1956-03-01 — Page 97

TRADE

and COMMERCE SECTION

Quebec Protests Against Rise HONGKONG London Market

In Price Of TRACTOR

Newsprint

Ottawa, Feb. 29.

to

When the price of newsprint Canadian consumers was increased again last autumn by 4 dollars a ton, some of the loudest protests in a nationwide outery came from the province of Quebec, where many French language newspapers operate slim financial uodn comparatively

margins and mounting overhead costs are threatening the weaker publications with extinction.

The Premier of Quebec, Mr Maurice the Duplessis, had already appealed to

newsprint companies in his province not to

raise prices to Quebee consumers.

When

they did so in spite of his plea, he

in

1

announced that he would bring newsprint control measure at the 1956 session of the legislature.

draft of the bill, The first which WRS eiresintr in January, before 1024

Quebec Parliament met, contained pros visions which harried many of the newspapers, such as the Ottawa Journal, which had most strongly criticised the newsprint companies.

The attack upon it, however, was conductet almost entirely by newspapers outside the pro- y nee of Qurbre, uch „s the in- #uential Conservative (Hobe and Mall of Toronto, lately ac-

quired by

'Montreal Anancler, Howard Webster,

the

Quebec Mills

government price,

they

must

DEMAND

DROPS

New York, Feb. 29. The biggest American producers of farm chinery, the International Harvester Company

announced

have

20 per cent tractor production In because of a serious drop ITE demand. This will laying off 355 mean workers at one factory and undermined number

at the second,

manu-

Another major facturer, tho Oliver Cor poration, at the same time announced a reduction in fis dividend rate following

25

decline in per cent nales for first quarter of its Anstela) year, It L aald to have laid off 2,200 workers.--China Mall Spe-

clal,

COTTON

SELLING

SPREE

New York, Feb. 29. Cotton futures today

Wall Street Stocks

Retreat After Initial Burst

New York, Feb. 29. Wall Street responded to President Eisen- hower's decision to run with an initial burst of enthusiasm and a subsequent cautious retreat which left the stock market lower on the day.

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong Kong Stock Exchange this morn- ing aamounted to approximately $700,000. Noon quotations anil the morning's transactions:

SHARES NUVERN SELLERS BALES

BANKS

INSURANCES

·

Bk Bank East Asia

1070

175

54

70

34 35

Union Lambart!

DOCKS. ETC.

K. Whart Dock

Provident 101 14.10

Wheelock

nr 1000 A 230

Drifts Lower

* London, Feb. 29.

Stocks drifted lower in quiet trading on the London Exchange today. The market closed be fore President Eisenhower's statement in Washing- ton that he is willing to run again.

Industriais suffered from news) == of production cutbacks In the automobiles and raðla industrita and lost ground right from the opening. But leaders held their

200 or 301 losses to a shilling or less.

1470 va 30 1316 14

British Petroicum highlighted др otherwise dult oil section, advancing more than three

showed 500 14,10 shillings, and Burmah

strength. The rest of the group closed virtually unchanged

1.30 0.03 1000 6 0.00

I Hotel 19.40 10.00 400 10.40 quiet trading.

Stocks went up a point or more at the opening; soared even further when announcement came of LAND, ETC. the President's willingness to accept the nomina- tion. Reporting tickers fell as much as 19 minutes behind floor transactions as buy orders poured in.

FLE

uthern to'lway

Standard Brands

(Com.)

Standard 5 of Cal Standard Ol of Ind. Pinard 04 of NJ, Sterling Drug Co. Hiekoiy-Vans Crmp. Studebaker-Packard Comp Swift & Co. 184.) Texas Co. Twenty Century Fox Film

uten Prede Railway United Aircrati

A Water Aven 011

The caution

Jater Curie traders read, the details of the President's statement, particu larly his remark that the Re- publican convention might not want

his speech to- him after night at which he will putine the enndiilons under which hu will accent

the

nomination. Others fell his decision had been greatly discounted and many took advantage of the market's strength to realize profits.

