1959-11-04 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, NOVEMBER 4, 1959.

Protecting The Shareholder

London Code Of Conduct

Closes Steady

Drawn Up

- London, Nov. 3.

The undertone of the stock i

HONGKONG U.S. Car Makers

STOCK

For 'Take-Overs' EXCHANGE

By AN ECONomic corresPONDENT

London, Nov. 3.

market today remained One of the first things to strike me

sleady in most trials.

indus.

Favourable earnings repris

and good eumpany

sufficient to put some prives to

rise. Stores made

news were.

a good re-

1

covery from the initial casinessS

when I read the new conduct code for Britain's take-ovor bidders the apparently studied

terms

was

non-use

of

"take-over” and “bid.”

cumfess thart

my first be given ample time to consider that as a general rule

but falls predominated particu- reaction was that the top brass offers! larly

, וּשׁ

Our Own Correspondcal

Bustices dona at the Hem-

kong Stock Exchange this morn. Counted to approximately

$1,500,000, Neon quotations nad the mening's tratwacilons:

Buyers Reiters Shares ILK. Back vis 1030 10 1020 Union. XD

组 Wheelock ù co

(23 textiles. electrical, of the city's institutions who offer should be for all of

had formulated the code at the company's share empital not Just Doch

moices and breweries.

6.35

Bater

440 6 0.00

4000 8.00)

10000 $1,05

2000 + 0.65

0,70

100

K. Wharf..

116 BT B

121

100 300

400 50

301

I.K. Hotel.

2 37.

Gold shares were quiet with suggestion falls

of the governor ef¦ part of it; and that shareholders slightly predominating.the Bank of England, were be told fully how proposed com- Diamonds made further good being uncharacteristically mealy-pensation payments to affected | Provident 14.70 14.00 headway.

were mixed i mouthed. Coppers

("Notes on the directors have been reached. but line continued to forge Amalgamations of British Plainly the city men bone phesari. Les

zines were Businesses" was what they call that this new

code will make neglected.

their set of rules).

unnecessary any Government action uvor take-overs. Not, lel hasten to add, for

any sinister rensong.

Oils moved narrowly wore little changed.

Rubbers

strongly.UPL

and

advanced

On a more nature reflection I appreciated that what I took for euphemism

me

Closing Prices

Gilledged Bonds

„Dritidi Transport – 377, 1970-48- - 100%

Consola 21-£2.

Console 45-70-15/10.

Conversio Loatt 3***

£07%

Funding Loan 3%, 10989-elon. Funding Block 1 1D09/2004- 474-7/10.

kd

Funding

921

La

100 (0

£127-3/10.

Savings 9, 1165/65 Savings . 1900/70-6033 ̧. Savings 32, 1965/75-£Th

Banks

Barclay's Bank "A" Ltd and-Gl■

Chartered Bank-618 34. Hongkong--. 50.

Insurance

Union Insurance Canton-£3-7/18.

Aircraft and Molora

Ord-2

Britian Motor Corp.

d.

Ford Motor

Rootes Lid 11 140.

Standard Triumph International— ນ. *!d.

Trewesten

Dialers Co---33 61.

Buliding and Material

Associated

Jd.

Portland Cement-1th

Pineliin Jalinnon Autoclates Ord 205 44.

Coal, Steel & Engineering

Babcock & Wilcox Lid-415 2016. Vickers Lid-321.

Food and Tobacco British American Tob. Co., Ltd- 01 10.

Imperial Tobacco Co., Lid-49¢ Ed.

Miscellaneous

Boardman Marden L4d-3) 10154. British Oxygen Lid. On-70. Canadian Pacile y---$48. Dunlop Rubber Comáis 411⁄2d. Hongkong China Gina-130, Imperial Chemical-54 d. Lyons & Co--80% $7;4. Unilever Ltd-127% 1011⁄2d.

I'nber Bowater Paper Comp Dra-08 04.

