1959-07-01 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, JULY 1, 1959.

Take-Overs &

CITY LIGHTS

LATE

FIRS

Thirs

"Hold there's been another take-over bki —

London praer Serplow.

Notez The House of Commons deboted last week the take-over bids on a Socialist motion calling on the Government to take steps to prevent these and other abuses."

London, June 30.

THE City of London talks about very little other than take-overs and mergers these days.

no

In the brewery world Mr Then United Drapery Stores Charles Clore, the takeover entered the lists with an offer that expped the other two. This specialist

already huge retalling concern has who bosses an industrial empire fewer than 673 shops and stores with interests ranging from in England, Scotland and Ire- shoes to ships, has with lund ang ahoard ships. drawn his bid for Watney- Mann. But # merger

The Value

LONDON between two other famous It has 1 department, stores,

breweries, Ind Coope and | 060

Mergers Are Talk Of City

details of its counter-offer pro- mised after Harrod's directors had recommended the acceptance

of Deberdar's bid,

One of the drawbacks of its

original offer was that it was to

be

paid largely in ita own "ordinary shares" which carried une vote for each 20 units. De-

berham's and United Drepery's offers were entirely in their own shores, but these entry full voting rights.

In the voting power, esfli have Harrod's share would been world tour votes in the Debigham's group,

or three Drapery,

Wall Street Tumbles

High

From

New York, June 30. and 3) but to united if a The stock market suffered from heat exhaustion just before the close today and tumbled from its high.

men's tailor shops, 75

in the House of Fraser Taylor Walker, looks like women's clothes shops, 49 credit

Exbiro. shops and 35 retall diaper stores aboard ships..

BECOMESoing through."

to

MIXED

London, June 30.- The stock market reacted in mixed fashion today the Government's glowing acest of Bri- fain's booming economy.

rlosed Gil-edged Begurities quiet as on.

Baltie bouts

Huyed {1;}

The Battle

of insurance, In the world Yorkshire Insurance and Nor wich Union are bidnig against cach other for control of Scot-1 Ush Union

National the Insurance. And on

Junt front, directors of Chivers have advise shareholders to accept a Liti from Schweppes

fume) rather than one drink from Saint Martin Preserving.

are alleklers ong share-one

Denguel Cana.

Bethlehem Steel

Boeing Airplans Borden (The) Cu. Burroughs Add Machine Firitish Amer. Ofl

expecially Me skareholders,

for Some of its issues which were, Beneficial Finance The value of various offers institutions,

features most of the Bendix Aviation Corp. vole Upside for Jarrod's fluctuated with the

sussion wound up on the down- the market prices of the bid-principle.

Frasxr had side-American Motors, Bruns- ding companies' shares which Now House of

wick Balkde, Polaroid, Texas the value of 113 they were offering in full or increased

Instruments, Alcon and others.

There was nothing specific payment for Harrod's offer-in money terms, probably pari stock

by about 2/0-by giving full

in the news to account for the But at the end of the week. voting

its to

"A" power

inte

spoil. sinking

Some with Harrod's

Mr £1 ordinary.

Fraser traders shares.

that speculated ordinary shares standing at 129 shillings, said

no connection market's this had

Toiture to brenk United Drapery were leading the

ientative with his whatever

(of soft field, is offer pul a value proposals regarding Harrod's through in all-time highs in the

of

From-

But the lake-over battle thaj has really caught the pubila that now imagination, is raging for the control Harrod's, the famous Knights. claims.

bridge store where the rich go to shop,

the news that Russia is willing to discuss

post-1939 Dolne stocks were mixed.

Stores. and breweries WITH Irregular. Building and engineer- inst shores scored several gains but motors tended 10 ets

stocks were Several blue chip

good features,

Events have moved swiftly in the past week and it is clear that many more shots will be | Fred before the cutcome of this I began with battle is decided. Cold shares were irregularly bid for Harrod's by the House lof Fraser which comprises 43 Other lower.

metals were

department stores and 17 other generally dull.

retail outlets in men's tailoring, wennen's clothes and furniture.

Oils were quiel with Ultramar down over two shillings.

Banking shares

Hul the buurd of Harry's hareholders to

advised their 47°C

dued brut insurances higher,

sub- were

Courtaulda - In textiles yonce 1948 to 37- following the angst report.

