The Guardian from London, Greater London, England • 9

THE MANCHESTER GUARDIAN FRIDAY JANUARY 7 1955 Company Meetings KENNINGS LIMITED HOULDER LINE LIMITED Trading Profits Well Maintained FORMER M.P. GIVEN LEAVE TO SUBPOENA FOUR WITNESSES Separate Trial on Two Counts Refused (Motor Distributors FIRST GARDEN CITY The flfty-flrst annual general meeting of First Garden Cilv Lid. xas held yesterday in London. Sir Eric Macfadyen, M.A., J.P., chairman, presiding. The following is an extract from circulated statement for the year ended September 30, 1954 The profit is 15.302, after providing Trading Profit Exceeds 500,000 1 were dealing with hunesl persons." he stated.

I mmht be able lo help you." B.ackburn said that Mr Adams was chiaf or assistant chief planning officer of the Kent County Council. Mr Adams was responsible for giving the licence in to this land and it was the duty of the prosecution to put that before you. It is your duty to censure the prosecution for failing to bring Mr Adams before the Court. I am willing to be committed to prison for contempt of R. E.

Scaton. prosecuting, interposed I thcc two are peop.e who mignt be justified in being called by the accused." Blackburn then i eferred to Mrs Black-ourn who. he said "had 9.000 worth of shades and must be relevant." The Juc-je Relevant so what issue? She had 3.000 worth of shares. "Tried by the Press" Judse Aarvold said he did not decide that subpoenas should be issued w.thcut some grounds, and it was for Blackburn to give the grounds. Blackburn Tne lady had 9.000 wortti of share-: she will speak to the whole uf the facts.

Replying hi a further qtiesilon. Blackburn said Surelv you appreciate that the press are here I have alreadv been tried enough by the press before." Judge Aarvold Verv well then. And now Dr A E. Blackburn Blackburn It is alleged by Mr Seaton that an assignment d'd not Mr Seaton That, qu.te clearly, is relevant Turning to Captain Christopher Soames. Blackburn sa'd witness was relevant because "he was na'd something by me in relation to a certain matter that relates to Wing-Commander Shackleton.

who is the main witness for the prosecution. I w-'h to sav no more Blackburn said that Mr Xeill was the surveyor and auctioneer responsible for the whole matter in relation to ihe proiects. Mr Sealon That again. I think, might be relevant. Judge Aarvold said that at that stane.

and only at that stage, subject to the rules and prooer practice of procedure, he would authorise subpoenas for Mr Stroud, Mr Adams. Dr Blackburn and Mr but he was not satisfied about Mrs Blackburn and Captain Soames. Blackburn Am I allowed to say anv more The iudge: Not at this slatte. Blackburn Vou have scored fnanv a trv for England but you have gone a little ton far to-day. The iudge: Sometimes we do.

sometimes we don'. The case would be in the list on Mondav. The 24ih annual general meeting of Kennings Ltd. was held on 31st December in Shetlield, Sir George Kenning, chairman and managing director, presiding. The following are extracts from his speech I think you will agree that we have had another successful year's trading.

The Group's consolidated profit for the year amounts to 526,229 as compared with 399.215 last year. After mortgage interest 2.001, depreciation 54.258. directors' emoluments 13.746, auditors' remuneration Pensions Scheme contributions 24.024. and taxation the nett profit is 179.653 as compared with 151.499 last vear. Out of the nett profit of CI 79.053.

the sum of 15.451 represents outside Shareholders' interests, and 22.156 is retained by subsidiaries, leaving a nett balance in Kenninas. Limited, accounts of 142.040. Ikcreaskd Dividend. Subject to your approval, your (iirectors propose the payment of a Final Dividend of 171' I feel sure that this overall increase in dividend from 183 to 2:3 c.b, which is covered more than twice bv earnings, will be approved bv shareholders as representing a fair and prudent distribution of the earnings of -your Company. Acquisition- of New Subsidiaries.

Referring to the consolidated balance-sheet you will observe that fixed assets have increased from 1.050,700 to 1,288.664, of which an increase oi 110.179 in motor vehicles is accounted for in the main by the acquisition of a controlling interest in Self Motoring, Ltd. This acquisition has proved, and continues to prove, profitable to your Company. Trade investments are reduced from 78.040 to 42.572 owing to the acquisition of Freeman. Oakes Co. Ltd and G.

Mackay Sons Ltd. Issued Capital increased by 53.502 in. Ordinary Shares on this "account, and also the purchase of outside interests in W. R. Sanders.

Ltd. and Maudes of Ltd. This transaction has. as I forecast at the time, proved verv advantageous to your Company. Since the financial year end, we have purchased further shares in Self Motoring.

