THE CHINA MAIL, WEDNESDAY, JULY 27, 1960,
ANOTHER TAKEOVER BID British plastic London Wall Street recovers
concern turns
down offer
Takeover bids are still making news. Alexander Thomson talks with the head of a £5 million concern whose firm has been the target of bidders..
London's Haymarket on a July day. How many stories were behind those win- dows I wondered as I walked down this celebrated thoroughfare.
house.
Here was Haymarket One of the name pates in the entrance hall - Brilish In- dustrial Plastics Ltd,
This
£5%2 js
elliican concem that has been much in the stock market's eye of late. Takeover after it.
month Last
Mr Charles Glassey the Chairman - revealed that there had been approaches "by more than one 'substantial company."
A few days ago, he said that "negotiations" had been dis- continued." A lot of folk have since wondered why.
stocks
slightly
weaker
London, July 26. Yesterday's continued de- cline on Wall Street and the African news of situation brought a gen- eral drop in prices on stock markets today. But most of the losses were
small. bidders have been
HONGKONG STOCK EXCHANGE
by
Our Own Correspondent
actions:
this
Buyers were in the main discouraged, and there was only a modest volume, it
So I asked to see Mr Glazey to try to find out the answer to this
gave question. He promptly.
Benefit
He said: "We are only just beginning to feel the benefit of a longterm policy of expansion.
"It is natural therefore that we should feel a desire to see our plans come to fruition."
In the foreign bond market, losses were noted in Greek bonds. Japanese asserted issues showed a few gains of up to one-eigth of a point,
Gilt-edged
were slightly casier, closing with losses of up to one-eighth.
Dollar stocks failed to re- cover any
lost ground after I raid: "In other words, you yesterday's Wall Street dip, and did not consider the offers for the dollar premium
"Right" said Mr Glassey.
was "re"
small
with slight gains
New York, July 26.
Stocks managed their first gain in more than two weeks today despite some
afternoon selling which cut early gains in half.
Although the rise was not a strong one it was seen by many experts as a successful test of the old lows. Prices yesterday came within touching distance of a critical testing area after de clining in 11 consecutive sessions,
Brokers now are hoping the list will be able to rise steadily from this level as it did last March B and again on May 2. |
However, some of the experts say this seems doubtful unless there is a sharp improvement in the international situation and the business outlook.
--DEST GAINS
The
Gains ranged to as much as eight points in polaroid, and appeared in all sections. recent heavy losers registered some of the best gains.
Eastman Kodak and Union Carbide paced the blue chips with gains of around four each. Alcoa General Electric and jumped nearly two.
Bank of Montreal. Bank of Nova Scotia Beech Life Savers B. C. Tel. Co. Bell Telephone: Beneficial Finance Bendix Aviation Corp. Benguet Cons Bethlehem Steel Boeing Airplane Borden (The) Co. Burrouge Add Machine British Amer. Oll British Columbia Elec. British Columbin Pwr. Callt. Packing Corp. Cona Bk. of Comm. Cana. Brewers Campbell Soup Co. Canadian Pacific R. Case (J. 1.) Co.
Cat. Tractor Celanese Corp.
C.I.T. Financial Corp. Oyster Motors Cluett Peabody... Colgate-Palmolive Co. Colombian, Carbon Co. Commercial Credit Consolidated Edison Consolidated Paper Consumers Gas
56
58
99
Nellonal Steel Corp. New York Central Norfolk & Western Ry. North Amer: Aviation
44% Northwest Airlines (Com.)
4594 | Oklabama 1° 4. Ges
2016
66
11
Oun Math an
Otis Elevators Owen-linols Gla
44% Oxford Paper Co.
Gas & Elec. 2815 Pacific
Pan American Airways
334 Paramount Pictures
Parke Davis Co.
Penny J. C, Co.
49
251
31
Peen. Salt Co.
341%
39
Pallip Morris
Pitney Bow tat
Procter & Gamble Co.
Pittsburger Plate Glass
58% Portland Ges, Elec.
29 Publicker Industries 1014 PrimaD
253% Pure Ou
2431 | Radio Corporation
42
35
45
02
..
Indio Corp. Pref. Raytheon
5019 Republic Steel
Reynolds Metai Reynolds Tobącev Royal Bank of Canada
644% Royal Datch
Rheem Mfg.