·

Other good features included British Oxygen, Dunlops, Hovls. Santis Trust, Reckits

Booker Brothers---UPI,

Closing Prices

Giltedged_Bondi

Brush Transport

GO.

Corals 24 (529

Con 4 £77.

3

www. DIGO C

Conversion

B

Facing

I

-204-8/10

£73.

Faceling Lonn 4.

A90-13/10.

Findete Stock 3. $598.2

190/70-R1,

Savings 3, 1965/45 - EPI”; Savings Savings 3 1065/75--277-3/10.

Collarsley'

anit

/**

Banks Bank "A" Ltd ord-

Chartered Bank-44 64. Hongkoni-£54.

Uniun £4-7/10

Ineurshro

Inuk

canton-

Alreratę, zod Stelors riti-11 Motor Comp. Ord F15 7.03.

ud

Brewerles

Distillers C--20 4524.

Building and Materials

Arsoclated

"Portland Cement-07

Plochin Johton Astelater Ord- 22 10.

Coal, Steel and Engineering Babcock & Wilcox, d-- 31. Vickery Ltd J.

Food and Tobacco

British American Tub. Co., Ltd- $61.

Imperial Tobacco Co., Lau-t

Gd.

Drd-425 365

Miscelaneous British Oxygen Lid.

Canadian Paelle Ily-45245. Dual Rubber Co-208 7. Hongkong & Calus Gns-1.9. Imperial Chemical-95 20. Lyon Co-70 Dt. Unlever -90 1044.

AGAI

kreept an offer received a day or two later from Debenham's, who have 112 department stores ["I Bellin Fetel [Wo more abund

18 shops Felllat Women's clotites.

RONALD BOXALL

He had had the matter under ux sideration for

"great number of yours."*

EL

Shareholders

averages brought new into the list.

al the

relling

Call. Parking Corp.

016

56

Page

ANSPORTATION

FAIREY

ROTODYNE -THE PLANE OF TOMORROW

By SQN-LDR RONALD GELLATLY

IT is easy to appear over-enthusiastic about the Fairey Rotodyne. Even if it were an ordinary helicopter it would be outstanding, as we were able to show in January of this year by flying it around a 100-kilometres course at a world record speed of 190.9 miles per hour.

but there

This exceeded by 20 miles per We had tasted some of its ranin 3736 hour the fastest spord over, re-design features and actual com- 0013, corded officially by any other ponents on the single-england

rotor-craft, and did it over the Gyrodyne helicopter;

of distance that bort passenger carrying helicopter will often fly in service and un cruising powET,

D

However, the Rotodyne is not an ordinary helicopter, 1 is n vertical take-off airliner, which works Bike a helicopter only landing. during take-off and

3712

3816

Cana. Dk, of Comum.

01

Campbell Boup Co.

45

the

Canadian Pacita R.

2011

Caso (J. t. Ca.

2212

Cat. Tractor

1100

Celanene Согр.

****

54

13.b

003

424

37

For D3 per cent of every flight, so far as its pliot and passengers

62

3511

51

10%

S.LT. Financial Corp. Chase Manhat, Dark Chryster Motors

Cluett Peabody Colgate-Palinolive Co. Colombian Cathon Co. Commercial Credit .. Consolidated Edison follow-Continentul Oll of Del.

Crane Co. Crown Zellerbarn Cuban Arner. Bugar Diamond Alkali Diamond Gard Domision Stores Douglas Alreralt Dow Chemiesly

highs

a disappointment

Late Selling Despite the late seling, the market finished a bit higher on balance with some of the issues

ured to outside the group

the average scoring compile gains running to two points or

The industrial average in the past two Lessons went through its all-time high al 1 pm, only to be knocked back by proft

Fallure of ladking. At the opening of the second through support week of this tremendous three- was termed comered battle for the control in the street. of Harrod's, United Drapery But still ahead. Slores Arc their lead has been reduced by House of Fraser-which has yet I announce its counter-offer.

Whatever happens in the next few days, liarrod's shareholders will

several of it come out million pounds richer. Their shores have gone up by 33/9 10 120 shilings, since the rumours began to circulate that a bidder was in the market for their company, and it looks ns if they are going to get a bet- The Ligue is offer before But the battle is not by ang ter Riens VLP. For the House of finally decided. London Ex- Fruser has still to make known press Service.