SOVIET PLAYERS SHARE LEAD Chess Congress From a Chess Correspondent Hastings. Thursday. The leader. Smysiov (U.S.S.R.), was held a stcaciy draw in moves by Alexander in the eighth round of the Chess Congress here to-day. Alexander used the same variation of the Scotch Game with which he lost to Smysiov in the An.gio-Soviet match last year, but improved his play and held a slight initiative throughout the game.

Keres caught up with Smysiov by overwhelming Szabo with a powerful king-side attack on the twenty-eishth move of a Kind's Indian Defence. Fine player though the Hungarian caamuion is. he was quite unable to witlisiand the onslaught of Keres's major jiieces In this tournament Keres has won four games in the style which makes him the world's greatest attacking master. Fuderer (Yugoslavia) continued in his excellent form of the hist few days, by beating Donner in moves. Fuderer obtained considerable pressure from the opening, a Ruy Lopez, and ihe Dutch champion was already in difficulties when he overlooked a neat combination leading to the win of a pawn and the infiltration of Fuderer's pieces.

The Scottish master. Fairhurst. developed a queen-side attack from his Sicilian Defence acainst Phillip, but in the middle game the advantage changed sides several times until Fairhurst developed a winning attack in 48 moves. Great complications arose from a sharp variation of the Ruy Lopez between Unzicker (Germany) and Pachman. Unzicker eventually emerged with the upper hand in an ending of Queen and four pawns against Queen and Knight.

The Czech grandmaster resisted ingeniously, but when the game was adjourned Unzicker had good winning chances. With one round io go. the leading scores are: Keres Smysiov. fi Fuderer, 5J Szabo. 41 Unzicker and Paehman.

4 arid one ndiourned Alexander. 4. In the Premier Reserves Major tournament. Bilek (Hungary) leads with fi. fallowed bv Anriric (Yugoslavia) and Persiiz (Oxford University) and one adjourned.

APPEALS BY POWER CONSUMERS F.B.I. Suggests Tribunal The establishment of an arbitration tribunal for the electricity industry, to which the individual consumer should have the right to appeal, is recommended by the Federation of British Industries in evidence submitted to the committee of inquiry into the working oi the electricity industry. The committee of inquiry was set up last year by the Minister of Fuel and Power, and is sitting under the chairmanship of Sir Edwin Herbert. The F.B.I, yesterday published the text of its evidence a entitled Electricity lor It points out that when the electricity industry was nationalised in 1947 the act also dissolved the Electricity Commissioners, who had provided a court of appeal for the individual consumer in cases of dispute. The federation suggests that the tribunal it proposes should be composed of fully quahiitd persons (technical, legal, and finnnciaU." and that its decisions should be binding on all parties.

It further recommends that a national consultative council should be sot up. to act in relation to the British Electricity Authority in the Fame manner ns the area consultative councils net in relation lo the area boards. Tito trial of Albert Raymond BSack-burn (39i. solicitor, and a former Labour M.P for Northfteld. Birmingham, was-yesterday fixed lo open at the Old Bailey on Monday Blackburn, with Thomas Leslie Bnile (aTi a secretary, had been committed from Guildhall charged ith conspiracy under the Pievcntion of Fraud (Investments) Act.

193S1. Yesterday, when Blackburn appeared with Bailey before Judge Aarvold, Blackburn said thai the first indication he had had that the case v. as appearing tn that day's list was when the police telephoned his parents' address on Wednesday evening. Blackburn asked for a separate trial concerning the first two counts in the indictment relating to a man named Christopher Brooks, and said that the matter relating tc that transaction took place nine months before he met Bailey. The judge lefused his request.

Later Blackburn again appeared before Judge Aarvold for the purpose, he said, of asking for the issue of subuoenas for six witnesses Mr Stroud, of the Strood Rural District Council Mr Adams, of the Kent County Council Mrs B. M. Blackburn. who was mv wife for about fourteen years Dr A. E.

Blackburn Cantain Christopher Soames and Mr G. A. N'eill. of Neill and who was the survevor concerned. The Judge: These are the people vou want subpoenas issued for.

Can you "tell me the relevance, because it is difficult for me to issue subpoenas just like that. I have to know whether there is anv real relevance to them. Blackburn I will give it. but you notice the newspapers are here and it will be reported in the newspapers. If that is what you desire I will give you them.

Disregard of Ethics Judge Aarvold I don't want the full evidence hut something about the evidence you want them lo give and the relevance. Blackburn: is the clerk of the Strood R.D and he is the man responsible for giving the town and country planning licence in respect of the land in question Judge Aarvold asked what the relevance of this was and Blackburn remarked that the case had been presented with disregard of any form of ethics and it was impossible for him to answer anv questions from the Judge like that. If TINPLATE IMPORTS FROM AMERICA To Release Extra Exports Welsh tinplate makers have started importing tinplate from America to release extra supplies for export. Following ihe example the National Coal Board, the imports will bo sold at a heavy loss which will be borne by the Steel Company of Wales and the Richard Thomas-Baldwin group of companies. About 50.000 tons will 'oe brought in from America this year.