Industrials

the whole market and held fair gains sight Westinghouse Electric

own to the final half hour when selling knocked the leaders down sharply and left the average off

reached 491.09, n new high at all time.

were

deal with the pool to be set up widened the dividing line bit at 483.85. At its best It had ter this purpose.

upan

the

hr S

Underlying this situation are explosive elements. Mr Duplessis

leg rap teled feeling of French Canadians that both they and resources have hitherto been exploited to the advantage of the rest of Canada and the United States.

their

between old and new crop deliveries.

At the close the list ruled 18

pais high to 53 points tower. Opening prices were off 5 to 40 points. New Oricans closed up 22 to of 15 polus

Smaller Lusses

Rails and utilities had lossen and out of J total 1,201

493 issues traded, were lower. 450 higher.

While nearby months heidi smaller stendy

to rm, deferred months

trembled under recurring Wave

of selling for the second day in dealin quietened in the later |

a row.

Now, it is argued, price pret ference is to be made in favour

Overnight confirmation of re- of Quebre constimers in one

will paris that the government what commodity.

newsprint,

of sell its entire surplus s ock raw

colion overseas at compell

for delivery after Ive prices.

1, brought an overnight

about other can:modțiles7 Might not a sort of provincial tarif system in reverse be set up to

tive

Bethlehem

benefit consumera within any Auktion particular province, it is naked.nccumulation of selling orders tues of more than a point. French

The three Queber language dalles joined in the criticism, but the Engilsh language newspapers maintain-

ed alience.

In broed outline, the Duplessis bill held newsprint prices to the level of last September, before the four dollars a ton increase came

It applied into force, only to mills in the province of Quebre and the controlled price was available only to publishers in the same provines,

It also guaranteed a supply to Quebec consumers, thereby glving them priority over publishers In the rest of Canada or in the United States, in the event of future shortages

Finally it provided for the creation of a four-man bourd of newsprint control to enforce the

Adinitely, the case of news- print involves natural resources of the province, namely forests,

but

natural

there are other resources such as minerals to which the principle might also be applied.

Outside Quebec, however, the most serious threat was judged to be that against the freedom certainly in the of the press," originat bill. While commend- ing the changes made in it, the "Globe and Mall sharply:

concludes

Not Worth Much

"Discarding every warning of history, the Queber newappers persuaded the guvernment to intervene

their in

busines

privileges,

provisions of the bill. In the affairs and grant them special original draft, decisions of the board were to be irreversible, which, to its crilles, appeared to be absolutism of the worst sort. When the Dupjessis bill was into the legislature introduced in January, important changes had been made to meet some

some of the most strenuous objections

of the critics.

Those privileges as eventually obtained, do not seem to

be And in the wull very much. process of obtaining them, the wuente press

jeoppraised undermined its liberty, independence, and debased 11- selt in the eyes of the nation.". ordinaryChina Mali Special.

These were not

amendments In the legislative sense, but changes made prior to the formal intro- duction of the blu.

Ominously Broad

Among the most important of there was one providing for an tribunal of three appeal to

district judges from decisions made by the board.

Again,

in the original bill, the board had "authority reduce the supply of newsprint to any publication if its circula- lion dropped or because of "any

New York Sugar Market

New York, Feb. 29. World No. 4 sågar futures to- day closes unchanged to 4 points bigher with Sales of 231 con- tracts.

f.om all directions.

White the announcement Issured sales will be made “in an orderly why, truders rcac- tion

will was that

the move swell the supply and intensity the competitive position for the new crop next summer.

Bearish sentiment heightened with reporte that the support price for the 1050 crop might be lowered about three pound to improve its competi tive

position with foreign growths and synthetic fibres,

cents

2

a

US. Gypsum

US Line Co

US Rubber U 9. Steel Warner Bros.

Woolworth

2018 Y

200 10.00 12

IK Land

+0)

01 011 400 @ ot

101

IN)

10 GO

9155

133

Humphreys

1012

1900 135

153

1682

RUL:BER

D412

196

1012

Tram

11時

Light (0) 21.80

1781%

A Hubber.. 170 1.75 1300 × 1 70 MILITIES

24 no 203 or 24.00 Ferry 103 100 75 69 104 323 69 100

LISI (N) 0 10 10 10 D

Eire. X.ALL Telephone

3000 21.30 17110.00

31 1000 31 1000 32

INDUSTRIALS

Camera XD .. STORES, ETC

1416

intry

11.30 17 00

43

Watson

12:00

United Prest.