134/9d on the Harrod's shares und assuming a total value of 40 shillings for the

vole- £1 carrying preference shares a total value of £35,000,000 Harral's business.

on

and House fif Debenham's Fraser's offers came out roughly vital at between 123 shillings and 124 shillings for the shares and between £32,000,000 and £33,000,000 for the busi11455.

Anglo-Chinese Trade Not

London, June 30.

Although Jatest official Fulfilling Hopes

statistics show

sizable increase

eur

11

to

more.

At the close, Texas Instru-

more than seven nienis was off and Poinreid and. Ampex were down more than 4% after ruling higher earlier in the session.

Today's volume was 3,200,000 shares.

a total 1,216 issues traded OI 501 were higher and 423 lower,

American Exchange

Closing Prices

Abitibi Pwr. & Paper

Alden Inc. Ary.

Algems Stem Corp. Allied Chemicale Alled Milin The. Allis-Chalmers Am Brake Shor Airline

Amer cable & Radio

Corp.

American Cyanami Co. of existing in- Amir. & Forgn. Power

in Government. Thus the 1958/59 | Britain are being limited Anglo-Chinese trade, rice crop was estimated at 148 essential requirements for the private reports from million tons from a cultivated maintenance

area of 80 million acres. This dustrial machinery. China trade quarters would mean a yield of almost

It is significant, trade quar- much two tons per acic, or t

out, that China's said today that

Uan higher yield

anythingers pointed

the exports to Hongkong, which are rent business between achieved anywhere else in

a had to mouth the two countries is world, which is considered here mainly

nature, have fallen this year as highly improbable, extremely quiet.

by 23 per cent while at the

time

Iren purchases have Increased.

It is also far from Culling hops expressed this time last year when Britain fted the so- called strategie embargə on |wide humber of goods export.2

to China.

Ja

"f to

r'

British feial trade Bur for the first five months of this

the value year show that United Kingdom exporta China was £9.5 million? (in-

C0.3 million of cluding exports), an increase of inor than 80 per cent while that of British imports from China was

£7.1 million, an increase of more than 40 per cent on the of 1958.

trade that these igures reflect the rush at con-

is suggested in

of

It is noted here that due to seme Insuficient means of exchanges, Hongkong current Chinese purchases In AFP.

Yesterday's Closing

Ain. Gas & Electric

Am. Nature Gar American Smelling Am. Sugar Rel. Ainerion Tel &

American Tob. *D*

30

3014

4912

Dupont de Ninours

Eastern Aletine Eastman Kodak (El Paso National Car

Family Finance Corp, Firestone Tyre & Hubber

Firm Nat, City Bank

Ford Motor.... Georgia Parifie General Dynainles General Electric General Foods Geroral Mo(97% Gen, Puts. Unl

Gen. Tyre & Rubber

Getty Oll

Gidden Co,

Goodrich (B. F.) Co.

Goodyear Tyre

Gruinming Alterati

Gulf Oli

Katser Industry

24612

057

34x8

77%

74%

473%

549%

BU

3212

difference

the Roto- weigh more

is a great deal of between the 0,000 pounds two- seat Gyrodyne and dyne, which will

in its 57/45-sesit an 22 tons

form, with production $,000 arse power Rolls-Royco Tyne turbo-props.

STABILITY

tivo

In the event, the Rotodyno

pre concerned, it will be indis- showed itself so stable in light

from normal compared with all other unguishablo twin-engined fixed-wing

hell-

that

arcopters, large and small,

we were able to Corgot about liner. Its big four-bladed rotor will continue to windmill in the flying it straight and level dur- sirflow, providing a lot of ft;ing transition and simply con- but those on board will be able centrate on working out the cor- As reet conversion technique. to forget it.

a rosult, we progressed so well that we were able to make tho first full transition on April 10, 1950, only Ave months after the first flight,

TWO JOBS

the

This is possible because aircraft's two turboprop engines

Since then, conversions

Have

during

this stage,

can work in two entirely differ- ent ways. During take-off and landing they supply compressed zir to powerful pressure-jet become routine units on the tips of the rotor flights, and even at

passengers are unable to detect blades. These drive the rolog —— still the safest and most efficient that transition has taken place, device for ouhleving vertient because the switching at power Olight for take-off and landing. from the tip-jets to the propel

gradual se In cruise the jets on the rotor lor is smooth and

the aircraft gathers spoed, over Ups are shut down and

then drive propel a period of perhaps 25 seconds, Ltirbo-propa lers in the normal manner, giv-One day the process might even be automatic, because aur aim ing forward speed far above

is to make life as easy 35 that of any other rotar-craft.

