY

207

Oct Dec

32,30

London Stock

Market

London, Sept. 8.

oils Hotels a down from $19,40 but 43 to $18.70. You will remember

trade buying ordery

In both maricots fcature an otherwise slow zituation.

Last week this column said that managed to turn in moderate from Cuban sellers. Yesterday,

100 the Central Development syndl gains.

D71G

܃

it was understood the deal bad been completed at a price of around 3.25 cents a pound Lo.b. Cuba.

Contract No. 4 (world)

10 cate had paid off the $6.8 million

Blue chips showed fractional company's 3owing en the Hotel

Pedder Street site. It was also losses, and foreign bends suffer

ed sizable declines. on profit. stated that actual building of

October Peninsula Court, the 12-storey taking.

March May block of service flats behind

July Among the diis, Royal Dutch the hotel, would begin as

roled an, upward march and tack-September se materials arrived.

gain of 15 shillingsy Spot (cents per lb. fob Cuba) Market

Contract No. 0 observers agree

British Petroleum closed nine- | November. 4although this news has been pence higher and Canadian Merch 3936known for some time, the

in-

Eagle was up one shilling. ference that shareholders are

Spot (cents per lb. elf NY

ex-duty) not likely to get a bonus or an

Store shares enjoyed an activa

illed increased dividend out of the session

with Great Universal

ed on a

that

1131

30

Reynolds Metal

703;

Shell Oll Co....

American Airline

241

Saint Reg. Paper

American Cyanamtulo Co.

62

Shell Ol....

An. Much, á 3 dry,

274)

Bonny Vacınım

American Motal

61

South Porto Rico Supu

646

Southern National Gas

#

Bouthern Raliway (Com.)

1771% | Blandard Brands

74%

Standard Oll of Cal.

40%

Armco Atenl

474

Standard Oil of NJ.

136

Armotte

20%

Stokely-Van Camp.

1096

Baldwin-Lama-lem.

Bludebaker-Packard Corp.

Baltimore & Ohio...

61%

Swift & Co..

Belix Aviation Corp,

491

Taxas Co,

Benguet Cora,

14

| Tide Water Ama, Qu

Bethlehem Steel

Xool

Twenty: Century Fox Film

Boeing Airplane

054

Union Carbido

11405

Borders (To) Co.

04 Union Paciilo Railway

Burroughs And Machine

United Aircraft....

BO

58

211 be

4734

Day's. sue was an odd lot of 15. Olds sold at $1911⁄2 yesterday (also

Canadian Pacific I.....

Ca (3, 1.).00. Ginncial Corp. Cat Temotor Calum Corp

Chryder & Motor

Colate Palmolive Co. *** Commercial credit Commonwealli: Eleo,

U. 8: Line Co.

CollỮA. Rubber .....

47.8. Smelling

6.8. Steel

Wamer Beos.

25% | Westinghouse, Mectric

West-Vay Pulp

16 | Woolworth

$6.0 million windfall bas possibly sloves up one shilling and

MAY

€8888=ad

REGABBAR

LIVERPOOL

Future closings, American middling, in pence per lb, were as follows:

Oct/Nov.

Dec/Jan.

Mar/Apr.

May/June

July/Aug.

21.34

30.86

30.41

28.01

28.20

, SAO PAULO holiday

again kept the market closed today. In the US

average price of-16/6 middling cotton at 14 designated spot

HONG KONG-MACAU LINE

M.V. TAI LOY

AIR-CONDITIONED

DAILY SAILING

DEPARTURE HONG KONG MACAU

TIME

3.00 P.M.

3.00 A.M.

For Froighn & Fassage,

please call: Tel. 26719 & 38091;

TAK KEE SHIPPING, & TRADING CO. LTD.

FU HOUSE; HONG KONG.

BA markets was 38.87 conts; als THE “POST"" TYPHOON MAP

benused a little disappointment in Woolworths 73% penca bigher London Foreign

103 thn market.

German and Japanese bonda Lands

are up from $784 to suffered louros at a point" or $74. Humphreys now are down more.

percept Јарапова 30 cents to $18.70 but this may

1930 plummeted five- potribs due to the fact that yester

Exchange

"London, Bapti

to £24914, Some German, batter Naw Works declined us much as three points.

Gold

(opened quieti

Mak), an odd, 201), which-makes them but, towards the close, mulher

silghtly; lower, "on: thỏ wook, | ground dry fivourable divideer Hollier, however, are up by neww: front: "Inrow "Orings (Tem Kevon and a half conta $2.56. Eftate, compacted U

New-York: foreign

at these centros totalled, 29,265 bales, United Presa

Exchange Rates and TYPHOON TABLE

Sim

Buntleyanawa dona, () the local unomial:

herkes TURNIETAL, RE-the following rm10w;==

18, dollar. (per all) Sterling noter (per £1 Australian notés (per £1)ADD Inconseden rupiah-(per 100). Įrates | Bingapore (Bfruits);"

Indo-China plautzen” (per 100)‹,

Mounted $5.00 Unmounted $4.00

Giving bearing-distance and time-distance for typhoons likely to affect Hong Kong. A useful adjunct to the "Post" Typhoon May.

$2.00 Mounted-

Obtainable from

SOUTH CHINA MORNING POST HONGKONG: 4 KOWLOON