COTTONS

WORLD RUBBER MARKETS

New York, Feb. 29. The No. 1 Rss rubber futures contract

today closed 15 10 23 points lower with sales of 469 contracts.

The standard contract closed 16 to 35 points lower with sales of 10 contracts.

Textile Cerp 1.35 0.45 3000 or 0.40 MISCELLANEOUS

6.43

Allied

Germans Mixed

in

British government stocks re- treated when demand

petered lout. Lrsvrs ranged frem ? % 1

about £3⁄4, with War Load! 31⁄2 per cent off £%

one poim.

Germau bonds were mixed and Japancre mostly unchanged. In n colourless foreign bont section. Anglo-Lautaro nitrates skidded nearly four shillings.

Free State Geduld and Hart beest rsues thewed strength in the golds, and the section closed with

n number of fractional

gains.

230 @ 0%

Dollar stockh were mostly Irregular in quiet dealings,

United Press,

London Foreign

New York Montreal

Exchange

Amsterdam

Brusscin Liston Milan

Par

Stockholin Others Prens

DUBTE

д

but volume neverthe- less

reached 3,001,000 shares. It with Wust in sharp contrast yesterday's 2,540,000 shares,

At the close, Du Pont was off nearly 4 points, Dow Chemical nearly 2.

finished with

Prices weakened after buoyant start, with some of the late speculative selling coincid- Chrysler lost a point. Gen. eral Motors held only a 1⁄4 gain. | ing with the closing reaction in

Olls did better than most securities. with

Shell up point and Jersey Standard up is.

Roils had mostly small losses In Dela- ranging to 1 points ware & Hudson,

New York Stock Exchange bond volume was $5,250,000.

Stock Exchange American volume was 1,130,000 shares.

Closing Prices

Traders awaited more details on the government's new selling programma designed to boost Alden Inc. Acy. American exports to around Allied Milla Inc.

annually.

9,000,000 bales executives

Allied Chemicals

Mill All Chalmers

were fearful lest American Airline

American Cyanamide Co. manufacturers would Am. Mach, & F dry. foreign be able to buy raw cotton here American Metal at cut-rate prices.

NEW YORK Prices of futures closed today in cents per H. as follows:

American melting Am. Sugar Ret. American Tel & Tel American Tob. "1" Anaconda Copper Armco Steel Armour

dwn-Lime-lim

proved

to

Failure of factory buyers

the carly rise also follow

Dealers discouraging. said n moderate amount saling at the anish "found vacuum on buying, side."

of

1

shipment A fair amount of business WAN

reported worked some the early rise, with dealers laying off hedges on the terminal

the market against

on

Spot No. 1 Roy at the close WES

nominally 33 quotai cents a pound. Futures

purchases.

$ 21%

1131

6914

243%

2513

No. 1 RS9;

0214

March

33.10-15

10415

May

July

10

7714

September

December

33,00 34.00-10 31.00 30,70-80

30.537

2432

New standard contraob

35,00

Baltimore & Ohio

33.03-0

Bendix Aviation Corp.

Benguel Cons

2414

31. 22

Bethlehem Steel

1314%

Maret Mov July

32.00 32.50 31,90

2.12

Boeing Airplane

Beptember

31.40

30.13

Borden (The) Co

December

30.34

Burroughs Add Machine

March

30.10 30.10

NEW ORLEANS

Canadian Pacific R.

Caro

13. K.

Co.

1812

44

rents per lb, as follows:

Cnt, Tractor

0714

Spat

Celanere Corp.

19

Mar.

Chase, Monhot. Bank (bid)

May

July

67

22432

Oct.

11.41

the close. Futures:

Dec.

31.23

Commonwealth Eec!

Mar.

31.10

Continental Oll of Del.

1001

May

50.90

Crane Co.....

July

30.45

Crown Zellerbath

3012 2011.

Cuban Amer, Sugar

Soot Mor. May July One. Dec

Mor

May

July

Prices of futures closed in c. 1. T. Financial Corp.