The imports have been made possible by the Board of Trade suspending import duties until next September. "Tinplate production in South Wales has set up a new record in the past year of over a million tons, and this will be further increased this year bv the coming into operation of the new mill at Velindre, near Swansea, which is ultimately to produce 400. 0U0 tons of tinplate a year. An official of the Steel Company of Wales said We have to keep our "hoid on export markets which we shall need to maintain full production at the new plants which are coming into operation. SOUTH WESTERN INDUSTRIAL CORPORATION Segregation Scheme Approved A WEDNESDAY ST LEGER Doncaster's "Right" Doncaster demands the right to revert to a Wednesday St Leger," said the Mayor of Etoncaster, Councillor Herbert Jackson.

at a Doncastor luncheon yesterday. 11 Let people oul-sicie Doncaster look after their own aiTairs." he added. He was referring lo the efTorts of the productivity councils lo get a continuance of the Saturday St Leger to avoid interference with production. How is it going to interfere with production when last year, forty collieries in Yorkshire and thirteen in Doncaster district were on holiday during rare week Mr Jackson asked. Mr Anthony Barber, M.P., said the question was entirely a matter for people concerned with racing.

MR MORGAN PHILLIPS ILL Mr Morgan Phillips, secretary of the Labour party, has gastric influenza and bronchitis. He has been confined to his home since Saturday and has been advised by his doctor to cancel all engagements for the present. The annual general meeting of South Western Industrial Corporation Limited was held yesterdav at the Waldorf Hotel. London, W.C., Sir William Palmer. K.B.E., C.B., the Chairman, presiding.

The Directors' Report and Accounts were adopted and a final dividend of '11' c. making a total of 7Aro for che year, was approved. Mr S. R. Hogg, F.C.A., presided at the special meetings held to consider a Resolution to transfer the Corporation's investments to two new Companies, Midland Aluminium Ltd.

and Staffordshire Potteries (Holdings) and to wind up the Corporation. Addressing the Preference Stockholders. Mr Hogg stated he had joined the Board principally to design and arry through a Segregation Scheme. It was proposed that each holder of C5 Preference Stock should receive 15 5- Redeemable Preference Shares in Aluminium and 5 such Shares in Potteries, making in all and in addition, as compensation for loss of cover result- illrr from the assets, one 5-Ordmary Share in each Group, Also. Prelerencc dividend would be raised lien fii'n to The capital of Midland Aluminium Ltd.

wouid be represented bv net tangible assets exceeding 600.000. so that the 273.750 of Preference Capital was covered 2.2 times, and on the basis of anticipated profits its dividend was covered 8 times. The capital of the Potteries Holding Company would be 284.600. of which C40.000 (half in Preference and half in Ordinary Shares) represented the purchase price of Collingwood China which he was satisfied was a desirable -icquisition. The net tangible assets of she Group were about 70,000, but the loodwil! element ot 214,000 was not and Engineers) Ltd.

and a controlling interest in George Langley, Nuffield distributors in Bedford. Nevertheless. I would draw your attention to the fact that Kennmgs. Ltd. trading profit alone has increased from 223.699 to 277.278.

Current assets at 2,120.522 exceed current liabilities of 1.368.405 by 752.117. Reserves, excluding future taxation reserves of 284.113, total 633,130 compared with ordinary capital of 553.502. I should like to point out that this achievement has not come to us as a result of a so-called Motor Boom," but because of the hard work of your directors, management, staff, and workpeople in the face of the very real difficulties and disappointments which have continued to beset us. In particular, we continue to operate important sections of our business at very low profit margins and in the face of fierce competition. I refer to our spare parts business, tyre business, and petrol and oil business.

I am glad to say that we are standing up well to competition, and are increasing both our share of the market and the profitability of our activities in these spheres. Contrary to general belief, a low proportion of our turnover in cars (less than 10) is accounted for by hire purchase business. Expenditure on Improvements and Extensions. In accord with the policy of our manufacturer friends, we are carrying out substantial improvements and extensions to our property and equipment, and, even more important, to the quality and scope of the services we oiler to the public. We have budgeted for an expenditure of 500.000 in the next two years.

it is difficult to forecast the future, but nearly six months of another year's trading have gone, and results have been satisfactory. Our costs continue to rise, but. fortunately so does our turnover. All your directors are very actively engaged in the business, and he understanding between management and staff is of the best. We are proud of our co-workers, and we shall continue to watch their interests to the best of our ability.