Obviously this will be fine for possible for the Rotodyne pilot; that but we just remember passengers, who will be able to

fully automatic flight is still a catch a helicopter, "at-hits" mt

for fixed- hellports in the centres of large long way off, even cflies instead of having to travel wing airliners.

If, as seems almost certain, miles by road to the nearest air-

the Roto-the pilot will have down many Tor. And becouse dyne will offer a door-to-door hours alcatty on smaller, tar- service, its eventual over-200 bine-powered helicopters when miles per hour cruising speed he sits on the flight deck for the will have the overall journey hit time, he should need only ilme scheduled today for routes 30 to 50 hours such as London-to-Paris by 300 before taking over as captain.

Of course, not all the prob- hour mlics per airways conch,

Equally obvious is that such business, great advances cannot be mario Rotodyne can fulfi its promise overnight. It is little more them of bringing or transport right 10 months since the aircraft into the heart of cilies only if it flow for the first time, and quite Can

alrliner

tamarisation

cr

lems concern my side of the

For

example, the

a lot remains to be done before

volume

Hammond Organ

Heyden Newport Cerp.

was 1,100,000 shares.

Homeslake Mining Co.

Bonds volume amounted to $6,700,000.

Huennan Refrig.

210

Idaho Power

Imperial OU

421

Ingersoll Inn

100

Inland Steel Co.

52

Interchemical Corp.

$3014

Int'l Busines Machines

Int Harvester...

International Nickel

97

21G

International Paper

120

415 In Tri & Tel... 30

Jolu-Manville Co...

321

Siti

177

2015 Kanna Ke Prwer & Light

V

Kennecott Copper

1042

103

Kimberly Clark

70

414 Liggett Meyers Tob. Ca.

01

Lily Tulip .....

50%

Lilion Ind.

113

Am. Hone Prod

1651%

Am. Mach. & Frary. American Metal

949

Torkheed Alrerart

2014

Loews Incorp.

2011

3015

62

Lone Star Cement Co.

32

451

Lowenstein & Sons,

2046

a

McDermott J. Ray

3011

Te

001

MeDonnell Alceratt

101

9615

Mesabi Iron Corp.

34

4

Mission Development Mansanto Chemical Co.

2411

3314

Armour

Montgomery Ward

AR

paying passETULETS,

Baldwin Lima-FLATTL

Alla Cons. Mining

1315 Motorola Inc. ...

114

15

Bank of Montreal

National Biscuit Co. National Cash Reg. "A" National Dairy Prod.

AIRWORTHINESS

021

the very few helicopters

National Lead

1046

National Steel Corp.

New York Central

20

Nurato Miner Ltd.

50%

Norfolk & Welm Ry.

177

North Amer. Aviation

447%

Northwest Airlines (Com.)

301

Ol Mathlean

Olla Elevators

18

Oven-Bols Glass

100

Oxford Paper Co.

34

Pacific Gas & Elec.

CO

Pan American Airways

20%

the

Paramount Pictures

Parke Davis Co

Penny J. C. Co.

112

Do

30

BITS

10%

4184

Gal

Ausarenda Copper

Armoo Steel

COMMODITY PRICES

SUCAR

NEW YORK

It

All prices in cents per lb.:

Pas signed immediately after

the lifting of the embargo,

may well be that current trends Contract No. 4 (world) will be reflected in the trade Agures which will be published July

later this year.

MAIN REASON

3t.

Bowater Paper Corn Ord–434. Hadio and Electrical

Associated Electrical-5 Electrical & Musical–641. Eng Electric Coud! 21 (4), General Electrle-i u.

Indo-China Steam Nav. Co. det orth 270

Shipping

TO Elan Navigation de! erd

---35p 7.

Aleres

Universal Stores "A"-41 Great 1040

Marks & Spencer Ltu-GGA TIŠU. Woolworth

4140.