35.95 37.72

35.12-17 Chryster Motors

33.70-11 Colgate-Palmolivo Co.

Commercial Credit

LIVERPOOL The announcement from the govern- Washington that ment is offering its huge cotton surplus for sale obrord at com- petitive prices had a paralysing effect on the cotton exchange this

morning, The committee which every noon goes into sugar huddle

determine to

the futures closed unchanged to official values" for spot cotton,

The domestic No. U

a

other circumstrert, this phrase point higher with sales of 141 Bessioned for more than an hour

In final "any other circumstance" re-contracts. garded as ominously broad, was dropped, leaving

raw sugas,

and in the end marked

down

Diamond Alerti

Dow Chemicals Dupont de Nemours Eastman Kodak xd.) El Paso National Eric Railroad Family Finance Corp.

General Electric General Foods General Motors

Gen. Pub, Utli,

(uodyear Toro

oydon Chemical Homeiake Mining Co. Tertoll-franc

Inland Steel Co. Interchemical Corp, Int'l Businam Machines

SINGAPORE

The market opened on better tone and there was some trade 415 interest.

Later. it fluctuated

mildly and eased slightly towards

No. 1 rubber per 1b. Mar. 59-00

Apr. 3429-4494 May unquoted 2012 No. 2 rubber per ib. Mar. 04-9414

No, I

DAY-D3% 0014-07

Spot rubber unboled

03 No. 4

223

B1

Blanket Crepe

No. 1 pale crepe

"

LONDON

20-01

-111-112

The market was very steady with spot quoted at 28% pence per ib. Prices:

No. 1 a zpot

281-2834

Settlement house torin:

April

2011-2016

May

281-281

409

June

271-2711

April/Juno

-2014-20

July/Sept

3134

Oct/Ded.

28-201 2014-201

22

Louisville Nashville R.

wenstein & Sons.

203

19

Mesabi Iron Corp.

30%

the board Strength reflected the broader all qurtities of American cotton

Int'l orvoster with by 170 points. Such a drop is authority to reduce newsprint demand for

though.

International Nickel not un-

Int'l Tol & Tel supplies only in accordance with some future deliveries coaching unusual

However, -Ameri-- vannas 1. Power & Light reduced requirements.

precedented riew seasonal highs.

substantially Liggeit Meyers Tob. Co. cang Aro

Leers Invörp. 4 drafted, the As originally

have the low lovels reached critics

the bill could

Lone Star Cement Co. declared

carlier in the year. be used to control the press of

Cotton futures closings today. the province politically.

ib. were pence Another important chango makes the bill permissive rather

Old contract Mor/Apr. -24.40

Dealers estimated Japan so far this year Bas purchased, upwards of 200,000 tons of raws, mostly

Cuba. Sources

also in believed Japanese eventual pur- follows: chores may reach 200,000 toni

from

than mandatory in its powers, instead of the 250,000 tons pre- It is now specifically stated that the bill must be regarded "not viously estima.ed:

Futures:

as imposing obligations upon Contract No. 4 (world)'' them (the consumers) or limit-

ing their freedom, but its con- Märch

which they may or may not Healember......

avail themselves, at their dis eration."

3.29

1.34-39

per

Mission Development Monsanto Chemileal Co. Wintery Ward

May/June 24.55 | sdotorolaj Ese. Base July/Aug. 25.00 National Cash Reg. "A" New contract, May/June 31.70 National Dairy Prod.

* July/Aug. 7-10 National Bleef Corp. DEL/NOV. 29.45 Clin Mathieson Dac/Fxts. * 24.8. | DIN Xievatore

Egyptian Karnak Mer/Apr. 81.98 Owen-Elinois, Glas

SAO PAULO Futures closings, in cruzeiros per kilo were as followsz

ferring upon them rights of

May

July October Marsh May

March

Spot (enta per lb, fob Cuba)

Contract No.

May

July

*

Oct. T140.

Explosive

In practics, this leaves nOWS+ papers free to do bitsiness with their suppilars an at present, it they wish to. But if they wish `to avail theinelves at the lefgr

May July

eptember Normber

Spot (verin” Don'

ox-duly)

5.45

Predo Gins & Elec Pacife Western Ou Pen American Airways Paramount Pictures

* 30

20.10

20,60

$1.00

Penn. Balk Co.