Radio and Electrical Associated Electrical--04a 80. Electrical & Mur:cal-81 34. English Electrie Co-429. General Electric Đ

Shipping

Bleam Nav. Co. PO Steam Navigation def and

Indo-China

and - 329,

35% 11.

Atores

Great Univerzal Stores "A"-67

44.

Marks & Spencer L4d-75% Cd. Woolworth P. V. & Co-tin d. Textiles

Coats J&P Ltd-339 7d. Courtaulda "Lid=124 öd.

Miner

Anglo-American

Afriņā—1978 0.

et

Corp of South

Cone Coldfields of South Africa

Con, Zine Corp. Ord-743 DJ. De Beers del-10m

$350.

Free Sinte Development & Invest- ment- 4ld.

Hengkung TB-89 1ad.

bd

Tine

Rand100%

d.

Union Corp-70% 10%.

West Driefontein Goldmining-1864

West Rand Con-23s 'od.

British Borneo Petroleum Syndi- cate-63 d

飯

Britial troleum

od

Durmah-4.

Co., Lld

Royal Dutch Petroleum-15-8/18,

Shell Transport & Trading--149 3, Beuler.

sence.

นะมะ common-

Harmless

"Take-over" and "bid" essentially harmless terms.

HK Land .. 371, 379,

68%

Badly Affected

By Steel Strike

New York, Nov. 3.

Unemployment benefits for the steel strikers and for those in allied industries affected almost immediately by the strike will soon he running out. To workers in other industries, especial- ly the enormous motor industry, unemploy ment has come more recently,

In the last two weeks, the will begin for all workers mexi Teries have been dosing empidly. I month. It has laid off no men The worst hit of the Detroit Digso for, but some iny-offs are The is General Motors, the įregarded as likely before Christ- world's biggest motor manufac-mus,

500 STIL turer, Alor among the Big 500 0 14.80 Three, GM did not lay in big 200 32 251)

100 ur 32.25 supplies of steel in anticipation 200 m 22.25 of a long drawn-out strikes and 500 4432 has no facilities like the Ford 300 & 37.8

its own. Company for making 200 37.23

Motors has now vir- 300 3:25 General 500 i 37.25tually halted all its production

Humphreys

1.55 1.975 6000 67 1.65

For their own good name city Really men would rather be

to order than have a large slice of have put their own house it:

population believe Phot had to do it for

But the their use in lurid contexts has Government given Chem #+ hostile natum. Sinixler connotation. Thus they

have cone-in inition--to Fallen Short

Rack of buccaneering and ark. ploitings.

Now it is a well-known fact that you need only give a dog a bad name in order to hang it.

The "lake-over" or "amalga mation" 13

dog which businessmen believe contributes {largely to the progres of an expanding economy and there- ifore a dog they would rather

remained unhung.

Understandably then they have been at pains to let the public see that the animal at issue is a useful dog and not a slovering wolf and that their sole concern is to see that he tomports himself properly,

ACABER Amsig

of

3000 1.015

2000 - 1.63 20000 1.03

50000 + 1:55 10000 1.6

325

3500 3.3%

250)

1700

3.75 3.75

1000 47373

A FO

ནོ

303

TIES

.....

3 31.75

Sangala Trust XD A. Tawan

200 311⁄2 1000 31.25

123 50 125

133 334

124

20.40 2012

Where I feel the authors

in not hammering home the fael the "holes" have fallen short is

that they began their work as far back as July and that their efforts are not a panicky cover-1 Feat un as the result of more recent Star Ferry affairs.

guout! In other words that they saw C. Light the need for a code of conduct before the trsue becante popular.

of the widespread | Elecizie ..... In view misconception of business affairs this is not a frivolous point.