38
41
Sears, Roebuck & Co.
Continental Can
37% Shell Ou Co.
Continental Oil of Dei. Creole Pet Crane Co.
45
Saleway Stores
28
Samt Heg. Paper
44
Cuban Amer. Bugår
13
411⁄2 glegier. Capp
Boott Paper
Schenley Inc.
Sinclair G
Delaware Budion Co.
21
Smith, Kine & French
Diamond Alkal Diamond Gard
58
Soocny Mobil Cul
391% Solar Aircraft
283
51
Crown Zellerbach
DISURlers-Seagrams
Electronics featured gains of about five points in IBM and more than two in Beekman i Dominion Stores and Varian,
Youngstown jumped rearly two in a revived steel group despite the rather dim outlook for the industry. U.S. Steel
the company good enough in reduced to nil in view of lack lation to prospects?"
of interest in American issues. Business done at the Hong- kong Stock Exchange
Industrials showed were there? How many offers morning amounted to approxi- Twa, he told me, and both were losses. Unilever dropped three jumped nearly one and others
four and one-half tacked on fractions. Noon quota-from companies outside the plus-shillings mately $845,000.
Motors also found some in- Lons and the morning's trans-ic industry but wanting to get pence to 157 shilings 7 pence |
issues were creased support, particularly but most of these in
rost Ford which
Ebout ore One of the bidders I belleve
dull
irac- tacked on Brilish
point. Rails was the £70 million
'tions. I asked if this were
Today's volume was 2,720,000 "I have promised not to mention names," Mr Glassey re-Shell, but there was little change shares and of a total 1,205
in most other companies.
shares traded, 632 were higher plied
His prospects" "I look forward
Rubbers
lower where and 843 lower.
Shares
HK Bank..
Buyers Sellers
12:06 1215 31 v 12:0
Sales
10 7210 Oxygen Co.
Union Ins
Whart Co
BZ 240
$0.
7.35 106
7.40 1000 7.40
107
100 100
100 104
100 103
200 107
19.30 19.60
600 19.09
40% 41%
200414
1000 41
Wheelock
HK Dock
C. Provident
HK Hotel
MK Land
Tram
C. Light
3615
15
31 312
o a succession of years in which
400 19.0 pand.
Olls closed quietly firm with a rise of the shilling recorded in
were
200 19.20our activities will steadily exchanged, and teas closed on
quietly irregular note. "This year, profits will show showed losses on a fairly wide an increase of more than 55 scale.
That will be rather percent;
A number of our exceptional. new projects are paying off at the same time.
10041
500 41
200
41
23 561
59 67
B00 50%
500 & 50%
200 or 31%
"We cannot budget of course recession ugainst a worldwide
1.70 21.90
in trade.
22
100 ir 27.80
200 @ 21.00
HX Electric 27.80
Telephone 3742734
GI. Cement 32
"But in normal circumstances annual 02730I would hope for
an
300 & 374 growth of ten percent or more 200 (375
over the next few years."
50
100 @ SPAS 500 W 5239
Dairy Form 27.00 28 Watson
Allied Inv 550
Textile
Ex. All..
8.70
26.10
8.80 1000 8.70
Nanyang.. 18 18.40
A Rubber
R. Trust
Dock
Healty
HK Gas.
L. Craw
Emporium
2000 @ 8.70
8.40
6.80
8.10
8.20 13000
8.20
50%
81 800 0 51
1200 @ 31
And on dividends? "It share- holders support you in forma- live years they should warded when profits rise."
Rewards
be re-
Evidently the stock market is! hoping for substantial rewards, For BIP shares are Bow (0) 6 70 14.10 yield basis of caly £2 per
1.75 1.775 10000 1.775
14.10 14.40
36
1215
200 42%
cent.
200 & 42%
3758.80
Amoy Humphreys. 22.80 23.10
Gilman
An increase in dividend from 318.50 11 per cent to 18 per cent 3758.80 should certainly be forthcoming
for this year.
1003542
13
14.90
195 2,025 Macao Elec 12,20
HK & FE
Inv.
НК СА
Sungala Vibro
14.10 14.40
5.20
15.30
The BIP concem makes a wide range of plastle, products
Electrical for industry.
com-
2014.10|ponents and structural sheeting
are among. Its specialities.