We thank our manufacturers and suppliers for their continued understanding co-operation. The report was adopted. unreasonable, flavins regard to the hieh earning of two of the subsidiaries. The Potteries Company would also issue 100,000 Loan Stock. repayable at a premium of 12i not later than 19G4.

for which all shareholders would have an opportunity of subscribing at par. The Preference Capital of CU1.250 was covered about .66 times, and its dividend, on the basis of anticipated profits, about 8 times. As soon as convenient, it was intended to consolidate the 5- Preference shares of both Companies into 1 shares. Addressing the Ordinary Shareholders, Mr Hogg explained that each holder of 5 5- Ordinary Shares would receive 2 5- Ordinary Shares in Aluminium and one such Share in Potteries. He could have inflated the nominal value of the Ordinary Capital by enlarging Goodwill, but there would be no sense in it.

as the real value would be quite unaffected. There would now he no Goodwill on the Aluminium Balance Sheet and only about 200,000 on that of Potteries, as compared with. over eGOO.OtlO on the Consolidated Balance Sheet of (he Corporation. The intended Ordinary dividends were at the rate of per annum for --MLiiiiiiiiuiu. cuverea at least twice t)V anticipated profits, and Wo for Potteries, covered about 3 times by anticipated available profits.

The bonus issue of Ordinary Shares to the Preference Stockholders was too small to affect the rale of dividends. In conclusion, Mr Hogg expressed confidence the future of both Groups. They would go forward in a far more satisfactory way than in the past, and he had accepted the responsibility of becoming Chairman of both. An Extraordinary General Meeting was then held. The Resolution was approved at all the meetings.

1,445,717,408.84 1,435,026,215.27 574,194,387.39 73,968,157.26 2,256,656.569.70 65,61 32,253,939.27 10,080,586.98 5.908,131,517".51 5,378,938,698.88 2,819,688.91 33,694,813.50 24,097,963.22 102,486,330.98 31,170,917.71 $111,000,000.00 239,000,000.00 47,264,939.73 BRANCHES 46 Berkeley Square, W.l Tokyo Colon i Osaka David i i Havana Cristobal Bombay The Annual General Meeting of Houlder Line Limited will be held on January 31 in London. The following is an extract from the statement by the Chairman, Mr. Walter C. Warwick, which has been circulated with the report and accounts for the year ended December 31, 1954 Shareholders may well be pleasantly surprised to find our trading profits so weil maintained during a year when general freight markets were consistently failing until about three months ago. I feel I should explain that this favourable position is largely due to the fact that our accounts each year are made up to include completed voyages with moderate estimates on unclosed or uncompleted voyages.

In making these estimates we always provide for contingencies and possible delays owing to strikes or mishaps, and for the accounts under consideration we have been fortunate in having substantial credits arising from the final closing of these voyages which largely cover trading during late 1953. The accounts to December 31 last reflect the capital changes consequent upon the issue of 550,000 of additional share capital with a corresponding reduction of reserve accounts to cover this bonus issue to shareholders. Thanks to the prudent policy pursued for many years past the remaining reserves are still substantial and adequate, with our ships generously written down whilst our general investments appear in our accounts at a very moderate figure, well below current values. Notwithstanding the recent increase of capital your directors recommend the same rate of dividend, 7i per less tax. This maintenance of dividend on the larger capital may fairly be attributed to the policy of commendable and uncomplaining restraint that has been pursued lor many years past.

Meat Shipments. In my. statement issued some twelve months ago 1 referred to the disappointingly small volume of meat shipments from South America. Discussions are still taking place for a fresh Anglo-Argentine trade agreement, but judging from the very meagre reports available from time to time little real progress seems to have been made and meat shipments continue on a very restricted scale. We have been fortunate in securing substantial shipments of meat to various Continental destinations, and it is a matter of real gratification to your directors that notwithstanding the many troubles and difficulties experienced during the period covered by the accounts reasonable trading profits have been earned, and the improvement during recent months in general freight rates encourages the hope that these favourable trading results may be maintained.

I have no desire or intention of embarking on the slippery slopes of prophecy in regard to trading prospects for 1055. During the past year the index number of tramp shipping freights showed a definite downward trend until about August last. Since then the freight index has shown some welcome improvement, but even now is not sulli-cient to leave a reasonable margin to cover interest and depreciation on the present high level of capital costs for new ships. This improved trend does, however, encourage the hope that these more favourable conditions may be maintained. Your company's ships are mainly operating on regular liner business which is not subject to the same violent fluctuations as are frequently experienced by the tramp section of the industry, and I can say we are well equipped to secure everv advantage that may arise from the welcome improvement experienced durinfl the past three months or so.

WAVE OF SELLING ON WALL STREET New York, January (i. The stock market sufiereci its second successive setback under another heavy wave of yelling. Although attempts at rallying reduced extreme losses, the main body closed with fairly widespread losses still ranging mostly up to S2 or more. The tone at the close was heavy. Selling was renewed after Senator Fulbright, the new chairman of the Senate Banking Committee, had said that the committee would probably make a study of the continued sharp climb in the stock market." Some traders also said that the mildness of recovery efTorts was probably influenced by many buyers' desire to wait until purchases give belter yields.