And there is one

point emerging from the "notes". of whieh crities of the city and its Electric Nis 13.70 1430 affairs should take note: that bacao E.11.20 Four Guides throughout there is emphasiset Telephone 20.83

the ultimate sovereignty of the Plainly realising that much of shareholder, the ordinary man. the popular suspicion of take-London Express Service, over bids stems front much- publicised

whore a bid

Capes

has been opposed by the board of the company at stake or has been made over their head direct tu shareholders, jauthors of

conduct have laid down four guiding principles;

the

the code

• There should be no inter- ference with free market in sharos and sccurities of com- panies.

It is for a shareholder to decide for hingeif whether sell or retain his shares.

to

• To enable him to come lu

a considered decision the share holder should have in suitable form and at the right time all relevant information and it is The duty of the boord of the company to make every effort to ensure that such information Is provided and to their advice,

give him

Every effort should be made lo irvoid disturbance in

Rubber

Experts

To Meet

Kuala Lumpur, Nov. 3. The International Rubber Study Group will hold its first conference in Malaya

in September next year.

2000 or 2002

1000 23.5

200 23.49 500X 299.50

2300 a 20 40

24.80.20.10

2729 & 30,30 20 23.20

300 W 23.2

ANDUSTRIALS

Centen ... 30 36.75

Ainoy Can STORES, ETC. Dairy

Watson Lane. Craw. COTTONS Texlifes Nanyang

20.30 20.00

1000 + 25

200

500

33214.10

30 100

200 6

200 30.25 3000

1500 30

10063;

200 36.75

100 30.73

200 60 36.75

200 +4

237 14 3715

500

500 20.40

500 120.40

10 00

24.30

9.60

14.80 15.40 2000 21 13.60

200 or 15.50 2000. 15.40

MISCELLANEOUS

INVESTMENTS

Int.

0.85

4.025

of Trade and Commerce

A spokesman of the Ministry Vibro..... 14,20

said that the dates and venue of the Allied meeting have not been fixed.

More than 150 experts from

the normal price level of shares 22 countries were expected to

until relevant information has discuss been made available.

Other Points

duction

natural rubber pro-

Next year's conference will be the Group's 15th erszdan. Other points made In the Malaya attended the group's "notes" are that a bidder should conference for the first time supply evidence that he has last year. In the past, Malaya money to back his offer; that it formed part of the British dele- is advisable to make offers galion to such annual meeting. direct to boards of directors and The spokesman said that the

to name the principal behind meeting had a special signife. the bid; that whenever bid is ance to this country because of made shareholders in the "bid Mniaya's position as one of the company should be given leading producers of natural all the information they need rubber in the world today- that secrecy should be observed UPI.

for

during talks likely to lead to a

bid; that shareholders should

U.S. Not To Remove

Restrictions On Agricultural Produce

Tokyo, Nov. 3.

The United States has rejected appeals from other parties in the General Agreement on Tariffs and Trade to remove or reduce her present restrictions on imports of agricultural pro- ducts.

A spokesman for the 15th

Session of Gatt parties

In this case no change had

requested.

Cormities

are con-

said been today the Unice Slates waiver of the 18th Session

agreement tinuing their examination of un other problema restric-

of the rules of the

remained unchanged after a tals Bession today of the conference's Primarily involved are Working Party on the General flans applied by members under Problem of Waivers for fann the escape clauses in the ruler.

products.

· PERMANENT

The Balance of Payments Committee today continued its

work and a conference officer

The Committee, he said, to- sold it was expected to report to

day completed a hearing of the a plenary session of delegates

United States report

on its to-morrow, Committee meet-

Yesterday's Closing

1000 15,49 500 15.30 500 15.03

115.20 1000 15.10

NO LONGER MADE

Only a few Chevrolet Cor- vairs, the company's new bid small car market are for the still rolling oll production lines. Cadillacs Pontlács, Oldsmobiles and Bucks no longer being made. Altogether the great corporation has inld of more then 180,000 workers In its fue- tories all over the country.