Exchange rates
Business was done in the local
exchange official
market edie maring at the following cater:
US. duller (per 31)
Sterling notes (per £1)
Australian motes (per
1)
Indonesian rupiah (per 100)
Siam ticala (per 100)
Singapore (Straits)
It also has an active engineer- ing side. It sells machinery for plastics making all over world.
the
I asked one last question. "Have you and any more take. over offers?"
Douglas Aircraft Dow Chemical.... Dupont de Nemours Eastern Air Line Eastman Kodak
Family Finance Corp.
First Nat. City Bank Ford Motor
Georgia Pacific
General Dynamics General Electric General Food General Motors Gen. Pub. VILL Gen. Tel.
Elec.
Gen. Tyre & Rubbe Getty
Glidden Co.
South Puerto Rico Sugar Southern Co. (The) .......
294 Southern Natural Ges
60% Southern Pacific Co.
293
Gypsan
3. Line Co.
Rubber
00%
Italian shipowners
plan expansion
and modernisation
Rome.
ITALIAN shipowners are facing the world freight
crisis and the increasing competition from air- lines with long-term plans of modernisation with- out total tonnage expansion. These plans have full Government backing.
The Italian merchant feet 3914 which in 1943 had fallen to, jusi bons from over 600,000 · gromm 263,536,616 tons in 1838, reached a peak of 5,145,212 gross tons on
14 March 31 this year, according
and 47 foreign cargo vessels for 103,540 tons, 24 Italian and one foreign passenger ship for: 124,950 tons and several minor vessels.
As the fund is now almost ex-
to figures issued by the Mer-hausted, steps are being taken
to obtain a fresh allocation. chant Navy Ministry.
Out of a total of 3,727 vessels in 1939, almost two-thirds were less Today sailing. vessels.
than a sixth of the 3,855 vessels under the Italian flag are com. 17 pletely or partly sail-powered.
1912
48
Italian
The number of vessels today practically what it was in 1938, 30% while the total tonnage basin creased by about 46 per cent. This shows how the merchant fleet, besides increas mg six-fold since the war, hcs: developed the average capacity et her units without a be same toronge reaching the time maximum per ship established in the pre-war period.
Another petant measure towards alding alien shipowners is the Naval Credit Bill which is expected to came before Parli- ment towards, the end of this summer. The bill is intended to fill a gap in the Government credit system, which already covers agriculture and industry, with the exception of chip- building.
CREDITS
The draft provides for long- term credits, to be repaid in 15 years at 7 per cent interest. half of it by the state, end short- term credits for repairs and maintenance work, repayable in one year at a 15 per cent interest.
The giants of Italy's merchent navy until 1943 were the 50,000 ton Rex and 48,000-tan Conte di
One of the results of the Savola. Today the big two are introduction of naval credits the Leonardo da Vinci, 63,000 should be the lowering of build- 40% tans, and the
six-year-old
ing costs in Italian shipyarda 2011 Cristoforo Colombo, 29,000 tons. which at present are slightly.
Since 1959 the Italians have higher than in other countries, -
any Signer Pinni said.
185
251
Southern Railway (Com.) Sperry Rand
1145 Standard "Brande
Paso Natural Gas
31
Standard Oil
Cal
Standard Oil of Ind
Firestone Tyre & Rubber
252
Standard Oil of NJ.
401
74
Steel Co. of Canada
05
62
Sterling Drug Co.
553
5012
Stone & Webster
500%
24 Studebaker-Packard Corp.
62
Sunshine Mining
3
Swift & Co.
41%
TORE C
Textron Inc.
189
28
Thiokol Chem
$32
Tide Water Ol
13
Trader Fiance
Goodrich 18. F.) Co.
371
Tri-Cant, Warrants
30%
Twentieth Century Fox Film
Goodyear Tyre
351
Union Carbide
118
A
Great Northern Railway
46%
Union Oil of Chal.
4123
Tins
Dow-Jonas closing averages Grumman Alterat were;
281
Unii Pacific Railway
27
Gut oli
United Aircraft
Hommand Organ
38
United Fru
30 industrial
606.75
Hayden Newport Corp.