Textiles Coats J. 1971 ed. Courtaulds Ltd--30%.

LONDON

All prices in pence per lb.

No. 1 Hot Settlement house term

2713-0715

2711-27

277-2735

2741-279% * 273 General markets, cf. basin, porte:

2722-2715 2714-2745

-July/Sept.

Del/Dec,

Jan/Mar

April/Jute

July

Sept.

2.00

2.73-74

Estate erope thin July

Estate Crepe thick July ..

-UPL

ឥត់ឥដ្ឋ

Sept.

Oct.

Jan.

Mar.

May

July

Sept

Sint-fo.b, Cubaj

Open interest: 7,740 contracte.

The inain neuron why the im- pelur given to Anglo-Chinese tradulual year was not main-

Sources sald. Contract No. 6 (domestlo) tuined, the same le that the availability

July port surpluses in China, expe-

cartain Sept elally foodstuffs and

Nov inaterials such Mar. industrial raw

of ex-

forelim trade, are not up to expectn tions,

METALS

-NEW YORK

COTTON

NEW YORK

All prices in cents per, lb. Spot: 35.50; July: 34.00: Get: 3231: Dec: 32.31 Mar 12.04; May: 32.70; July: 1220; Oel: 30.25; Dee: 20.20. NEW ORLEANS

All prices in cents per ib. Spot: 34.77: July: 32; Oct: 2232; Dec: 32,50; Mar: 32.72; May: 32.30; July: 36.32; Oct: 30.32: Dec: 32.20.

LIVERPOOL

All prices in pence per lời

American Contract

-July/Aug: 2281: Oct Nov: 21.89: Dec./Jan: 21,40 Mar/April: 2130 May/June: 21.03.

Mixed Contract July/Aug: 2291; Oct/Nov:

21.66; Mar/Apr: Dec/Jan:

Closing prices, all in cents per May/June: 71.30.

5.00

F.

W. CODIS.

as raw cotton, and which must Spot-(elf, NY. ex-duty

Open Interest: 3,151′′ contracts | ligḥ.: be the basis of any long term

UFL. increase in Chian's

5,00

Load

July

SKOL

RUBBER

Zine

July

Beat.

Copper

July

Sept.

Tin

July

Sep1.

closing

Miner

Angio-American Corp of Bouth Africa-100%

Core Cpidfields of South Africa-- 703 4140

Cong. Zine Corp. Ord--02# 34. De Beers det-1000.

Free State Development & Invest- ment- $5.

Hongkong Ti—® Jaya.

Pets

"ri=3s 10)ąd.

Last year some fautustic etalins were made in China us: regards the quantities of cash will be available crops which for export. So much so that planners some of the Chinese

which mude these clalms were rebuked by the Peking

NEW YORK

futures Nex rubber news prices, all in cents per lb.:

July: 33.00; Sept: 33.35; Nov: 33: 32.80; May: 32.00;

paper Red Flag, who wrote in

Southern Kinta Cons Lid-211 by the British "China Associa~ | July: "32.05.

u recent editorial quoted today Jane 3283; Mar:

tion" that "targets should not

be formulated in the imaghia-

SINGAPORE

West Rand Cone-306 1955.

A

tion of a handful of people de-

Union Corp--63 34 West Driefontein Goldmining-130

Oil

No. 1 July

2o. 1 Aug.

No. 2 Jul

No. 3 July

Per Salt Co.

Philip Morris

Vimney Bowes

Procter & Gamble Co. Pittsburgh Plate Glass Publieker Industries Pure Oil******

Italio Corporation Redio Curp. Pref. Raytheon

iepublie Steal Reynolds. Metal

& Co.

Royal Barsk of Canada Sears. Toebuck Shell Oil Co. Sateway Stores Saint Reg. Paper Schenley In Scott Paper Sinclair Oli

Smith, Cline & French

Solar Adrera!t

Bocony Maba câ

South Puerto Rico Bugar Sauther Co. The

30%

Southern Nalford Cros Eouthern Ballway (Com) Standard Brands Standard Dil of Co.