The opinion was expressed that the big question for the market was whether that part the end the year reinvestment demand which is still unspent will be put to work soon enoufih to make the current reaction as shortlived as the other declines in the past year, or whether these funds will be held off to await more attractive yields. If the latter is the case, then fairly good support is expected when the Dow Jones industrial average is between about 385 and 390. Meanwhile, both business and company news remains generally favourable. Sales totalled 5.300,1100 shares. The number of Issues traded was 1.2SI.

of whjL-h 195 advanced, y2l declined, antt 161 were iincli.inuect. The Dow Jones ascraaes were: For 20 representative railway issues 140.31 laaainst 1J2 56 on Wetlncsdavl: fur .111 industrials 341. K9 for 15 utilities 61 76 KVCHANCIK RATES. To day. Prev.

day. London Cables 2-7S lia 2.781, 2.7S itjs Montreal on London 2 6H Uta 2 1iKlifi 2 ItX 2.61) N. York On Montreal 1.0.1 "ij 1.IJ3 -ij; I.o.t vti 1 rj.t The Pound in Now York. The rate quoted to-day for transferable sterling was 52.721-S2.72J. i against on Wednesday i.

METAL MARKETS LONDON. l.FAIJ. Stcadr. Jan. l05-t05 5 (previous day April 1 1 -t'JJ (104.1IM Sales 20,1 tons.

ZINC Steady. Jan 84 S-fUjl 0 (8410-S51. Aoril tS3t5-S3t IO) bales 900 tons. TIN. Easier.

Snnl 6S3-E684 16S8-689)1 three months 6H5-686 (641 -CG91 101. Sales 120 tons, 15 for cash. COPPER. Easier. Soot 296-298 (303-307): three months 27S-279 (2SSr lo-286).

Sate 750 toca. none for casii. NEW YORK. January 6. COPPER.

Electrohtlc ipoc. f.o.b., 33.00c.-34.00e. nom. (unctianscd). Tlx.

Grade A Straits, spot (open market prlert 86.25c. nom. (aealnst B6.50c. nom. on Wednesday), LEAD.

Spot. 15.00c: spot. Enst St Louis, Id 80c. (unchanged I. ZirsO Spot, East St Louis, 1150c.

Cunchanaed). COCOA MARKETS LONDON, The mnrkpl whs Otisinc nrices; Jan. 374(1 paid: March to I May iTQ-ft Jut 37R6- WH1. in paid: Sept. U-J7S6.

i77fO 10 p.niJ: ncc. iri7 m-liv? fU. in 36Rn n.nd fUJVii M-2l-MiZlh, 6l if, paid; March inn, IcrmciU'ii Actr-i L.mnj, per cwt. Sales tons, (of ions cuth). The shtpmcru, rnnrket was ulcadv with nnod fermenlcd Gold Coast J.m-Mnrch and Kch -April 377ft sellers, per Sd ktlo.

1 1 North CtWiVincnla! ronv NEW YORK, January fi. Spot Bahln J6.H1 nom. Spot Accrn 4R.iri nom. Closinjs options: Mar. 44.75 lo 4J traded.

May 44 45 and 4J 65 traded. July 44 30 nom Sept. 44. n5 traded. Dec 42 20 nom, March unquoted.

Sales 129 lots. RECENT WILLS Mrs Patricia E. Rank, of Lowndes Square. London, the widow of Mr J. V.

Rank, the miller and racehorse owner, left 437.003 (duty Mrs Rank, who died on November 1, aged 55, left "such of my horses as shall be in training with him at the date of mv death to Walter Nightingall. and all her brood mares and foals to Mrs Sibell Beatty, of Maiden Erlegh Stud Farm, Reading. Bodey. H.irola WilEiam. ol Canonic Koad, Redland ana cardboard-box manufacturers, one of Bristol' ejdinii Qamm laymen Iduty 5S.153 123 297 T.rmer.

Arnold, of Carew Road. Eastbourne, formerly oi Hoop Lane. Londn, late chairman and manautna director of the Camden Drewerr Rochdale, where he starjed as a fi.rnace boy: formerly rcstilenl oraanlsl al Golders Creen Crematorium and at St Albans Church GoMers Green, a Fellow of ihe Ct.cmlca Society tauty fcj.ojs) 26 0J5 Feather. John Thomas, ol Savile Road. Halifax chairman and managing director of Fealher Bros worsted manufacturers Ae.

Alfred Richard Norman, of Ihe Dunealow. Heath-field Nook. Buxton, company director (duty 92(1) 15.02 Drummnnd. Dr Thomas Weir, ol Liverpool Road" enonham. near Prcslon.

personal estate in Encland and Scotland fi 64-1 Ratcllffc. Edward, of Edenflcld Road. Norden. Rochdale retired ncnterer. Norden Bleachina Company (duty "4I 8.560 Clarke.