Parko Days CD *** Penny J. C. Co.

22.30

In the US the average price

cr 15/16 maling, cotten at 14 designated spot markerte was Safor fotalled 80.47. egun, 29,097 balos,

„United Press....

Philip MorrÍN,

Procjet & Dayable Co.

Er Bilcker industries

Oli

Heynolds Metal sngil Oil Co

gains, her apar

Hooony Moolt" ..

| Boseli Puerto, Rico Qusar

Bouthern National. Gies

General markets, cif basis, porta:

Merch

2011-2012 Apr)

2-20 Estato crepe thin March and April 37.

AMSTERDAM

The market was steady. Prices

474 closed today in gullders per ma kilogram, elf March" as follows:

No. 1 rubber

No. 3 rubber No. 3 rubber

No. 1 crepe

272 buyers

3.10 buyers. jí

243 Buyers 9.03 buyers United Press,

Exchange Rates

Doriness was done in the focal unometal exchange market momfrug, at the following · ratest

Australian noter. (ase 41)***

Barri Lical, (per 1005+iaga.

London

Feb. 29. 2.0034-1.00-15/10 2,8016-2.6033. 10.034-10.659, 130.4239-139.45 80.20-10.20

NOTICE

IS

THE HONGKONG ELECTRIC COMPANY, LIMITED.

Notleo to Shareholders

NOTICE

HEREBY GIVEN that the Sixty-Third Annual General Meeting of the Members of the Company will be held on Thursday, the 15th day of March, 1958, at B.M. at the Company's Registered Office, 4th Floor, P. & O. Building, for the transaction of the business af an Ordinary General Meeting including the following:

11

(1) To receive and consider the Reports of the Direc- tors and of the Auditora, and the Profit and LoRA Account for the year ended 31st December 3965, and the Balanco Sheet on nt that date,

(2) To approve the Dividend,

(3) To nlect Directorn.

(4) To appoint Auditors,

The Register of Members

New York Foreign will be closed from Friday, the

Exchange

New York, Feb. 09.

2.80-31/32 England officia

30-daye...

2009% 90-daya

2.791

170444-17:3

F3216-03224

M

14.4336-14.2334

Prem.

unchanged.--United Otisera were unchanged,-United

2nd of March, to Thursday, the 15th of March, 1956, both days inclusive.

By Order of the Board,

F. H. FELI.

Becretary. Hongkong, 16th Feb., 1956.

THE HONGKONG ELECTRIC COMPANY,

Notice

To Shareholders

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. & 0. Building, 4th Floor, Hong Kong, at 11.15 o'clock in the forenoon of the 16th day of March 1956 (or as soon thereafter as the business of the Sixty-third Annual General Meeting of the Company shall be concluded) for the purpose of considering and, if thought fit, passing the following Resolution as a Special Resolution:----

"That the authorised Capital of the Company be increased from its present Capital of $50,000,000 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 us Ordinary Resolutions:—

·1. “That it is desirable to capitalise à sum of $5,000,000 being part of the General Reserve Account and that accordingly a special capital bonus of $5,000,000 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 påid-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 said 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 1st day of July 1956 rank for dividend and in all other respects PARI PASSU with the already issued shares,

"If any member would be entitled to a fracțional 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 persona 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 15th 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 valuo 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 nominee shall be entitled to apply for and tako up two new shares for every 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."

?

"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 Directore and such share shall at such time as the Directors think at 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 certificates on or before the 1st day of March 1956.

The offer will be made by notice sent by post to each shareholder specifying the number of shares to which each shareholder is, entitled and such offer, if not no cepted either on behalf of such member or his nominee on or before the 1st day of July 1950 will be deemed to be declined.

AND NOTICE IS FURTHER GIVEN that the Register of Membora will be closed from Friday, the 2nd of March, to Thursday, the 15th of March, 1956, both days inclusive,

Dated Hong Kong, this 17th day of February 1966.

By Order of the Board of Directors,

F. B. FELLA

Secretary