REDUCED WEEK

Chrysler, which had big steel reserves, has only laid off 3,000 workers so far, but many plants are already running n reduced week and company officials will not predict regular production

Pago 9

Shipbuilders In Europe Now

Rival With Japan

HIPBUILDERS in Europe have caught up with

SH

Japan and in several cases are now able to underquote Japanese builders in tendering for new contracts, according to British shipbrokers Harley Mullion & Co in its latest ship sale and purchase market report.

It said: "This is true both is to price and delivery and even.! In some cases for delerred terms of payment. Particularly signi- ficant is the realistic attitude of

Tug's Engine

NE of the latest tugs to come into operation on

the 10051 competitive. Deferred ternis for 10 years for up to 75 per cent of the pur- chase price can be secured at the river Thames is a 100 ft. prices which compare favourably vessel powered by o Mirrloes six-cylinder diesel. The tug., A combination of factors, aids Sun XXI, is owned by the report, has caused a slightlyW. H. J. Alexander, Ltd..

with any others on this Con- dineral."

beyond the end of November. Norwegian shipyards, who of all Control System Original estimates called for European yards are now prob- 630,000 cars to be built duringi ably November.

Industry experta yesterday rovised this estimate to less than that

gure and it is

further expreted to drop were

the next few days.

American Motors and Studebilar-Pacicard, the com- panies already specialising in

smaller

in large supplies of steel and have said they can last with a full pro- quellon schedule at least until the end of next month.China Mall Special.

The situation for Ford and Chrysler is only a little brighter.

Despite

the fact that "Ford miker 50 per cent of its own

it steel, announced yesterday that a three and four-day week

care, ild

Australia's Bid

To Achieve

Price Stability

Canberra, Nov. 3, The Australian Treasurer, Mr Harold Holt, said here today that because of world supply and demand, countries producing primary goods might have to face a long period of relatively

unfavourable terms of trade.

cuse

Addressing the Common- Mr Holt said that Australia

worried la wealth Parliamentary Associa- | was

there flon Conference, which had its should be an intensification of first ful session today. Mr Holt "protectionism"

mem- among said Australia was actively en-

ថវ

economic Europorn aged in seeking some practical communilles in favour cf pri-

of achieving

products from Those mary prze stability for primary producis,

areas. Commonwealth countries, 05

means

500 4.25 parties to Gatt, could combine to make it more effective in the promotion of fair trading prae- Lices,

U.S. MARKETS

CLOSED

New York, Nov. 8. All markets except Chi- grain and foreign exchanzo

markets were closed Lodzy for obser- vance of Election Day. — UPL

NO RESTRICTIONS

In his speech, released

after

bers

Ausarai, he sak, lavoured

of a the creation

European cecnomic community with the "widest baels of membership,"

INTEGRATION

He went on, "I believe must do, all that

we

we can

to-

the session which was held in gether to prumute closer in- serrer Holt oled that integration of trade in Europe" as Commonwealth well as to discourage any form recent

moving of protectionism which violated gradually away from discrimina-principles embodied in Gatt. iory restrictions on trade and

yeas countries had been

Australia was concerned that

bayments and said that so per the six nations of the European

cent of Australian imports were

Common Market were apparent- now free of such restrictions. ly unwilling to be associated "We are aiming at getting rid with a wider European economle of discrimination allogether community. quickly as possible," he said.

COMMODITY PRICES

COTTON

LIVERPOOL'

Closing pricus all in pence per

lb.:

American

March/April July/Aug.

Dec./Jan.

May/June

Oct/Nov.

No. 4 Nov.

Spot rubber unbated

Blanket crepe

20. 1 pale crepe

LONDON

132-134

Copper

Spot

-month Lead 1st half Nov.

Feb.

Feb...

Closing prices all in penco Zinc Ta half Nov. per Ib.:

No. 1 spot d 3814 nom.

Bettlement hours term:

331-34

Doc.

Jan./March

July/Sept.

April/June

Oct./Dec.

Jatt./Mar

unquoted

General markets, eit, baris, posts;

Contract

21.30

21 30

22.06

Nov.