Richard Edward, of Scalhy Road. Scarborough, president of Scarborough Ail Society, a referee for the V1. crn CfJllntles Amateur BoxinK Association (duly 3In) 8.036 Adam. Samuel, of Greaory Street. Ilkeston, retired boot and shoe dealer 37J id.UOU for taxation.

The General Reserve is raised from 102,500 to 105,000. The balance of profit carried forward, after providihg for the 5 per cent, dividend on both classes of Stock is 11,967 which is 302 more than last year. The Hotel accounts appear for the last time. After friendly negotiations we sold the property last June, and, althouEh the agreed nrice was bclo'v its cost in our books, we are very happy over this transaction. io meet a want which nad been increasingly felt by ourselves and other users of current since the Power Station passed out of our control, we have revived our former electrical contracting and installation department.

This renewed activity appears to be appreciated in the town. The water supply undertaking continues to be run with efficiency. The Fuller pumping station has now been brought into full operation and has freed the site of the original station on the Baldock Road for other use. Supply is ample and the purity of the water is above reoroach. Routine chemical and bacteriological analyses are maintained.

The development of the town proceeds steadily. Six of our 'factories carried out extensions during the year. The U.D.C-. made further progress in the Grange neighbourhood where 902 subsidised houses have now been completed and occupied. With permits to build more easily obtainable we provided sites for 77 owner-occupied houses during the year and are now meeting a steady demand.

Road making, the laying of new water connections, for these developments keep the Company's stall' fully occupied. The report was adopted. MANCHESTER STOCK EXCHANGE NeiUiur (lie uncertainty about the railway waac dispute nor the sharp relapse on s.il Street was a deterrent to Iresh buying, and prices generally continued to me in acme dealinits. Gilt-etlucd securities closed under bebi. but with further Hams on rtie da.

'litrmncr til very heavy in oil shares, and except tliat Wall Paper defd. receded further to 761(1. well-known cdutties were better where altered, twih Turner and Ncwall up 1 JO to and rise oi aid in Imp Chemical to J2H01. A uell-sustainetl inquiry cau-ed "6 in Lcseis's Investment Trust to 546. and Ojtcndatc defd.

added 9d at IMP- Great Universal Stores attracted attention at the lusher price ot 5(fi In textiles expectation of a cuia ole report cave another fillip to Wmterbottorn Hook Cloth (up WS lo 5JI6) Up to 19(4i was paid for Vmlana lextiles. and Ditrlow and Jones were luirder at 2119 recovery vv.u made by Cnslish Sewing Cotton tn JlIO. and Lanes Cottnn corp. improved further to around --'I9 British Celanese met some keen bidding In the later dealings and rose 1 '6 to 3U0 Beyer Peacock easier at J7fn. hut Vulcan Tonndry strengthened ueain to 3710 An appreciable gain was made by Kendall and Gem at IBM Mitchell Shacklcion 10 "a Bros (Machinery to lm "ackinu Warehouses.

TrafTord Park lscates advanced to 5-10 and Manchester Bondins Warehousing new IduncCd 10 2SCJ, IJJ6 Ad Kreek" I.oan (WI-iV 17V Oresrigate ei irwcll Kuhbcr iu trnoninj. is "5 A. Trust 23 Handle? Pnijc 50 H.jrdn.j UoJdtrn HrlatKl Wutff ZLIG Harbin Lnu iu lOMJ Hawser SiddckT 493 49M Hide finj Millhcjid Uimhci If.fO MQ Hume Col. Stores 0 A lf. 25 Mf Jhnlc llilma) 30 2nii I I.

io. 5 pf. 22'tt Imp. "lob. fiD'fi.

do Cnsec Loan ff)i-7r yss Inler. Tc.i C'n Shitcs ZSiVi Knhhcr H2i Kendull t.rnt IfaiJl Kern f)i Ifi Klcrkidnrp Cons Gold(JcId; 1 5 j61 tJtrr( Komholc Rubber 4 rundinc Ln. 1031 Zfu N'ut. War Bona HJOf ii 11-64 3 Sjitnas Bonds (55-65) 7J2 4 3l6. do.

(6I- 7IH y5 5,6. Uo. (65-75) 941 9J Ticas. Slk. (79-31) 99i 16 War Ln.

RSI- HtiJjrj, do. 1 IU0I Brii. Ucc. 3 Gtd. Stfc.

16K-73) 94S6 Brit Gas 3 Gtd Sik RS Ilrlt. Trans. Gtd. Sik ITK-SUi) X75 SS 87! "ift Publicity HUits, 2r31 Allen (Ediiiir) 720 Alor Pongsu A mat. Estates I Con Mi.ls Tr.

Amjl Knadstnne 22i6 Amhk-r iJ i if 33 Amli-iisf Shordtaw Jl0 Arnm.ine A Rihy (Hldjis,) AiliMnnh (Timhcr) Assoc, Hrj. Pic. Corp. Aj pre pf 153 Associated Co mm Vehicles 7111-1 xtl Athertnn Mills 12M Australia 34 (6S-h')J QJ AiKlralin 2j 167-71) Autn. Tet A tlec.