21 Standard dand 21.40:1 of NJ,

Steep lock ... Sterling Drug, Ca,

SAO PAULO (All prices in cruzeiro per Stokely-Van Camp. kito)

Stone & Webster Studebaker-akard Corp. July: $1.49 Oel: 01.00,

Sunshins Mig Average price in U.S. at 14 Swart & Co. designated spot markets: 34.38 Texas Co. 11.056 cents. Total sales; 12,630 bales.Textron Ino,

on

28.001

20.035

103,00)

103,00

LONDON

Closing prices, all in sterling per long ton, unofficial afternoon Bessione

Duyers Betiere

Tin

70216

Spat All prices in Straits cents hind closed doors. They tould per lb. fo.b. Malayan porta;

positi Copper refrain from replacing reality British Borner Petroleum Byndle by imagination.

5-month calools 34.**

995-2016 Load End hail Britia Petroleum

This is belleved to refer to Co.. Fl

June oxaggerated estimates concern-

Bept. 01-01%2C and "half" Petroleuming agricultural output made by

June Chinese dicials solely for the

Bept. purpose of Impressing the

Dutch

M.

Burak-129. Royal 15-7/52. "Shell" Transport

Trading-13da

No. 4 July Bp01 rubber unbaled Blanket Crépè

Nod pale

UPI...

FOREIGN EXCHANGE

NEW YORK Closing rates! Canada .... England omis

LONDON Closing rates: New York Montreal Sortendums Bramle

1.04.3/4

Thickol Cherfi vrage Tide Water Aen. Gil

Tri-Cont. Warrants

Twentieth Century Fox T Union Carbide

Union of Cal Union Pacific Railway United, Alteraft

Hilted, Fruit

United Gas Corp.

V.B. Fol "n'

UB, Cyprum US. Line Co.

16.8. Rubber U.. Smelling

2.51 6/10. Strol

2.010/10-2.01_7/10 1.00 1/2-1.00 B/W 10.00 1/2-10,00 3/4 140 43 1/2-145,47 1/4 19.347/6-19.33 1/2 19.11 8/8-12.11 770 -UPI.

Warner Bros. **** Waukesha Motors Westinghouse Air Brake Westinghouse Electric Western Union Tol. Co. Wow Vo. Pulp & Paper Winn-Dixie Store Woolworth (KW) Zenith Radio

4046

it is ready to carry its first are

be

flown safely in all weathers and if its noise level is

acceptable.

INSTRUMENTS NEEDED

All-weather flying demands

But the fact that it is one of Instrumentation that does not

with exist yet. Nevertheless, the in-

radar

give

navigation 115 the and

pre-

no transmission shafts has saved strument and equipment inakers Fairey from a great deal of de- are working to adapt

alds velopment and everything we sent

accurate have done so far makes us feel and that there should be no major altimeters

airspeed hindrance to our getting a Certi-Indicators that we want, before ficate of Alwarthines by 1904. the Rotodyne is ready for ser- This is surely confrmet by the vice. Even with precent in- action of New York Airways instruments, because of the air- United States of America craft's remarkable stability, wo and Okanagra Helicopters of have no qualms about approach- Vancouver, Comada both ofing and landing through tog that which grounds all other nircraft. whom have dready said they will order Rotodyne As for noise, it should be for their passenger vervices. borne in mind that the Tynes When I took the prototype will be a good deal quieter than into the air for the Arst umo on the present Blinds. By the November 6, 1957, it was very lime we have fitted allers the much an unknown quantity. notse level should be down to about 97 decibels, and it wil bo a low-frequency note, far les the high- unpleasant

Lot us admit now that a large

the

thing

Qantas Postponement quency kind

than

TRAVEL Trade Gazette reports aircraft with a 10,000 hp. rotor Quntos Empire Airways can never be quiet during take- has postponed the date for Its off, but it will be far less nerVC- the DELO- Arst Boeing jet service from shattering

of iron-shod London to Australia from July familar clatter 31 to September 7, due to whoels on London's cobbled the Inter trams. avaldable delay in the delivery streets, or

Thuso particular vehicles de of aircraft.

appeared because they were in- The Arst Qantas lot light will

011 July 29, as efficient, not because they were leave Sydney

The Rotodyne is the noisy, planned, but will operate

tomorrow, offering vehicle of to San Francisco, the onward standards of speed, convenience route to London via New York and efficiency altogether new to being maintained with Super aviation, of the kind of fores Constellations.

only

that even a bus-traveller will be able to afford.

FAIREY ROTODYNE