221 United Gas Corp.
30
30 rails
IN 40
Homesake Mining Co.
36%
some ground. Coppers lost Golds were steadier though little business was done.-UPI.
15 utilities
92.12
Husernan Refrig
10102
45 stocks
2013
Jdaho Power
27
done their best to check-
40 bands
23.77
Imperial O
491
Comm. future price index ..
133.78
Ingersoll-Rani
Inland Steel D.
41
S. Slee!
US. Smelling
further expansion of the bon-
nage at their disposal,
Interchemical Corp.
44
US Steel 7 P.C. P.F.
As for the activity in the ship- Farda,he gave these figures.
At
143%
Int'l Business Machine
499
Warner Bros.
4515
Inti invester
422
Waukesha Motors
38
International Nickel
5215
Westinghouse Air Brake
20
$ 30
963
Westinghouse Electric
53%
48
3615
Western Union Tel Co.
4379
30% Johns Manville Co
West Va. Pulp & Paper
53
Kaiser Industries
Winn-Dixie Stores
37
40%
23.
Woolworth (X, W.)
654
1041--
Allis Chalmers
27
Kennecott Copper
Zenith Radio
LESS TONNAGE
Am. Brake Shoe
39%
Kimberly Clark
UPI.
American Airline
10
Liggett & Myers Tob. Co.
Am. Cable & Radin Corp. American_Cyanamid Co. Amer. & Forgn, Power Am. Gas & Electric
ally Tulip
541
7
Lockheed Aircraft
5432
Loews Incorp.
177
Lone Star Cement Co
GOT
179
Lowenstein & Sour
057%
500P
2945
American Tel & Tel American Tob
HO
Closing Prices
Giltedged Bonds British Transport. 3. £,60.
1976/88-
Consola 214LHÝ, Consola 4— £66-31718.
Loan 31%
Loan 3. 1959/00-
Conversion
£50-13/16.
Funding
£3
Funding Stock 26-1/16.
3%, 1999/2004---
Funding Loan 45% 1960/90 28TH.
Savings 3%. 1955/08-287-11/20. Savings 3%. 1800/70-278-16 xd. Savings 3%, 1965,75--270-9/18.
Banks
Closing Prices
Abitibi Pwr. Paper
Alden Inc. Acy.
Algoma Steel Corp.
Allled Chemicals
Allied Mills Inc.
Am. Home Prod. Am. Mach. & F dry. American Metal
Am. Natural Gas
American Smelling
Barclay's Bark "A" Ltd ord-43 Am. Sugar Ref.
3d.
Chartered Bank-514..
Hongkong-61.
od
Lloyds Bank "A"-628 3d. National & Grindlays
Insurance
Bank---344
Union Insurance Canton-25-13/16.
Aircraft and Motors
British Motor Corp. Ord-163. Ford Motor C-904 6d.
Hawker Siddeley Group Ord-288
Rolls Royce Lid Ord-423 6. Rootes Ltd "A”--B# 7!1⁄2G. Stendard Triumph international-
& Dd.
Breweries
Distillers Co-40 Bd.
South African Breweries-245.
Building and Materials Amociated Portland
Coal, steel and Engineering Babcock & Wilcox Lid--350 714d. Tinited St)-78 9 Vickers Ltd-31# 36,
Cement-£5
13t
Goodle Wall ▲ Lend
Ord---38€
5.10
15.
He said: "NO. And thank goodness the holiday season is nearly here. It should give us sort of
B.
2.00 thing
Во
12 AT a breather from that
20.05
1.31
for a while."-London Express Service.
P&O
R.M.S. "CARTHAGE"
EMBARKATION NOTICE
For. United Kingdom via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Sald.
EMBARKATION: Passengers should embark between 2.80, and 4.00 p.m. on Friday, 29th July, 1960.
Food and Tobacco
Brith American Tob. Co., Lu-
Imperial Tobacco Co., Ltd-648.
Miscellaneous
Boardman Marden Lid 15. British Oxygen Ltd. Ord-101s a. Canadian Pacifio Bly-$12. De La Run Co. Ord-673. Tabip Rubber Co-288 3d. Gilan Holding Lett 28 40. Hongkong & China Gas-154. Imperial Chemical-82 1015. Lyons & Co-80 10%, Unilever Ltd-1576 74 por,
Bowater
60.