Haftstiaw Morris 47f(l linker (K. 1 -1M1 Mines 36 I i H.i relay IS.tnk 5if7i H.irlow A Jones 2 1 11) Means InUiisincs 1193 Rc-jverhroDk News A I7'l Itccchum 23. '7. do 41 Unset Ln ptl Rentier Vorks. Brewery 227 ReraU Tin A.

Woifram 257J Revcr. Pe.icock 47li Bihby i Uiirrsn aitdss.) A new 37r5i niewetiers Assn. 10 Willi Ulyihe iV) ly'Ji. do. 2nd pf.

43 Illncstone A hlvtn I6M4. do. new 169 Botron iCikle (H'4rO 3M Donkcr llro. McCortrteli Uoott Pure Drug 30 6 31,0 Cons. dfd.

T047j Uowaier Paper Corp. 7S3 Bradford Dyers Assn. 2971 Rradtcy 9 Hi Buid Orrmp IfSJ Bntih Aluminium 4l5i 416 Urn -Am Tab. 496 490 493 49L) British Coated Board and HapL-r Mills 126 British I-let. Traction A dfd.

219 2W3 UniLsh Hume Stores I2GJ iim )26 Rric JloUff Corp. 1H3. do. new (n 37i 363 Brit. South Africa lOGO lt6i 3 U)6i'9 W51V Brii, S'tuolcum 8fiI9.

tlo -tw S73 Hcoadbcnt fJ.) 29i Buku Rajah Rub. 1153 Bnlmer Lumb 1 1 iO Ilurjtcss Products Oil 110 IHM I3.tfi 13310 Utti 1320 Calico Printers An -ifW9 Canadian liable Oil Jb6 4W7i Canadian Eaule Oil JJi CP Hly. Deb Cape Asbestos lli9i Cent. Invest i2j3 City Cornet. Invest.

Tr. ZIOi 2(1 Ctydesdflte Supplv -v. A bU Coast Lines 26 Contirtem.it and I ndnstTies Courtaulds 41 1 3 a jj J. do. V'f, pf.

221 C'rtimptan Parkinson new 17, CrosNetd (J ns.) pf. 24 fO Crowley Brnv dfd. 9Ui 11 i Cmem Garden Prop. 266 Ctnv flaie 29 Cunnrd 3J6 Dcbenhams 42IU Dlstitler? 2aQ 28 fOJ Dorman, Lons (150 pd.) IfiJIli Ductcworiii (3. l6i Dtmlop Rtbcr 294 299 Dun'on Rubber 34 Deb.

93 East African Twr. Ltir. 23 I 4. do Deb. lOOJits E.GB (Tottenham) 5 Hi 5H01 Fmn Wine 6 Cnllsh Cnrd Ctoihlns 96 rntlish China Clavs 524 Lnulish Electric 6J pf.

2SP rspr inj-a Copper A Snlphr. 5r9J Bros 11 Pal con Mill rlPdcs 7M01 Fine Spnrs Dblts Fisnns van rnrcsia: Ijimt 3c Ttnihcr new tin Hi paid 150 Furness iihy 470 Onllaher 3JfiV General F.lcctric 57HJ. C1axo Lnh. 3433 Glrnfield Kennedy 770 7fi.71 Golden Hope Rub. 2671 Goodtriss Wall Lead Industries 293 241- La Cu 1 1.

Co rp. 3 1 Lanes. Sfc C.irp. red nf 5 "a I.abnii Itahr-i Rub. UUii Lewis's tmcvi Tr.

SfO Lewies fDA ISlh Lmaai lTJ 371 Ltofs WtlOilscS (flltius I ondcii RtJh ZU3 RuhhiT I in Corp 70 I me LovlIs A i' i i IW-c i 1.1 Mi M.Jrmre S.m. irt M.Kpllfrn ID 1 2.VJ Mudcnhcjid UncL Ji. Tiie pf. 2 'c linnJme Vkirchoiis.rna new 2S(o 'l' 'ft M'c Cin.il 5 prp pf. Mar.ev.ile On.

M. 21 i M.trks Spencer A 71 7W3 Marston Vatkv Tlrick 23j6 Mcul TmrJcrs "J5i Mid. 21 3 Mnsstcv Blanket C.irpct (Hides.) pf 171 Lyclt M. Rlway, tM.) Grsenv-lch Nt-w CrncmlMc Rtr fStrlan- nr) ItLshbcr O.U'rin TliCJTrcs Oldham Son Oiitrjm ilnvt-M i new ''1 Ov'idjlc rt'rup did IX I 1S'it new A 1 1 Scc-HTi Nm, dfd. fiV7J hfifft (fl'n Prci Sinn Gold SI.