Dec.

Mixed Contract

22.15

Dec/Jan, March/April

May/June July/Aug

Oct/Noy.

RUBBER

*1.10

SINGAPORE Closing prices all in Strolls

palicice towards farm products. Ings for the present sesalan of centa per lh. Lob. Malayan The United States walver was the Goth parties began

perrionet waiver' subject month end - aro

u

Tast

scheduled

No.

parts: No. No. Do No. 2 Nov. Nov.

Now,

only to change regirented by the contine until November 21 party applyker this walver. - China Mail Special.'

Fatale prope thin

Nov.

thick Nov. 331 AMSTERDAM

Closing prices all in guilders

per kilogrum, elf. Nov.

No. 1 rubber

No. 2 rubber

No. 1 rubber

No

i crepa

3.44 nom

3.30 noth

nom

1.65 nom. UPL

METALS

"LONDON

Closing prices, all in sterling

per long ton:

1214--13:44 12035-2213%

Spot 3-month

24235

FOREIGN ENCHANGE

NEW YORK Closing rates: • Canada England official'

"

Australia

30-days

90-dade

New Zealarid South Africa Zodia

Pakistan

LONDON

Closing ratos:

New York Montrast

Brumola Copenhagen Frankfuri

Buyers Bellors | Milan

70315 THE

辣

a

To protect its own interests Britain hod negotiated with Norway, Sweden, Denmark, Portugal, Austria and SwitcT- land which together are to make up the European Free Trade Association.

firmor tendency in the second- hand values of war-built vessels. who have one of the biggest These factors Include: the im- tug fleets on the river. Thats proved grain freight rates flect handles 28 per cent of achieved recently-largely. due the $2 million tons of ship-

to the threatened strike of long- shoremen on the eastern Ameri- ping plying to the Landen can seaboard; the Increased de docks · from all

over the mand for scrap tonnage; and world. the normal seasonal increase in The vessel was built by Philip demand. "The rise in values, & Son, Ltd., of Dartmouth, and However, has been strictly limit-all scantlings are in excess of ed and the freight maritei cannot Lloyd'a clam 100 A.1. remotely be said to give cause

The Mirrlees

diesel type

for any lasting satisfaction," de- KLSSGMRO, is a high pressure clares the report.

Shackleton Sailing

cylinder un!-

charged slx directional

marine

propulsion engine. Fitted with intercoolers the engine has a continuous

On Relief Voyage rating of 100 bhp, at a speed

of r.p.m. The engine is provided with moten driven cir- THE Royal Research Ship culating pumps comprising one THE

Shackleton is on her fresh water and one salt water annual relief voyage to the Drive to the propeller shaft is

unit. Antarctic with staff and through Twiflex articulated supplies for the Falkland type flexible coupling and a single speed Island Dependencies Survey. reverse reduction

all operated gearbox. This unit. She will also have aboard prefabricated building, to be model manufactured by Modern which is the N2 WR Size 7 Brected in the grounds of Wheel Drive, Incorporate a re- Government House, Port duction ratio of 3:1 to give 1,916 Stanley, as the now head- shar: horsepower at the pro- peiler for a speed of 125 r.p.m. quarters of the Survey.

A propeller shaft brake for Falkland Islands De-manoeuvring purposes

Atted on 4 gearbox layshaft, The brake is oil actuated and inter- connected with the engine con- trol handwheft to come into automatic operation when the wheel is turned into the 'stop' position.

The

pendencies Survoy is devoted to exploration and scientife new British sector of search in the the Antarctic. For more than lifteen years the Survey has maintained bases on the

Coast

of Graham Land and surround-

ing islands. At the bases, be- TWO MOVEMENTS tween 80 and 90 sciebusis and technicians spend periods of up to two years, carrying out im- portart purveys, research and meteorological work.