Ampex
Anaconda Copper Armco Steel
Armour
Asbestos Corp. Allas Com, Mining Baldwin-Lima-Ham. Baltimore & Ohio
International Huper
Int Tel & Tel
334 Kansas C. Power & Light.
Lition Ind.
Lorillard P.
McDermott J. Roy
McDonnell Aircraft
Merek.....!
Mesabi Iron Corp. Minnesota Mining
Mission Development
344 Monsanto Chemical (0.
Montecatini
47
036 Montgomery Ward
31 Motorola Inc.
24 National Biscuit Co.
6% National Cash Iteg. "A"
13
National Dairy Prod.
3344' National Lead
Yesterday's Closing
In the first quarter of 1960, the end of Merch this year. 290 tonnage in-vessels totalling 863,817 gross for example, the
creased by 60,531 tons but the tons were being bullt. number of vessels decreased by
Finmare, the State-subsidised "Shipping Finanotot Society," groups Italy's four main ship- ping Knes Italla (with services the Americas), Lloyd It is interesting to note that to while before 1958 the annual Triestino (Africa, Asia and Aus- (Eastern | traila),, Adriatica rate of increment of the Italian
and Tirrenia Mediterranean and
Agreed merchant merchant tonnage was 8.5 per Mediterranean)
rates
Canadian Dollar, Maximum selling 16-31/32, Minimum buy- ing 17-7/32 T/Ť; 17-9/32 O/D.
Northem Europe).
cent, compared to a world total | (Western of 4.6 per cent. It had shruni: in 1959 to 46 per cent compared
to a world total of 5.9 per cent.
The four Finmere companies of the total own 65 per cent
They have "The perfect answer to pre-Italian ner fleet. sent difficulties in the shipping 54 passenger and passenger and Sriss Francs, Maximum sell-world would be to stop bulld-cargo vessels, for 438,000 tons. ing 75,
Belgian Francs,
ing," Signor Sandro Pini, press In addition they own 42 cargo. Maximum secretary to
for 222,000 tons, but this the Italian Mer-sh. chant Navy Minister, Senator rep sente only eight per cent of West German Deutschemarks, Angelo Rafaele Jervolino, said the italien total. 87% Maximum selling 72-8/10.
recently.
selling 868..
COMMODITY PRICES
COTTON
NEW YORK
Closing. prices all in cents per
No. 3 July No. 4 July.
Spot rubber unboled Blanket crepe
No. 1 pale erepe
104
10433
SUGAR
LONDON Closing prices all in pence per
No. 1 Has spot
Settlement house term:
1b.:
Spot; 33.60; Oct: 31.12b: Dec: Sept. 31256: Mar: 31.88b: May: 32.02: Oct/Dec. July: 32236: Oct: 32.196: Dee: Jan/Mar. 12.19b; Mar: 32.50,
Apr/May
* General markets, e.it, bagis, ports:
NEW ORLEANS Closing prices all in cents per Aug.
Sept.
Oct.
thick Aug.
ib.:
Spot: 21; Oct: 31.006; Dec: 31.246: Paper
Mar: 315b; May 31.99h; July: Estate crepe thin Aug. Paper Corp Ord-4722336; Oct: 32.14b; Dec: 32.14b; Mer: 32.54b. Radio and Electrical Associated Elsotriesköös ed. Electrical & Musical-41 3d. English Electric Co-376 30. General Electrio-He sa
Shipping
Indo-China Steam Nav. Co, def ord-231.
P&O Steam Navigation def or tw 371
Storg Debenhams LAC. Ord-44 740.
d
Great Universal Stores "A"470 Marks & Spencer L3-18 yd.
Woolworth 7. W: Co-66# ipd.
Conte J&P L-618 ch. Courtaulde Lad=718+ 11⁄2d,
SAILS:
The ship is expected to sail at 5.00 p.m. on Friday, 29th July, 1960.
Coot Goldfields of South Africa- Con Line Corp: Orda ad. De-Beene
BAGGAGE:
Bouthern Kiniat Sons
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Udin Gate) by 5.00 p.m. on Thursday, 28th July, 1960.