51 Mi Pniilcnii.ii Avtir. 43 Uar'dfnninn mates 6M 17 in Rtxkiu mtnun (Hldtt RcioSiiuUrJ Ctn mi cnl 16 '6 KiclKiriKonn Wnarth KoihucU flames) 1084 Tiovcr 1 I Hi Ktihhcr f'tamnc. Invest. Tr. RirHher inc Sea lntir.

new fn.p Sf.ir ij.) (Tritcform Boot) vcK-kUnn Trim 7f)f0 Sheit Trans. Trad 1 2 6 cto 1 2nd Pf. 2S'4t xil Siherlou-i Scrve 11 Mi Si mo ItMhhcr Slack Mills 74 Smiili Stephen rt'lj SMndeven 4i) SiCKnn OI 1 nf.t "rr? Sirr-im-F -m I I rrv J' r6 Snt-li 277J Sun Ttfe "nr. Ml Snillcrs l1) Tuc nf rs- Teichcr rpisj Slcrsl Tele a 0n.ir. A- Tctlei- UosliLta) Snn pf 2TM1 8'I Tnn Sec.

Trust dfd. JSftoi Trinidnd Leachold 34fO Ullramsr 3JfO 311 34J7 UriTlrver 81f0. do. 7 pf. 2S9 Utrt TJrnvcry Stores United Scrdane f.Sumalra Rubber Plantn.

lf3 United Steel 2MV Vnal Reef Explora. M. 37 ro VircFnia Ornnee Tree State fiord NT I ffi rmmdr- Wit ncd ir 47 (9 HVkCT. C.iFn 9 W.ilt lnri4-' 'M i ii v. Onld 'n 511 Ifi W- ns Tf firfi! WiW rT C.l 6'4 v.irinmsi rt 7' 'fi rn.on frieo fins am.

dn rsf 5'l WinrcrhnHom Hook Ctilli 5Jfl Ww-rtrth f.70 67 10 BANG WENT 378 Workmen were repairing the ceiling ot an alley beside a house in Blooms-bury Street, Birmingham, yesterday, when two tins fell on to their heads containing 1 and 10s notes totalling 378 10s. The workmen Alfred Perry (aged 42), of Arthur Street, Small Heath. Birmingham, and Reginald Raymond (aged 20), of Devon Street, Saltley handed the money to the police, and later the occupier of the house called at the police station to collect it. FIRM'S PROGRESS PAYMENT The 4.000 employees of Batchelors Peas. Sheffield, are to receive a "progress payment" ol .30 each.

Announcing this yesterday, Lieutenant-Colonel M. W. Batchelor, chairman of the firm, said the payment was in recognition of the individual effort of all employees which has been largely responsible for maintaining the successful progress of this company." i BROOMWADE and the Highway of Tomorrow THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK Head Office Pine Street corner of Nassau, New York Incorporated sitti Limited Liability under the Laws oi the S.A. Statement of Condition, December 31, 1954 RESOURCES Cash and Due from Banks U.S. Government Obligations State, Municipal and Other Securities Mortgages Loans Accrued Interest Receivable Customers' Acceptance Liability Banking Houses Other Assets jKr-s'v P.O.

BOX No. 7 lines). HIGH Air Hue clover-Icavcs for busy intersections may well be a solution to many of the traffic problems besetting our overcrowded Island. To put these, schemes into operation will require vision, adequate capital and the right equipment. When the time comes BROOMWADE air compressors and pneumatic tools will be there helping to dig footings for roads and fly-overs," providing temporary drainage, breaking up obsolete roads, hewing rock for aggregate, vibrating concrete speeding new construction without -undue disruption of our present busy arteries.

For over fifty years, in every major industry. BROOMWADE pneumatic equipment has proved its worth. The BROOMWADE organisation invites consultation on any problems involving the use of com pressed air. Service engineers are available in most countries. LIABILITIES Deposits Foreign Funds Borrowed Reserves Taxes and Expenses Other Liabilities Acceptances Outstanding Less In Portfolio Capital Funds Capital Stock (7,400,000 Shares S15 Par) Surplus Undivided Profits 397,264,939.73 5,908,131,517.51 other securities carried at 5399,770,124.00 were pledged to secure ptibltc and trust deposits and for other purposes as required or permitted by law.

Member Federal Deposit Insurance Corporation Compressors Pneumatic Tools BROOM WADE LTD. Telephone: High Wycombe 1630 (10 LONDON 6 Lombard Street, E.C.3 Balboa WYCOMBE ENGLAND Telegrams: Broom," Hieh Wycombe. TELEPHONE: BLACKFRIARS 38ST. 221 5AS Offices of Representatives Buenos Aires Rome Bcyroufh Mexico. 0-F.

MANCHESTER OFFICE: VICTORIA BUILDINGS, 32 DEANSCATE. MANCHESTER 3..