Engineers Exhibition

The handwheel has two move- menta, och representing ap- proximately hel a revolution (one clockwise and one anti- clockwise) from the 'stop' post- tion for ahead and astor run- ning respectivrty. The instruc-

tlon plate, Btted to the hub of the handwheel is marked 'stop' (this occupies a bettem central position and is common to both

E 'Morine Electrics' ahead and astern movements);

When

arc

feature of the 1960 gears engaged: full ahead:' Electrical Engineers Exhibi-gears engaged: full astern.

the speed control and tion in London will occupy manoeuvring handwheel 5,000 sq. ft. This will prove perilloned stop this means the to be an extremely topical verse is in the 'stop pration: feature as

the gearbox the exhibition

is disengaged and period will be near to the shafting are stationary.

therefore the propeller and launching date of the largest i Hetaining gear is incorporated passenger vessel to be built to held the manoeuvring and in the United Kingdom since speed control handwheel in any required position. The sequence "We are disturbed

the Queens. the

tot epereilan is carried out by prospect that this division of

two cams mounted on the shaft. European trade into these two

of

manoeuvring handwheel, powerful groupings will mean an indelinite deferment of the more desirable wider com- munity," he said-Reuter.

ہوتا

Agreed Merchant

Rates

US Dollars, Maximum Selling

Can-

This ship, the P. & O. berra will be the largest British passenger ship to be powered entirely by A. C. current and will include much specially de Eigned electrical equipment.

It will be propelled by 88,000

machinery, having 4 turbo

One cam works in conjunction for manoeuvring, and the other with the gearbox control cock

in conjunction with the cuzino governor for speed control,

shp... twin-screw turbo-electak The engine and gearbox con-

trol alternators giving an output of above ako provides a common arrangement described

megawatts. The exhibition take-off point for the Chadburn

opens on April 5th, 1990,

Highest Powered

17%; Minimum Buying 17% / Marine Diesel

17 11/18 0/D; 17% 80 days;

days.

1.0634 23040

Canadian Dollars,

THER

control equipment installed in the wheelhouse and also on the upper bridge. This is achieved by a mechanical assembly con- neeling the manoeuvring hand- wheel to a clutch mounted on the engine which can be engaged 17 18/10 00 days; 17 15/16 90 гTHE highest powered or diangaged as required, thus allowing remote or local control. marine diesel engine

With the arrangement atted Maximum ever to be built in Britain hus at the present ove only speed 22068 Selling 10 7/16; Minimum Buy- | been installed in the 20,000 control and manoeuvring can be 33067 ing 10 11/18 T/T; 10% 0/D. ton Wear-build tanker Cor carried out from the bridge or

wheelhouse. The engine hampton..

stopped and started manustly in The engine of a completely the engine room. By carrying new design, has been developed out a modification the arrange by the Wears do Ar of Willarni ment pan be made such that the Doxford. and Sons (Engineers) | ensina eauch beetasted and eylinder turbo-charged unit During trials the speed and pumps, static pull of Sun XXI exceeded Dosiba was done in the local without scavenge

designers" undles exchang market this capable of developing 10,480 the

guarantee. A i mortiing at the following rates:- bh.p. at 120 YAM.

stalle pull of over 40 tona wam The Corhampton has been achieved on normal working 13.1 built by Bir James Laing and service without any overload on It is the engine, and within her rated

7.2440 2.7246 Swiss Francs, Maximum Sell-

3:05 ing 75 0/16.

22.80-8/10-2.00-7/16

140.32-140-27 1231-1959 ∙11.00%~11.2014

Blockholm Vienna Zutati

174053-17403

Exchange Ratés Ltd, of Sunderland. It is a six-stopped gun the bridge also.

18. dollars (per $1)_ Bjorling nobya (or) 215- Australen notes (per 411. Indonesian rupia, (per 1001 Biarty liesim. (per 100) Singapore (State)

6.10

1141 Sone, for the Cory fleet.

500 expected to go on trials 15- wards the end of the month,

to continuous power, the free run'- ning speed being over 12 knots.