F:,,! :
SUBJECT TO CHANGE
lb.:
LIVERPOOL Closing prices all in pençe, per
American Contract. July/Aug: 22.50: Deo/Jan: 22.00 Dec/Jan: 22.30; Mar/April:' 22.45; May/June: 22.01.20
.....
Mixed Contezett, July/Aug; 23,70; Oct/Nov: 2.70: Dec/Jan:: 22.75:-/Mar/April: · 22.30: May/June: 21.90 UPI
METALS
NEW YORK
NEW YORK
One of the trump cards held
But, he added, this is im-by the Italian shipping lines is.
the excellence possible as the shipyards zoust
and variety of
be kept working. Hallan ship their cuisine, Passengers are ping policy at present is there free to order every dish on the
menu, "from A to Z," fors to replace as many old
vessels as possible with new
The modern volan liner has ones, so that the quality rather today become a floating art thon the quantity is improved. gallery with every luxay.
The cornerstone of his polier TV CIRCUITS:
Is the Demolitions Act of July
1959, under which the Govern- The Leonardo de Vinci, ment grants
an allowance to turbine ship with a cruting speed. shipowners who demolish vesels of 23 imgts, and è cepurity of over 15 years old and build new 1,328 passenger has the first ones for at least 75 per cent of dieseling. plant ever installed
the tonnagestroyed. The on an Italian ship air condition- allowance is fixed at 25.000 ie ing controlled from each cabins (about £15 sterling) per weight stabilising ins, and television circuits which allow passengers to follow, events taking place in different parts of the ship at thưa same time.
Closing prices all in cents per ton of the demolished vessels lb.:
Contrast No. 4 (warld) Sept: 339: Oct: 3.30; Jan: 3.330: Mar: 329b;" May: 3,306, July: 3.32b; Spot (PAS Cuba); 3.38..
Total Sales: 4 contracts. Open Interest: 4,51% contracts.
Contract No. # (domestic) Sept: 617; Nav: 0.12; Spot-(C.14, 32 N.Y. ex-duty): 8.00,
Total Sales: 243 contracts. Open interest; 2,494 UPL
Closing prices, all in cents per
The Government set aside 10,000 million Mre (about 28,000,000 sterling) for grante under this Act. By last May it Finmare bave a sweeping plan had already approved plans for of reorganisation of their lines. replacing 20 old vessels totalling Signor Jervolino has recent 115.000 gross tons with six new announced that construction will ones totalling 104,000.
shorily start on four mesur bir Leins, two of approximately contracts-RIGHT" "DIRECTION
40,000 tons and two of 24,000,
This is regarded as a step in
The larger "twins" are ex- the right direction. In 1958 no pected to begin service on the less than 24 per cent of the Cence-New York route in 1962. Italian merobant vesela were They will replace the 25,000-ton 25 years old, Italy hat, in fact, Clio Cesare and the 27,000-ton a hiter proportion of old ves Augustus: These will be switch sels than any other country, ed to the South American routes, (Beltain 7.5 per cent the from where the 24,000-ton"; mad United States 1.6 per
over 30-year old Conte Gracida Apa Mla poseband Conte Blancamano will $21 Two other measures to boost for ^ "the .......
yards. 1,03 11/16 modernisation ansæt be added to
FOREIGN EXCHANGE
NEW YORK Closing rates; 11.15% Canadhe
Foglaod‹ Bricial
únoci.cisi 20-days
Ib.:
Leade
July
Sept.
Zino
July
Bept
Copper
Fuly
Beot,
LONDON
Closing prices, all in sterling
May!
RUBBER
NEW YORK krubber, futures clos Hces all in cents per lb.
July
New Zealand. South Afric
LONDON
$8000 **281-28216
The two new 24,000-ton linen the Demolition Act of 1950: ***The One, is the Tambront Act of are designed to Join the Lloyd Jume 1984 (usmedsfter the Triestino fleet to replace on the 200 present Prime Minister, for routes to Australie these, 13,000
Femundo Tambront, who was ton motorships Oceania, Ax- then Minister for the Merchent trella and Neptunis-which wil NAVY) It provided, dor sub-serve' on the Central American
the cooption of restes under the nag of
new shipw
$104,754 million. Tire
(2.60% milkm) -
6:000 million, had
December - 1050 ·
ships tole
No comments yet.
Private notes are available after approval.